Asana, Inc.

Previous wording

We define customers spending over $5,000 and $100,000 as those organizations on a paid subscription plan that had $5,000 or more or $100,000 or more in annualized GAAP revenues in a given quarter, respectively, inclusive of discounts. As customers realize the productivity benefits we provide, our platform often becomes critical to managing their work and achieving their objectives, which drives further adoption and expansion opportunities, and results in higher annualized contract values. We believe that our ability to increase the number of these customers is an important indicator of the components of our business, including: the continued acquisition of new customers, retaining and expanding our user base within existing customers, our continued investment in product development and functionality required by larger organizations, and the strategic expansion of our direct sales force.

Current wording

We define customers spending over $5,000 and $100,000 as those organizations on a paid subscription plan that had $5,000 or more or $100,000 or more in annualized GAAP revenues in a given quarter, respectively, inclusive of discounts. As customers realize the productivity benefits we provide, our platform often becomes critical to managing their work, increasing employee productivity and achieving their objectives, which drives further adoption and expansion opportunities, and results in higher annualized contract values. We believe that our ability to increase the number of these customers is an important indicator of the components of our business, including: the continued acquisition of new customers, retaining and expanding our user base within existing customers, our continued investment in product development and functionality required by larger organizations, and the strategic expansion of our direct sales force.

Previous wording

As of July 31, 2025, we had 25,006 Core customers contributing approximately 76% and 75% of revenues for the three and six months then ended, respectively. As of July 31, 2024, we had 22,948 Core customers who contributed approximately 75% and 75% of revenues for the three and six months then ended, respectively.

Current wording

As of October 31, 2025, we had 25,413 Core customers contributing approximately 76% and 74% of revenues for the three and nine months then ended, respectively. As of October 31, 2024, we had 23,609 Core customers who contributed approximately 75% and 73% of revenues for the three and nine months then ended, respectively.

Previous wording

As of July 31, 2025 and 2024, we had 770 and 649 customers spending over $100,000, on an annualized basis, respectively.

Current wording

As of October 31, 2025 and 2024, we had 785 and 683 customers spending over $100,000, on an annualized basis, respectively.

Previous wording

As of July 31, 2025 and 2024, our dollar-based net retention rate was 96% and 98%, respectively.

Current wording

As of October 31, 2025 and 2024, our dollar-based net retention rate was 96% and 96%, respectively.

Previous wording

As of July 31, 2025 and 2024, our dollar-based net retention rate for our Core customers was 96% and 99%, respectively. Our dollar-based net retention rate for customers spending over $100,000 on an annualized basis for the same periods was 95% and 103%, respectively.

Current wording

As of October 31, 2025 and 2024, our dollar-based net retention rate for our Core customers was 97% and 98%, respectively. Our dollar-based net retention rate for customers spending over $100,000 on an annualized basis for the same periods was 96% and 99%, respectively.

Previous wording

General and administrative expenses consist primarily of personnel-related expenses for our finance, human resources, information technology, and legal organizations. These expenses also include non-personnel costs, such as outside legal, accounting, and other professional fees, software subscriptions and expensed computer equipment, certain tax, license, and insurance-related expenses, and allocated overhead costs.

Current wording

General and administrative expenses consist primarily of personnel-related expenses for our finance, human resources, information technology, and legal organizations. These expenses also include non-personnel costs, such as outside legal, accounting, and other professional fees, software subscriptions and expensed computer equipment, certain tax, license, and insurance-related expenses, impairment charges, and allocated overhead costs.

Previous wording

Revenues increased $17.7 million, or 10%, during the three months ended July 31, 2025 compared to the three months ended July 31, 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.

Current wording

Revenues increased $17.2 million, or 9%, during the three months ended October 31, 2025 compared to the three months ended October 31, 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 $0.2 million, or 1%, during the three months ended July 31, 2025 compared to the three months ended July 31, 2024. The increase was primarily due toan increase of $0.6 million in amortization of capitalized software development costs and an increase of $0.4 million in professional services, partially offset by a decrease of $0.6 million in third-party hosting costs and a decrease of $0.2 million in credit card processing fees.

Current wording

Cost of revenues increased $2.5 million, or 13%, during the three months ended October 31, 2025 compared to the three months ended October 31, 2024. The increase was primarily due toan increase of $1.1 million in personnel-related costs, an increase of $1.1 million in amortization of capitalized software development costs, and an increase of $0.6 million in professional services, partially offset by a decrease of $0.4 million in third-party hosting costs.

Previous wording

Research and development expenses decreased $19.4 million, or 11%, during the six months ended July 31, 2025 compared to the six months ended July 31, 2024. Thedecrease was primarily due to a decrease of $13.9 million in personnel-related costs, an increase of $4.3 million in capitalized internal-use software, and a decrease of $1.2 million in allocated overhead costs.

Current wording

Research and development expenses decreased $9.5 million, or 11%, during the three months ended October 31, 2025 compared to the three months ended October 31, 2024. Thedecrease was primarily due to a decrease of $8.7 million in personnel-related costs and a decrease of $0.7 million in allocated overhead costs.

Previous wording

Sales and marketing expenses decreased $2.0 million, or 2%, during the three months ended July 31, 2025 compared to the three months ended July 31, 2024. Thedecrease was primarily due to a decrease of $1.2 million in personnel-related costs, a decrease of $0.6 million in fees to marketing vendors, a decrease of $0.4 million in travel and entertainment costs, and a decrease of $0.2 million in professional fees, partially offset by an increase of $0.5 million in allocated overhead costs.

Current wording

Sales and marketing expenses decreased $4.5 million, or 4%, during the three months ended October 31, 2025 compared to the three months ended October 31, 2024. Thedecrease was primarily due to a decrease of $3.8 million in personnel-related costs and a decrease of $0.6 million in fees to marketing vendors.

Previous wording

General and administrative expenses increased $3.9 million, or 11%, during thethree months ended July 31, 2025 compared to thethree months ended July 31, 2024. Theincreasewas primarily due to an increase of $3.5 million in personnel-related costs driven by an increase in stock-based compensation expense, an increase of $0.6 million in professional fees, and an increase of $0.5 million in allocated overhead costs, partially offset by a decrease of $0.4 million in subscription and software related expenses, a decrease of $0.2 million in insurance expenses, and a decrease of $0.1 million in cloud computing and related costs.

Current wording

General and administrative expenses increased $38.4 million, or 106%, during thethree months ended October 31, 2025 compared to thethree months ended October 31, 2024. Theincreasewas primarily due to an increase of $30.7 million in impairment charges and an increase of $5.9 million in personnel-related costs driven by an increase in stock-based compensation expense.

Previous wording

Interest income and other income (expense), net decreased by $3.5 million, or 51%, during the three months ended July 31, 2025 compared to thethree months ended July 31, 2024, primarily due to a decrease of $2.2 million for the impact of foreign currency transaction gains and losses and a decrease of $1.3 million in interest income on marketable securities. Interest expense decreased by $0.2 million, or 17%, during thethree months ended July 31, 2025 compared to thethree months ended July 31, 2024, primarily due to a decrease in interest rates.

Current wording

Interest income and other income (expense), net decreased by $1.3 million, or 27%, during the three months ended October 31, 2025 compared to thethree months ended October 31, 2024, primarily due to a decrease of $0.7 million in interest income on marketable securities and a decrease of $0.6 million for the impact of foreign currency transaction gains and losses. Interest expense decreased by $0.2 million, or 18%, during thethree months ended October 31, 2025 compared to thethree months ended October 31, 2024, primarily due to a decrease in interest rates.

Previous wording

Revenues increased $32.5 million, or 9%, during the six months ended July 31, 2025 compared to the six months ended July 31, 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.

Current wording

Revenues increased $49.7 million, or 9%, during the nine months ended October 31, 2025 compared to the nine months ended October 31, 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 $1.7 million, or 4%, during the six months ended July 31, 2025 compared to the six months ended July 31, 2024. The increase was primarily due toan increase of $1.2 million in amortization of capitalized software development costs, an increase of $1.0 million in professional services, and an increase of $0.6 million in personnel-related costs, partially offset by a decrease of $0.5 million in third-party hosting costs, a decrease of $0.4 million in credit card processing fees, and a decrease of $0.2 million in subscription and software related expenses.

Current wording

Cost of revenues increased $4.2 million, or 7%, during the nine months ended October 31, 2025 compared to the nine months ended October 31, 2024. The increase was primarily due toan increase of $2.3 million in amortization of capitalized software development costs and an increase of $1.7 million in personnel-related costs.

Previous wording

Research and development expenses decreased $11.8 million, or 13%, during the three months ended July 31, 2025 compared to the three months ended July 31, 2024. Thedecrease was primarily due to a decrease of $9.1 million in personnel-related costs, an increase of $3.0 million in capitalized internal-use software, and a decrease of $0.4 million in cloud computing and related costs, partially offset by an increase of $0.6 million in allocated overhead costs and an increase of $0.3 million in subscription and software related expenses.

Current wording

Research and development expenses decreased $28.9 million, or 11%, during the nine months ended October 31, 2025 compared to the nine months ended October 31, 2024. Thedecrease was primarily due to a decrease of $22.5 million in personnel-related costs, an increase of $4.9 million in capitalized internal-use software, and a decrease of $1.8 million in allocated overhead costs, partially offset by an increase of $1.4 million in subscription and software related expenses.

Previous wording

Sales and marketing expenses decreased $6.5 million, or 3%, during the six months ended July 31, 2025 compared to the six months ended July 31, 2024. Thedecrease was primarily due to a decrease of $3.3 million in fees to marketing vendors, a decrease of $1.4 million in personnel-related costs, a decrease of $1.2 million in professional fees, and a decrease of $0.6 million in travel and entertainment costs.

Current wording

Sales and marketing expenses decreased $10.9 million, or 3%, during the nine months ended October 31, 2025 compared to the nine months ended October 31, 2024. Thedecrease was primarily due to a decrease of $5.2 million in personnel-related costs, a decrease of $3.9 million in fees to marketing vendors, and a decrease of $1.3 million in professional fees.

Previous wording

General and administrative expenses increased $7.2 million, or 10%, during thesix months ended July 31, 2025 compared to thesix months ended July 31, 2024. Theincrease was primarily due to an increase of $5.4 million in personnel-related costs driven by an increase in stock-based compensation expense, an increase of $0.9 million in tax contingencies, and an increase of $0.8 million in provision for credit losses.

Current wording

General and administrative expenses increased $45.6 million, or 43%, during thenine months ended October 31, 2025 compared to thenine months ended October 31, 2024. Theincrease was primarily due to an increase of $30.7 million in impairment charges, an increase of $11.3 million in personnel-related costs driven by an increase in stock-based compensation expense, and an increase of $2.1 million in professional fees.

Previous wording

Interest income and other income (expense), net decreased by $2.0 million, or 18%, during the six months ended July 31, 2025 compared to thesix months ended July 31, 2024, primarily due to a decrease of $2.4 million in interest income on marketable securities, partially offset by an increase of $0.5 million for the impact of foreign currency transaction gains and losses. Interest expense decreased by $0.3 million, or 16%, during thesix months ended July 31, 2025 compared to thesix months ended July 31, 2024, primarily due to a decrease in interest rates.

Current wording

Interest income and other income (expense), net decreased by $3.3 million, or 21%, during the nine months ended October 31, 2025 compared to thenine months ended October 31, 2024, primarily due to a decrease of $3.2 million in interest income on marketable securities and a decrease of $0.1 million for the impact of foreign currency transaction gains and losses. Interest expense decreased by $0.5 million, or 17%, during thenine months ended October 31, 2025 compared to thenine months ended October 31, 2024, primarily due to a decrease in interest rates.

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 co-founder, Chair, and former CEO, Dustin Moskovitz, cash generated from the sale of subscriptions to our platform, and financing activities including the private placement transaction with Mr. Moskovitz. We have generated losses from our operations as reflected in our accumulated deficit of $1,960.3 million as of July 31, 2025 and positive cash flows from operating activities for the six months ended July 31, 2025 and 2024.

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 co-founder, Chair, and former CEO, Dustin Moskovitz, cash generated from the sale of subscriptions to our platform, and financing activities including the private placement transaction with Mr. Moskovitz. We have generated losses from our operations as reflected in our accumulated deficit of $2,059.5 million as of October 31, 2025, positive cash flows from operating activities for the nine months ended October 31, 2025 and negative cash flows from operating activities for the nine months ended October 31, 2024.

Previous wording

As of July 31, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $475.2 million.

Current wording

As of October 31, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $463.6 million.

Previous wording

As of July 31, 2025, under the November 2022 Senior Secured Credit Facility there was$50.0 million drawn and$41.9 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 July 31, 2025.

Current wording

As of October 31, 2025, under the November 2022 Senior Secured Credit Facility there was$50.0 million drawn and$40.6 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 October 31, 2025.

Previous 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 and six months ended July 31, 2025, we repurchased 2.0 million and 3.0 million shares of our outstanding Class A common stock for an aggregate purchase price of$27.8 million and $43.4 million, respectively. During the three and six months ended July 31, 2024, we repurchased 1.4 million shares of our outstanding Class A common stock for an aggregate purchase price of$19.7 million. All shares of Class A common stock repurchased were retired. The Repurchase Program was later amended on May 30, 2025 to remove the original expiration date and authorize the repurchase of an additional $100.0 million of Class A common stock. As of July 31, 2025,$128.2 million remained available for future stock 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.

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 and nine months ended October 31, 2025, we repurchased 2.2 million and 5.2 million shares, respectively, of our outstanding Class A common stock for an aggregate purchase price of$30.8 million and $74.2 million, respectively. 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. The Repurchase Program was later amended on May 30, 2025 to remove the original expiration date and authorize the repurchase of an additional $100.0 million of Class A common stock. As of October 31, 2025,$97.5 million remained available for future stock 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 July 31, 2025, we had $313.6 million of deferred revenue, of which $312.5 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 October 31, 2025, we had $305.1 million of deferred revenue, of which $304.6 million was recorded as a current liability. This deferred revenue will be recognized as revenues when all of the revenue recognition criteria are met.

Previous wording

Net cash provided by operating activities of $46.6 million for the six months ended July 31, 2025 reflects our net loss of $88.4 million, adjusted by non-cash items such as stock-based compensation expense of $110.3 million, amortization of deferred contract acquisition costs of $13.8 million, depreciation and amortization of $10.1 million, non-cash lease expense of $9.1 million, and provision for expected credit losses of $1.2 million, partially offset by net accretion of discount on marketable securities of $1.3 million, and net cash outflows of $8.3 million from changes in our operating assets and liabilities. The net cash outflows from changes in operating assets and liabilities primarily consisted of a $20.2 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, a $12.2 million decrease in accrued expenses and other liabilities primarily from accrued advertising expenses and accrued payroll liability, and a $11.1 million decrease in operating lease liabilities. These amounts were partially offset by a $17.8 million decrease in accounts receivable, a $10.8 million increase in deferred revenue resulting from increased billings for subscriptions, a $6.3 million increase in accounts payable, and a $0.3 million decrease in other assets.

Current wording

Net cash provided by operating activities of $62.8 million for the nine months ended October 31, 2025 reflects our net loss of $156.8 million, adjusted by non-cash items such as stock-based compensation expense of $165.1 million, impairment of long-lived assets of $30.7 million, amortization of deferred contract acquisition costs of $20.8 million, depreciation and amortization of $15.9 million, non-cash lease expense of $13.7 million, and provision for expected credit losses of $1.6 million, partially offset by net accretion of discount on marketable securities of $1.7 million, and net cash outflows of $26.6 million from changes in our operating assets and liabilities. The net cash outflows from changes in operating assets and liabilities primarily consisted of a $24.7 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, a $16.9 million decrease in operating lease liabilities, and a $4.8 million decrease in accrued expenses and other liabilities primarily from accrued payroll liability. These amounts were partially offset by a $14.4 million decrease in accounts receivable, a $2.6 million increase in accounts payable, a $2.3 million increase in deferred revenue resulting from increased revenue recognized offset by billings for subscriptions, and a $0.6 million decrease in other assets.

Previous wording

Net cash provided by operating activities of $14.0 million for thesix months ended July 31, 2024 reflects ournet loss of $135.9 million, adjusted by non-cash items such asstock-based compensation expense of $108.7 million, amortization of deferred contract acquisition costs of $12.5 million, non-cash lease expense of $8.9 million, depreciation and amortization of $8.3 million, provision for expected credit losses of $0.4 million, partially offset by net accretion of discount on marketable securities of $3.6 million, andnet cash inflows of $14.6 million from changes in our operating assets and liabilities. The net cash inflows from changes in operating assets and liabilities primarily consisted of a $22.9 million decrease inaccounts receivable, a $18.0 million increase in deferred revenue resulting from increased billings for subscriptions, and a$6.4 million increase in accounts payable. These amounts were partially offset bya $13.6 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, a$9.6 million decrease inoperating lease liabilities, a $6.4 million decrease inaccrued expenses and other liabilities primarily from accrued advertising expenses and accrued payroll liability, and a $3.1 million increase in other assets.

Current wording

Net cash used in operating activities of $0.9 million for thenine months ended October 31, 2024 reflects ournet loss of $193.2 million, adjusted by non-cash items such asstock-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, andprovision for expected credit losses of $1.0 million, partially offset by net accretion of discount on marketable securities of $4.6 million, andnet 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 ofa $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 inoperating lease liabilities, a $11.4 million decrease inaccrued 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 bya $20.6 million decrease inaccounts receivable, a $10.9 million increase in deferred revenue resulting from increased billings for subscriptions, and a$4.6 million increase in accounts payable.

Previous wording

Net cash used in investing activities of $14.7 million for the six months ended July 31, 2025 consisted of $104.1 million in purchases of marketable securities,$5.3 million incapitalized internal-use software costs, and$1.9 million inpurchases of property and equipment. This was partially offset by $96.6 million in maturities of marketable securities.

Current wording

Net cash used in investing activities of $5.5 million for the nine months ended October 31, 2025 consisted of $161.1 million in purchases of marketable securities,$7.4 million incapitalized internal-use software costs, and$2.6 million inpurchases of property and equipment. This was partially offset by $165.6 million in maturities of marketable securities.

Previous wording

Net cash used in investing activities of $21.3 million for thesix months ended July 31, 2024 consisted of $107.1 million inpurchases of marketable securities, $2.8 million incapitalized internal-use software costs, and $2.7 million inpurchases of property and equipment. This was partially offset by $91.3 million inmaturities of marketable securities.

Current wording

Net cash provided by investing activities of $20.2 million for thenine months ended October 31, 2024 consisted of $195.6 million inmaturities of marketable securities, partially offset by$166.6 million inpurchases of marketable securities, $4.7 million incapitalized internal-use software costs, and $4.1 million inpurchases of property and equipment.

Previous wording

Net cash used in financing activities of $36.1 million for thesix months ended July 31, 2025 consisted of $43.4 million inrepurchases of Class A common stock and$2.5 million inrepayment of term loan. This was partially offset by $7.7 million inproceeds from our employee stock purchase plan and$2.1 million inproceeds from the exercise of stock options.

Current wording

Net cash used in financing activities of $62.1 million for thenine months ended October 31, 2025 consisted of $74.2 million inrepurchases of Class A common stock and$3.8 million inrepayment of term loan. This was partially offset by $13.0 million inproceeds from our employee stock purchase plan and$2.8 million inproceeds from the exercise of stock options.

Previous wording

Net cash used in financing activities of $9.3 million for thesix months ended July 31, 2024 consisted of $19.0 million inrepurchases of Class A common stock and $1.3 million inrepayment of term loan. This was partially offset by $8.9 million inproceeds from our employee stock purchase plan and$2.1 million inproceeds from the exercise of stock options.

Current 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 our employee stock purchase plan and$3.9 million inproceeds from the exercise of stock options.

Previous wording

During the six months ended July 31, 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.

Current wording

During the nine months ended October 31, 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

Except as noted below, there have been no changes to our critical accounting policies and estimates during the six months ended July 31, 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.

Current wording

Except as noted below, there have been no changes to our critical accounting policies and estimates during the nine months ended October 31, 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.