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

•Asana AI Studio, a no-code builder that lets teams build and embed AI into workflows, which operates on a consumption basis.

Current wording

•Asana AI Studio, a no-code builder that lets teams build and embed AI into workflows, also on a consumption basis.

Previous 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.

Current wording

As of April 30, 2026, we had 26,103 Core customers contributing approximately 76% of revenues for the three months then ended. As of April 30, 2025, we had 24,297 Core customers who contributed approximately 75% of revenues for the three months then ended.

Previous wording

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

Current wording

As of April 30, 2026 and 2025, we had 817 and 728 customers spending over $100,000, on an annualized basis, respectively.

Previous wording

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

Current wording

As of April 30, 2026 and 2025, our dollar-based net retention rate was 96% and 95%, respectively.

Previous 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.

Current wording

As of April 30, 2026 and 2025, our dollar-based net retention rate for our Core customers was 97% and 96%, respectively. Our dollar-based net retention rate for customers spending over $100,000 on an annualized basis for the same periods was 96% and 95%, respectively.

Previous wording

Research and development expenses consist primarily of personnel-related expenses. These expenses also include product design costs, 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.

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

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.

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 $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.

Current wording

Revenues increased $17.8 million, or 10%, during the three months ended April 30, 2026 compared to the three months ended April 30, 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 higher priced Enterprise+ subscription plan.

Previous 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.

Current wording

Cost of revenues increased $6.2 million, or 32%, during the three months ended April 30, 2026 compared to the three months ended April 30, 2025. The increase was primarily due toan increase of $2.4 million in third-party hosting costs, an increase of $1.9 million in personnel-related costs, an increase of $1.1 million in amortization of capitalized software development costs, an increase of $0.4 million in infrastructure-related costs and an increase of $0.3 million in credit card processing fees.

Previous 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.

Current wording

Research and development expenses decreased $9.0 million, or 12%, during the three months ended April 30, 2026 compared to the three months ended April 30, 2025. Thedecrease was primarily due to a decrease of $7.6 million in personnel-related costs and an increase of $1.4 million in capitalized software costs.

Previous 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.

Current wording

Sales and marketing expenses decreased $7.4 million, or 7%, during the three months ended April 30, 2026 compared to the three months ended April 30, 2025. Thedecrease was primarily due to a decrease of $4.2 million in personnel-related costs, a decrease of $2.0 million in travel and entertainment costs, and a decrease of $1.1 million in allocated overhead costs.

Previous 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.

Current wording

Interest income and other income (expense), net decreased by $2.9 million, or 50%, during the three months ended April 30, 2026 compared to thethree months ended April 30, 2025, primarily due to a decrease of $2.6 million in foreign currency transaction gains (losses) and a decrease of $0.3 million in interest income on marketable securities. Interest expense decreased by $0.1 million, or 18%, during thethree months ended April 30, 2026 compared to thethree months ended April 30, 2025, primarily due to a decrease in interest rates.

Previous 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.

Current wording

We define non-GAAP income (loss) from operations as loss from operations plus stock-based compensation-related charges including the related employer payroll tax associated with RSUs and amortization of stock-based compensation capitalized in internal-use software, impairment of long-lived assets, restructuring costs, and acquisition-related 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 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.

Current wording

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

Previous wording

Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period. All of these limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business.

Current wording

Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow and adjusted free cash flow do not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period. All of these limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business.

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 $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.

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 $2,209.1 million as of April 30, 2026.

Previous wording

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

Current wording

As of April 30, 2026, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $424.6 million.

Previous 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.

Current wording

As of April 30, 2026, under the November 2022 Senior Secured Credit Facility there was$50.0 million drawn and$38.1 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, 2026.

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 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.

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, 2026, we repurchased 7.4 million shares of our outstanding Class A common stock for an aggregate purchase price of$45.0 million. 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. 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 April 30, 2026,$154.5 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 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.

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, 2026, we had $323.1 million of deferred revenue, of which $322.9 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

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 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.

Current wording

Net cash provided by operating activities of $40.2 million for the three months ended April 30, 2026 reflects our net loss of $14.4 million, adjusted by non-cash items such as stock-based compensation expense of $36.3 million, amortization of deferred contract acquisition costs of $6.8 million, depreciation and amortization of $6.1 million, non-cash lease expense of $4.9 million, and provision for expected credit losses of $0.5 million, partially offset by net accretion of discount on marketable securities of $0.3 million, and net cash inflows of $0.3 million from changes in our operating assets and liabilities. The net cash inflows from changes in operating assets and liabilities primarily consisted of a $36.5 million decrease in accounts receivable and a $7.4 million increase in accounts payable. These amounts were partially offset by a $15.5 million decrease in accrued expenses and other liabilities primarily from accrued advertising expenses and accrued payroll liability, a $10.7 million decrease in deferred revenue resulting from decreased billings for subscriptions, a $10.1 million increase in prepaid expenses and other current assets related to an increase in deferred contract acquisition costs, a $6.4 million decrease in operating lease liabilities, and a $0.9 million increase in other assets.

Previous 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.

Current wording

Net cash provided by operating activities of $6.8 million for thethree months ended April 30, 2025 reflects ournet loss of $40.0 million, adjusted by non-cash items such asstock-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, andprovision for expected credit losses of $1.0 million, partially offset by net accretion of discount on marketable securities of $0.7 million, andnet 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 ofa$12.5 million decrease indeferred 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 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.

Current wording

Net cash used in investing activities of $3.4 million for the three months ended April 30, 2026 consisted of $50.0 million in purchases of marketable securities,$3.1 million incapitalized internal-use software costs, and$2.8 million inpurchases of property and equipment. This was partially offset by $52.5 million in maturities of marketable securities.

Previous 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.

Current wording

Net cash provided by investing activities of $4.2 million for thethree months ended April 30, 2025 consisted of $41.0 million inmaturities 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 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.

Current wording

Net cash used in financing activities of $41.9 million for thethree months ended April 30, 2026 consisted of $45.0 million inrepurchases of Class A common stock and$2.5 million inrepayment of term loan. This was partially offset by $4.9 million inproceeds from our employee stock purchase plan and$0.7 million inproceeds from the exercise of stock options.

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 our employee stock purchase plan and$3.9 million inproceeds from the 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

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.

Current wording

During the three months ended April 30, 2026, 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 13, 2026.

Previous 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.

Current wording

Except as noted below, there have been no changes to our critical accounting policies and estimates during the three months ended April 30, 2026 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 13, 2026.