Asana, Inc.

Previous wording

We offer two complementary products within the Asana platform to meet the needs of diverse organizations:

Current wording

We offer complementary products within the Asana platform to meet the needs of diverse organizations:

Previous wording

•our core work management product, available in a tiered, seat-based model: and,

Current wording

•our core work management product, available in a tiered, seat-based model;

Previous wording

We have experienced significant growth in recent periods. Our revenues were $723.9 million, $652.5 million, and $547.2 million for fiscal 2025, fiscal 2024, and fiscal 2023, respectively, representing growth of 11% and 19% for fiscal 2025 and fiscal 2024, respectively. As of January 31, 2025, we had 1,819 employees, representing a decrease of 1% since January 31, 2024. We had a net loss of $255.5 million, $257.0 million, and $407.8 million forfiscal 2025, fiscal 2024, and fiscal 2023, respectively.

Current wording

We have experienced significant growth in recent periods. Our revenues were $790.8 million, $723.9 million, and $652.5 million for fiscal 2026, fiscal 2025, and fiscal 2024, respectively, representing growth of 9% and 11% for fiscal 2026 and fiscal 2025, respectively. As of January 31, 2026, we had 1,767 employees, representing a decrease of 3% since January 31, 2025. We had a net loss of $189.0 million, $255.5 million, and $257.0 million forfiscal 2026, fiscal 2025, and fiscal 2024, respectively.

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 January 31, 2025, we had 24,062 Core customers contributing approximately 72% of revenues for the fiscal year then ended. As of January 31, 2024, we had 21,646 Core customers who contributed approximately 71% of revenue for the fiscal year then ended.

Current wording

As of January 31, 2026, we had 25,928 Core customers contributing approximately 73% of revenues for the fiscal year then ended. As of January 31, 2025, we had 24,062 Core customers who contributed approximately 72% of revenues for the fiscal year then ended.

Previous wording

As of January 31, 2025 and 2024, our dollar-based net retention rate was 96% and over 100%, respectively.

Current wording

As of January 31, 2026 and 2025, our dollar-based net retention rate was 96%.

Previous wording

As of January 31, 2025 and 2024, our dollar-based net retention rate for our Core customers was 97% and 105%, respectively. Our dollar-based net retention rate for customers spending over $100,000 on an annualized basis for the same periods was 96% and 115%, respectively.

Current wording

As of January 31, 2026 and 2025, our dollar-based net retention rate for our Core customers was 97%. Our dollar-based net retention rate for customers spending over $100,000 on an annualized basis for the same periods was 96%.

Previous 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. We also generate revenues from our consumption-based AI product and professional services which are not material to the consolidated financial statements.

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

Cost of revenues consists primarily of the cost of providing our platform to free users and paying customers and is comprised of third-party hosting fees, personnel-related expenses for our operations and support personnel including allocated overhead costs for facilities and shared IT-related expenses, third-party implementation services partner fees, credit card processing fees, and amortization of our capitalized internal-use software costs.

Current wording

Cost of revenues consists primarily of the cost of providing our platform to free users and paying customers and is comprised of third-party hosting fees, personnel-related expenses for our operations and support personnel including allocated overhead costs for facilities and shared IT-related expenses, third-party implementation services partner fees, infrastructure and application performance monitoring costs, credit card processing fees, and amortization of our capitalized internal-use software costs.

Previous wording

Sales and marketing expenses consist primarily of personnel-related expenses and expenses for performance marketing, brand marketing, pipeline generation, and sponsorship activities. These expenses also include allocated overhead costs and travel-related expenses. Sales commissions earned by our sales force that are considered incremental and recoverable costs of obtaining a subscription with a customer are deferred and amortized on a straight-line basis over the expected period of benefit of three years.

Current wording

Sales and marketing expenses consist primarily of personnel-related expenses and expenses for performance marketing, brand marketing, pipeline generation, and sponsorship activities. These expenses also include allocated overhead costs, travel-related expenses, and professional fees. Sales commissions earned by our sales force that are considered incremental and recoverable costs of obtaining a subscription with a customer are deferred and amortized on a straight-line basis over the expected period of benefit of three years.

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, and for certain of our executives. 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

Provision for income taxes consists primarily of income taxes in certain foreign jurisdictions in which we conduct business. To date, we have not recorded a material provision for income taxes for any of the periods presented other than for foreign income tax. We have recorded deferred tax assets for which we provide a full valuation allowance, which primarily include net operating loss carryforwards and research and development tax credit carryforwards. We expect to maintain this full valuation allowance for the foreseeable future as it is more likely than not the deferred tax assets will not be realized based on our history of losses.

Current wording

Provision for income taxes consists primarily of income taxes in certain foreign jurisdictions in which we conduct business. To date, we have not recorded a material provision for income taxes for any of the periods presented other than for foreign income tax. In the United States, we have recorded deferred tax assets for which we provide a full valuation allowance, which primarily include net operating loss carryforwards and research and development tax credit carryforwards. We expect to maintain this full valuation allowance for the foreseeable future as it is more likely than not the deferred tax assets will not be realized based on our history of losses.

Previous wording

Revenues increased $71.4 million, or 11%, during fiscal 2025 compared to fiscal 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 Advanced, Enterprise and Enterprise+ plans.

Current wording

Revenues increased $66.9 million, or 9%, during fiscal 2026 compared to fiscal 2025. The increase in revenues was primarily due to the addition of new paying customers and a continued shift in our sales mix toward our Enterprise+ subscription plan.

Previous wording

Cost of revenues increased $12.7 million, or 20%, during fiscal 2025 compared to fiscal 2024. The increase was primarily due to an increase of $6.6 million in third-party hosting costs as we increased capacity to support customer usage and growth of our customer base, an increase of $4.3 million in infrastructure and application performance monitoring costs, an increase of$2.4 million in amortization of capitalized software development costs, an increase of $0.6 million in partner delivered services, partially offset by a decrease of $0.9 million in allocated overhead costs and a decrease of $0.8 million in personnel-related costs.

Current wording

Cost of revenues increased $9.6 million, or 12%, during fiscal 2026 compared to fiscal 2025. The increase was primarily due to an increase of$3.4 million in amortization of capitalized software development costs, an increase of $3.4 million in personnel-related costs, and an increase of $2.4 million in professional services related costs.

Previous wording

General and administrative expenses increased $10.7 million, or 8%, during fiscal 2025 compared to fiscal 2024. Theincrease was primarily due to an increase of $4.4 million in personnel-related costs, an increase of $4.3 million in professional fees, and an increase of $1.7 million in impairment charges related to subleased office space.

Current wording

General and administrative expenses increased $40.9 million, or 27%, during fiscal 2026 compared to fiscal 2025. Theincrease was primarily due to an increase of $24.0 million in impairment charges related to subleased office space, an increase of $16.5 million in personnel-related costs, an increase of $1.8 million in tax contingencies, partially offset by a decrease of $1.4 million in provision for credit losses and a decrease of $0.6 million in insurance.

Previous wording

Interest income and other income (expense), net decreased $1.0 million during fiscal 2025 compared to fiscal 2024 due primarily to a decrease in interest income from our investments in marketable securities. Interest expense decreased $0.3 million during fiscal 2025 compared to fiscal 2024 primarily due to a decrease in interest rates.

Current wording

Interest income and other income (expense), net decreased $3.3 million during fiscal 2026 compared to fiscal 2025 due primarily to a decrease in interest income from our investments in marketable securities. Interest expense decreased $0.5 million during fiscal 2026 compared to fiscal 2025 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, 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.

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 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 capital expenditures from the purchases of property and equipment associated with the build-out of our corporate headquarters in San Francisco. 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.

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

(1)Restructuring costs for the fiscal years ended January 31, 2025 and 2023 were composed of severance and related charges of $3.7 million and $8.4 million, respectively, and stock-based compensation expense of $0.8 million and $0.9 million, respectively. See Note 16. Restructuring to our consolidated financial statements included in Item 8. Financial Statements and Supplementary Data in this Annual Report on Form 10-K for more information.

Current wording

(1)Restructuring costs for the fiscal year ended January 31, 2026 were composed of severance and related charges of $3.9 million and stock-based compensation benefit of $0.3 million. Restructuring costs for the fiscal year ended January 31, 2025 were composed of severance and related charges of $3.7 million and stock-based compensation expense of $0.8 million. See Note 16. Restructuring to our consolidated financial statements included in Item 8. Financial Statements and Supplementary Data in this Annual Report on Form 10-K for more information.

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 $1,828.5 million as of January 31, 2025, positive cash flows from operating activities for fiscal 2025, and negative cash flows from operating activities for fiscal 2024 and fiscal 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 co-founder, Chair, and former CEO, Dustin Moskovitz, cash generated from the sale of subscriptions to our platform, and financing activities including a private placement transaction with Mr. Moskovitz. We have generated losses from our operations as reflected in our accumulated deficit of $2,149.7 million as of January 31, 2026.

Previous wording

As of January 31, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $466.9 million.

Current wording

As of January 31, 2026, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $434.0 million.

Previous wording

As of January 31, 2025, under the November 2022 Senior Secured Credit Facility there was$50.0 million drawn and$44.4 million wasoutstanding 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 January 31, 2025.

Current wording

As of January 31, 2026, under the November 2022 Senior Secured Credit Facility there was$50.0 million drawn and$40.6 million wasoutstanding 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 January 31, 2026.

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 year ended January 31, 2025, we repurchased 6.2 million shares of our outstanding Class A common stock for an aggregate purchase price of $78.4 million. All shares of Class A common stock repurchased were retired. As of January 31, 2025, $71.6 million remained available for future repurchases under the stock repurchase program. See Note 10. Stockholders’ Equity to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K 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 year ended January 31, 2026 and January 31, 2025, we repurchased 9.7 million and 6.2 million shares, respectively, of our outstanding Class A common stock for an aggregate purchase price of $132.2 million and $78.4 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. The Repurchase Program was later amended on February 27, 2026 to authorize the repurchase of an additional $160.0 million of Class A common stock. As of January 31, 2026, $39.4 million remained available for future stock repurchases under the Repurchase Program, and following the February 27, 2026 amendment, the Company now has a total of $199.4 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 consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K 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 consolidated balance sheets as a liability and is recorded as revenues over the term of the subscription agreement. As of January 31, 2025 and January 31, 2024, we had $302.8 million and $271.2 million, respectively, of deferred revenue of which $300.8 million and $265.3 million, respectively, were 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 consolidated balance sheets as a liability and is recorded as revenues over the term of the subscription agreement. As of January 31, 2026 and January 31, 2025, we had $333.9 million and $302.8 million, respectively, of deferred revenue of which $333.6 million and $300.8 million, respectively, were recorded as a current liability. This deferred revenue will be recognized as revenues when all of the revenue recognition criteria are met.

Previous wording

Our largest source of operating cash is cash collection from sales of subscriptions to our paying customers. Our primary uses of cash from operating activities are for personnel-related expenses, marketing expenses, and third-party hosting-related and software expenses. In prior years, we generated negative cash flows from operating activities and supplemented working capital requirements through net proceeds from the sale of equity and equity-linked securities.

Current wording

Our largest source of operating cash is cash collection from sales of subscriptions to our paying customers. Our primary uses of cash from operating activities are for personnel-related expenses, marketing expenses, and third-party hosting-related and software expenses. Prior to fiscal 2025, we generated negative cash flows from operating activities and supplemented working capital requirements through net proceeds from the sale of equity and equity-linked securities.

Previous wording

Net cash used in operating activities of $17.9 million for fiscal 2024 reflects our net loss of $257.0 million, adjusted by non-cash items such as stock-based compensation expense of $202.4 million, amortization of deferred contract acquisition cost of $22.0 million, non-cash lease expense of $18.1 million, depreciation and amortization of $14.3 million, impairment of long-lived assets of $5.0 million, and provision for expected credit losses of $3.1 million, partially offset by net accretion of discount on marketable securities of $3.4 million and net cash outflows of $22.6 million from changes in our operating assets and liabilities. The net cash outflows from changes in operating assets and liabilities primarily consisted of a $25.6 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, a $18.9 million decrease in operating lease liabilities, a $9.5 million increase in accounts receivable due to higher customer billings, a $5.2 million decrease in accrued expenses and other liabilities primarily from decreases in accrued payroll liabilities, a $0.6 million decrease in accounts payable, and a $0.5 million increase in other assets. These amounts were partially offset by a $37.6 million increase deferred revenue resulting from increased billings for subscriptions.

Current wording

Net cash provided by operating activities of $90.4 million for fiscal 2026 reflects our net loss of $189.0 million, adjusted by non-cash items such as stock-based compensation expense of $214.8 million, impairment of long-lived assets of $30.7 million, amortization of deferred contract acquisition costs of $27.8 million, depreciation and amortization of $22.0 million, non-cash lease expense of $18.3 million and provision for expected credit losses of $1.9 million, partially offset by net accretion of discount on marketable securities of $2.1 million and net cash outflows of $34.2 million from changes in our operating assets and liabilities. The net cash outflows from changes in operating assets and liabilities primarily consisted of a $28.8 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, a $23.5 million increase in accounts receivable, a $23.0 million decrease in operating lease liabilities, and a $0.6 million increase in other assets. These amounts were partially offset by a $31.1 million increase in deferred revenue resulting from increased billings for subscriptions, a $7.3 million increase in accounts payable, and a $3.4 million increase in accrued expenses and other liabilities.

Previous wording

Net cash provided by operating activities of $14.9 million for fiscal 2025 reflects our net loss of $255.5 million, adjusted by non-cash items such as stock-based compensation expense of $211.3 million, amortization of deferred contract acquisition costs of $25.9 million, non-cash lease expense of $18.0 million, depreciation and amortization of $17.5 million, impairment of long-lived assets of $6.8 million and provision for expected credit losses of $3.2 million, partially offset by net accretion of discount on marketable securities of $5.5 million and net cash outflows of $6.8 million from changes in our operating assets and liabilities. The net cash outflows from changes in operating assets and liabilities primarily consisted of a $20.4 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, a $20.0 million decrease in operating lease liabilities, a $4.7 million increase in accounts receivable, and a $4.4 million increase in other assets. These amounts were partially offset by a $31.6 million increase in deferred revenue resulting from increased billings for subscriptions, a $6.6 million increase in accrued expenses and other liabilities primarily from increases in accrued taxes and accrued payroll liabilities, and a $4.4 million increase in accounts payable.

Current wording

Net cash provided by operating activities of $14.9 million for fiscal 2025 reflects our net loss of $255.5 million, adjusted by non-cash items such as stock-based compensation expense of $211.3 million, amortization of deferred contract acquisition cost of $25.9 million, non-cash lease expense of $18.0 million, depreciation and amortization of $17.5 million, impairment of long-lived assets of $6.8 million, and provision for expected credit losses of $3.2 million, partially offset by net accretion of discount on marketable securities of $5.5 million and net cash outflows of $6.8 million from changes in our operating assets and liabilities. The net cash outflows from changes in operating assets and liabilities primarily consisted of a $20.4 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, a $20.0 million decrease in operating lease liabilities, a $4.7 million increase in accounts receivable, and a $4.4 million increase in other assets. These amounts were partially offset by a $31.6 million increase in deferred revenue resulting from increased billings for subscriptions, a $6.6 million increase in accrued expenses and other liabilities primarily from increases in accrued taxes and accrued payroll liabilities, and a $4.4 million increase in accounts payable.

Previous wording

Net cash used in investing activities of $289.1 million for fiscal 2024 consisted of $319.1 million in purchases of marketable securities, $7.7 million in purchases of property and equipment, and $5.4 million in capitalized internal-use software costs, partially offset $43.1 million in maturities of marketable securities.

Current wording

Net cash provided by investing activities of $37.2 million for fiscal 2026 consisted of $206.3 million in maturities of marketable securities and $23.4 million in sales of marketable securities, offset by $179.2 million in purchases of marketable securities, $9.6 million in capitalized internal-use software costs, and $3.8 million in purchases of property and equipment.

Previous wording

Net cash used in investing activities of $6.1 million for fiscal 2025 consisted of $234.4 million in purchases of marketable securities, $6.7 million in capitalized internal-use software costs, and $5.6 million in purchases of property and equipment, offset by $240.6 million in maturities of marketable securities.

Current wording

Net cash used in investing activities of $6.1 million for fiscal 2025 consisted of $234.4 million in purchases of marketable securities, $6.7 million in capitalized internal-use software costs, and $5.6 million in purchases of property and equipment, partially offset $240.6 million in maturities of marketable securities.

Previous wording

Net cash used in financing activities of $58.1 million for fiscal 2025 consisted of $78.4 million in repurchases of common stock and $2.5 million in repayment of term loan, partially offset by$13.7 million inproceeds from employee stock purchase plan and$9.1 million in proceeds from exercise of stock options.

Current wording

Net cash used in financing activities of $58.1 million for fiscal 2025 consisted of $78.4 million in repurchases of common stock and $2.5 million in repayment of term loan, partially offset by $13.7 million in proceeds from our employee stock purchase plan and $9.1 million in proceeds from the exercise of stock options.

Previous wording

In February 2019, we entered into a new lease agreement for office space in San Francisco, which commenced in May 2020 and expires in October 2033. As part of the agreement, we were required to issue a $17.0 million letter of credit upon access to the office space, which occurred in the year ended January 31, 2021. Future minimum lease payments related to this lease as of January 31, 2025 were $281.6 million. Our CEO acts as a personal guarantor to the lease for the full rent payments over the entire term of the lease should we default on our obligations.

Current wording

In February 2019, we entered into a new lease agreement for office space in San Francisco, which commenced in May 2020 and expires in October 2033. As part of the agreement, we were required to issue a $17.0 million letter of credit upon access to the office space, which occurred in the year ended January 31, 2021. Future minimum lease payments related to this lease as of January 31, 2026 were $252.7 million. Our co-founder, Chair, and former CEO acts as a personal guarantor to the lease for the full rent payments over the entire term of the lease should we default on our obligations.

Previous wording

We record stock-based compensation expense for all stock-based awards made to employees, non-employees, and directors based on estimated fair values recognized over the requisite service period. We estimate the fair value of options granted to employees for purposes of calculating stock-based compensation expense on the grant date using the Black-Scholes pricing model. The Black-Scholes pricing model requires us to make assumptions and judgments about the inputs used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the volatility of our common stock, risk-free interest rate, and expected dividend yield. The expected term represents the period that we expect our stock-based awards to be outstanding.

Current wording

We record stock-based compensation expense for all stock-based awards made to employees, non-employees, and directors based on estimated fair values recognized over the requisite service period. We estimate the fair value of options granted to employees for purposes of calculating stock-based compensation expense on the grant date using the Black-Scholes pricing model. The Black-Scholes pricing model requires us to make assumptions and judgments about the inputs used in the calculation, including the expected term, the volatility of our common stock, risk-free interest rate, and expected dividend yield. The expected term represents the period that we expect our stock-based awards to be outstanding.

Previous wording

We measure stock-based compensation expense related to our restricted stock units, or RSUs, based on the fair value of the underlying shares on the date of grant. RSUs are subject to time-based vesting, which generally occurs over a period of four years.

Current wording

We measure stock-based compensation expense related to our restricted stock units, or RSUs, based on the fair value of the underlying shares on the date of grant. RSUs are subject to time-based vesting, which generally occurs over a period of one to four years.

Previous wording

We recognize stock-based compensation expense ratably over the requisite service period, which is generally the vesting period of the respective award. We account for forfeitures as they occur. We recognize stock-based compensation expense related to ESPP on a straight-line basis over the term of each ESPP offering period, which is generally two years.

Current wording

For awards that vest only based upon continued service, we recognize stock-based compensation expense ratably over the requisite service period, which is generally the vesting period of the respective award. We account for forfeitures as they occur. We recognize stock-based compensation expense related to ESPP on a straight-line basis over the term of each ESPP offering period, which is generally two years.

Previous wording

•Expected volatility—Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. The Company utilized the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected term prior to sufficient historical volatility of our stock being available, and uses the historical volatility of our common stock to estimate expected volatility over the expected term for new awards.

Current wording

•Expected volatility—Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. The Company utilized the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected term prior to sufficient historical volatility of our stock being available, and we also incorporate the historical volatility of our common stock to estimate expected volatility over the expected term for new awards.