Sprinklr Inc

Previous wording

We do this with a new category of enterprise software – Unified Customer Experience Management (“Unified-CXM”) – that enables every customer-facing function across the front office, from Customer Service to Marketing, to collaborate across internal silos, communicate across digital channels, and leverage a complete suite of capabilities to deliver better, more human customer experiences at scale – all on one unified, AI-powered platform.

Current wording

We do this with a new category of enterprise software – Unified Customer Experience Management (“Unified-CXM”) – that enables every customer-facing function across the front office, from Customer Service to Marketing, to collaborate across internal silos, communicate across digital channels, and leverage a complete suite of capabilities to deliver better, more human customer experiences at scale – all on one unified, AI-powered platform. Sprinklr has four main product suites: Sprinklr Social, Sprinklr Insights, Sprinklr Marketing and, our newest offering, Sprinklr Service. We believe that these four suites enable the world’s largest and leading brands to better reach, engage and listen to their customers on the channel of their choice. We continue to invest in the unified platform and develop new features and enhancements to each suite as our customers’ needs evolve.

Previous wording

Our customers include global enterprises across a broad array of industries and geographies, as well as marketing agencies and government departments along with non-profit and educational institutions. Our customers are located in over 80 countries, and our AI powered CXM platform recognizes over 150 languages. We define our large customers as customers with greater than or equal to $1.0 million in subscription revenue on a trailing 12-month basis, as of the period presented. As of April 30, 2024, we had 138 large customers, compared to 115 as of April 30, 2023.

Current wording

Our customers include global enterprises across a broad array of industries and geographies, as well as marketing agencies and government departments along with non-profit and educational institutions. Our customers are located in over 80 countries, and our AI powered CXM platform recognizes over 150 languages. We define our large customers as customers with greater than or equal to $1.0 million in subscription revenue on a trailing 12-month basis, as of the period presented. As of July 31, 2024, we had 145 large customers, compared to 120 as of July 31, 2023.

Previous wording

Remaining Performance Obligation (“RPO”) represents contracted revenue that has not yet been recognized and includes deferred revenue and amounts that will be invoiced and recognized in future periods. Current RPO (“cRPO”) represents contracted revenue that has not yet been recognized and includes deferred revenue and amounts that will be invoiced and recognized in the next 12 months. As of April 30, 2024, our RPO expected to be recognized as revenue was $922.5 million and our cRPO was $570.4 million.

Current wording

Remaining Performance Obligation (“RPO”) represents contracted revenue that has not yet been recognized and includes deferred revenue and amounts that will be invoiced and recognized in future periods. Current RPO (“cRPO”) represents contracted revenue that has not yet been recognized and includes deferred revenue and amounts that will be invoiced and recognized in the next 12 months. As of July 31, 2024, our RPO expected to be recognized as revenue was $887.1 million and our cRPO was $557.8 million.

Previous wording

We believe that net dollar expansion rate (“NDE”) is an indicator of the value that our platform delivers to customers. We calculate NDE to measure our ability to retain and expand subscription revenue from our existing customers. NDE compares our subscription revenue from the same set of customers across comparable periods and reflects customer renewals, expansion, contraction and churn. We calculate NDE by dividing (i) subscription revenue in the trailing 12-month period from those customers who were on our platform during the most recent prior 12-month period by (ii) subscription revenue from the same customers in the preceding prior 12-month period. This calculation is net of upsells, contraction, cancellation or expansion during the period but excludes subscription revenue from new customers. Our NDE, on a trailing 12-month basis, was 114.6% and 122.2% for the 12-month periods ending April 30, 2024 and 2023, respectively. The decrease year-over-year was driven by a combination of elevated churn exacerbated by the current macroeconomic environment.

Current wording

We believe that net dollar expansion rate (“NDE”) is an indicator of the value that our platform delivers to customers. We calculate NDE to measure our ability to retain and expand subscription revenue from our existing customers. NDE compares our subscription revenue from the same set of customers across comparable periods and reflects customer renewals, expansion, contraction and churn. We calculate NDE by dividing (i) subscription revenue in the trailing 12-month period from those customers who were on our platform during the most recent prior 12-month period by (ii) subscription revenue from the same customers in the preceding prior 12-month period. This calculation is net of upsells, contraction, cancellation or expansion during the period but excludes subscription revenue from new customers. Our NDE, on a trailing 12-month basis, was 110.8% and 120.0% for the 12-month periods ending July 31, 2024 and 2023, respectively. The decrease year-over-year was driven by a combination of elevated churn exacerbated by the current macroeconomic environment.

Previous wording

Unfavorable conditions in the economy both in the United States and abroad may negatively affect the growth of our business and our results of operations. For example, macroeconomic events, including rising inflation, the U.S. Federal Reserve raising interest rates, recent bank closures, and the Russia-Ukraine and Israel-Hamas wars (including an escalation or geographical expansion of these conflicts), have led to economic uncertainty globally. Historically, during periods of economic uncertainty and downturns, businesses may slow spending on information technology, which may impact our business and our customers’ businesses. While we have experienced growing inflationary pressures on the cost of wages, rent and data, the net result of inflationary impacts and our efforts to mitigate these impacts have not been material to us during the periods included in this report.

Current wording

Unfavorable conditions in the economy both in the United States and abroad may negatively affect the growth of our business and our results of operations. For example, macroeconomic events, including fluctuations in inflation, the U.S. Federal Reserve raising interest rates, recent bank closures, and the Russia-Ukraine and Israel-Hamas wars (including an escalation or geographical expansion of these conflicts), have led to economic uncertainty globally. Historically, during periods of economic uncertainty and downturns, businesses may slow spending on information technology, which may impact our business and our customers’ businesses. While we have experienced growing inflationary pressures on the cost of wages, rent and data, the net result of inflationary impacts and our efforts to mitigate these impacts have not been material to us during the periods included in this report. In addition, general economic weakness may lead to longer collection cycles for payments due from our customers and an increase in customer bad debt, as well as restructuring initiatives and associated expenses, and customers and potential customers may require extended financial concessions.

Previous wording

Costs of subscription revenue consists primarily of costs to host our software platform, data costs, including cost of third-party data utilized in our platform, personnel-related expenses for our subscription and support operations personnel, including salaries, benefits, bonuses, stock-based compensation, professional fees, software costs, travel expenses, the amortization of our capitalized internal-use software and allocated overhead expenses, including facilities costs for our subscription and support operations. We expect that costs of subscription revenue will increase in absolute dollars as we expand our customer base and make continued investments in our cloud infrastructure and support organization.

Current wording

Costs of subscription revenue consists primarily of costs to host our software platform, data costs, including cost of third-party data utilized in our platform, personnel-related expenses for our subscription and support operations personnel, including salaries, benefits, bonuses and stock-based compensation, professional fees, software costs, travel expenses, the amortization of our capitalized internal-use software and allocated overhead expenses, including facilities costs for our subscription and support operations. We expect that costs of subscription revenue will increase in absolute dollars as we expand our customer base and make continued investments in our cloud infrastructure and support organization.

Previous wording

Costs of professional services revenue consists primarily of personnel-related expenses for our professional services personnel, professional fees, software costs, subcontractor costs, travel expenses and allocated overhead expenses, including facilities costs, for our professional services organization. We expect that our costs of professional services revenue will increase in absolute dollars as we expand our customer base.

Current wording

Costs of professional services revenue consists primarily of personnel-related expenses for our professional services personnel, including salaries, benefits, bonuses and stock-based compensation, professional fees, software costs, subcontractor costs, travel expenses and allocated overhead expenses, including facilities costs, for our professional services organization. We expect that our costs of professional services revenue will increase in absolute dollars as we continue to increase our use of partners in the delivery of implementation services and expand our customer base.

Previous wording

Research and development expense consists primarily of costs relating to the maintenance, continued development and enhancement of our cloud-based software platform and includes personnel-related expense for our research and development organization, professional fees, travel expenses and allocated overhead expenses, including facilities costs. Research and development expenses are expensed as incurred, except for internal-use software development costs that qualify for capitalization. We expect research and development expense to increase in absolute dollars as we continue to invest in enhancing and expanding the capabilities of our Unified-CXM platform.

Current wording

Research and development expense consists primarily of costs relating to the maintenance, continued development and enhancement of our cloud-based software platform and includes personnel-related expense for our research and development organization, including salaries, benefits, bonuses and stock-based compensation, professional fees, travel expenses and allocated overhead expenses, including facilities costs. Research and development expenses are expensed as incurred, except for internal-use software development costs that qualify for capitalization. We expect research and development expense to generally increase in absolute dollars as we continue to invest in enhancing and expanding the capabilities of our Unified-CXM platform.

Previous wording

Sales and marketing expense consists primarily of personnel-related expenses for our sales and marketing organization, professional fees, software costs, advertising, marketing, promotional and brand awareness activities, travel expenses and allocated overhead expense, including facilities costs. Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer and are deferred and amortized on a straight-line basis over the expected period of benefit. We expect sales and marketing expense to generally increase in absolute dollars as we continue to drive the growth of our business. We continue to optimize our sales and marketing expense and seek efficiencies in our investments.

Current wording

Sales and marketing expense consists primarily of personnel-related expenses for our sales and marketing organization, including salaries, benefits, bonuses and stock-based compensation, professional fees, software costs, advertising, marketing, promotional and brand awareness activities, travel expenses and allocated overhead expense, including facilities costs. Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer and are deferred and amortized on a straight-line basis over the expected period of benefit. In the near term, we expect sales and marketing expense to decrease as we work to right size our costs. In the long term, we expect sales and marketing expense to generally increase in absolute dollars as we continue to drive the growth of our business. We continue to optimize our sales and marketing expense and seek efficiencies in our investments.

Previous wording

General and administrative expense includes personnel costs associated with administrative services, such as legal, human resources, information technology, accounting, and finance functions, as well as professional fees, software costs, travel expenses and allocated overhead expense, including facilities costs and any corporate overhead expenses not allocated to other expense categories.

Current wording

General and administrative expense includes personnel-related expenses associated with administrative services, such as legal, human resources, information technology, accounting, and finance functions, as well as professional fees, software costs, travel expenses, provision for credit losses and allocated overhead expense, including facilities costs and any corporate overhead expenses not allocated to other expense categories.

Previous wording

Other income (expense), net, consists of interest income on invested cash and cash equivalents and marketable securities, interest expense, foreign currency transaction gains and losses and other expenses and gains.

Current wording

Other income, net, consists of interest income on invested cash and cash equivalents and marketable securities, interest expense, foreign currency transaction gains and losses and other expenses and gains.

Previous wording

The increase in subscription revenue was primarily due to (i) an increase in revenue from existing customers driven by the purchase of additional quantities of current subscription solutions and additional add-on solutions within our platform and (ii) an increase in demand for our solutions from new customers.

Current wording

The increase in subscription revenue was primarily due to increases in (i) revenue from existing customers driven by the purchase of additional quantities of current subscription solutions and additional add-on solutions within our platform and (ii) demand for our solutions from new customers.

Previous wording

The increase in professional services revenue was primarily due to increased managed services and implementations performed in the three months ended April 30, 2024 compared to the prior year period.

Current wording

The increase in professional services revenue was primarily due to increased implementations and managed services performed compared to the prior year period.

Previous wording

The increase in costs of subscription revenue was primarily due to (i) higher costs related to third-party cloud infrastructure necessary to meet our increased customer demand, which included a $3.6 million increase in our data and hosting costs and (ii) a $0.9 million increase in the amortization of capitalized research and development costs.

Current wording

The increase in costs of subscription revenue was primarily due to (i) higher costs related to third-party cloud infrastructure necessary to meet our increased customer demand, which included a $5.1 million increase in our data and hosting costs and (ii) a $0.8 million increase in the amortization of capitalized research and development costs.

Previous wording

The increase in costs of professional services revenue was partially due to (i) a $2.3 million increase in subcontractor costs and (ii) higher personnel-related costs of $1.6 million as a result of increased headcount.

Current wording

The increase in costs of professional services revenue was primarily due to (i) a $3.0 million increase in subcontractor costs as a result of higher partner delivery costs and (ii) higher personnel-related costs of $0.8 million as a result of increased headcount.

Previous wording

The increase in research and development expense was primarily due to (i) a $0.7 million increase in research and development personnel costs resulting from an increase in headcount of research and development employees as we continue to add to and enhance our product, (ii) a $0.5 million increase in rent and facilities-related costs and (iii) an increase in recruiting costs of $0.3 million.

Current wording

The decrease in research and development expense was primarily due to the net effect of (i) a $1.2 million decrease in research and development personnel costs resulting from a decrease in headcount of research and development employees, which was partially a result of our restructuring completed in May 2024 and (ii) a $0.6 million increase in software subscription costs.

Previous wording

Gross margin for subscription decreased by 1 percentage point, primarily driven by increased costs associated with third-party cloud infrastructure and data. Gross margin for professional services decreased by 8 percentage points as we increased our investment in Contact Center as a Service (“CCaaS”) service delivery personnel in the first quarter of fiscal year 2025 to support future growth in our CCaaS solution.

Current wording

Gross margin for subscription decreased by 2 percentage points, primarily driven by increased costs associated with third-party cloud infrastructure and data. Gross margin for professional services decreased by 4 percentage points as we increased our investment in CCaaS delivery personnel in the first half of fiscal year 2025 to support future growth in our CCaaS solution.

Previous wording

The decrease in sales and marketing expense was primarily due to the net impact of (i) a $5.0 million decrease in restructuring costs as we restructured our global workforce during the three months ended April 30, 2023, (ii) an increase in personnel costs of $1.9 million as a result of higher headcount and (iii) an increase of $0.8 million as a result of higher marketing related expenses.

Current wording

The decrease in sales and marketing expense was primarily due to the net impact of (i) a decrease in personnel-related costs of $1.9 million, which was a result of lower headcount after the completion of our restructuring in May 2024, (ii) an increase of $1.5 million as a result of higher marketing-related expenses, and (iii) a $1.1 million decrease associated with severance and related activities as a result of fewer sales and marketing employees being included in the restructuring implemented during the six months ended July 31, 2024 than the restructuring program implemented during the prior year.

Previous wording

The increase in general and administrative expense was primarily due to a $3.1 million increase associated with personnel-related costs driven by higher general and administrative headcount as well as increased stock compensation expense, primarily related to new grants during fiscal year 2025.

Current wording

The increase in general and administrative expense was primarily due to (i) a $10.0 million increase in provision for credit losses, which was primarily due to increased reserves for certain customers that we deemed to be uncollectible accounts, and (ii) a $6.2 million increase in personnel-related costs driven by increased stock compensation expense, primarily related to new grants during fiscal year 2025, as well as higher general and administrative headcount.

Previous wording

The increase in other income, net was primarily attributable to a $2.3 million increase in interest income from our money market and short-term investment accounts as a result of higher interest rates and higher average balances in our money market and short-term investment accounts.

Current wording

The increase in other income, net was primarily attributable to a $1.4 million increase in interest income from our money market and short-term investment accounts as a result of higher interest rates and higher average balances in our money market and short-term investment accounts.

Previous wording

(2)Includes $0.8 million and $0.8 million of employer payroll tax related to stock-based compensation expense for the three months ended April 30, 2024 and 2023, respectively.

Current wording

(2)Includes $0.1 million and $0.9 million of employer payroll tax related to stock-based compensation for the three months ended July 31, 2024 and 2023, respectively, and $0.9 million and $1.7 million of employer payroll tax related to stock-based compensation expense for the six months ended July 31, 2024 and 2023, respectively.

Previous wording

As of April 30, 2024, our principal sources of liquidity were $126.8 million of cash and cash equivalents and $483.3 million of highly liquid marketable securities. We believe that our existing cash and cash equivalents, marketable securities and cash from operations will be sufficient to meet our working capital needs, capital expenditures and financing obligations for at least the next 12 months and over the long-term. The majority of our cash is held in the United States and we do not anticipate a need to repatriate cash held outside of the United States. Further, it is our intent to indefinitely reinvest these funds outside the United States, and, therefore, we have not provided for any United States income taxes.

Current wording

As of July 31, 2024, our principal sources of liquidity were $119.1 million of cash and cash equivalents and $349.3 million of highly liquid marketable securities. We believe that our existing cash and cash equivalents, marketable securities and cash from operations will be sufficient to meet our working capital needs, capital expenditures and financing obligations for at least the next 12 months and over the long-term. The majority of our cash is held in the United States and we do not anticipate a need to repatriate cash held outside of the United States. Further, it is our intent to indefinitely reinvest these funds outside the United States, and, therefore, we have not provided for any United States income taxes.

Previous wording

During 2023, we entered into cash collateral agreements with J.P. Morgan Bank in lieu of a credit facility, through which approximately $6.4 million is outstanding as of April 30, 2024. Due to its long-term nature, this restricted cash is recorded within other non-current assets on the condensed consolidated balance sheets.

Current wording

During 2023, we entered into cash collateral agreements with J.P. Morgan Bank in lieu of a credit facility, through which approximately $6.4 million is outstanding as of July 31, 2024. Due to its long-term nature, the majority of this restricted cash is recorded within other non-current assets on the condensed consolidated balance sheets.

Previous wording

Our expected material cash requirements consist of contractually obligated expenditures. We have agreements in place with data and service providers that require us to make certain minimum guaranteed purchase commitments through fiscal year 2028, which totaled $131.1 million as of January 31, 2024, of which $69.5 million is due within twelve months. We had no material changes to these purchase commitments as of April 30, 2024. In addition, we lease certain office facilities under operating lease arrangements that expire on various dates through fiscal year 2029. In August 2023, we signed a 10-year lease for a new corporate headquarters in New York, NY, which commenced on April 29, 2024 with payments beginning in December 2024. Refer to Note 7, Leases, included in Part I, Item 1 of this Form 10-Q for a discussion of our leases.

Current wording

Our expected material cash requirements consist of contractually obligated expenditures. We have agreements in place with data and service providers that require us to make certain minimum guaranteed purchase commitments through fiscal year 2028, which totaled $131.1 million as of January 31, 2024, of which $69.5 million is due within twelve months. In the normal course of business we may renew existing contracts throughout the year. In addition, we lease certain office facilities under operating lease arrangements that expire on various dates through fiscal year 2029. In August 2023, we signed a 10-year lease for a new corporate headquarters in New York, NY, which commenced on April 29, 2024, with payments beginning in December 2024. Refer to Note 7, Leases, included in Part I, Item 1 of this Form 10-Q for a discussion of our leases. There were no other significant changes in the Company’s material cash requirements as compared to the material cash requirements from known contractual and other obligations described in the 2024 10-K.

Previous wording

On January 8, 2024, we entered into a share repurchase plan (the “2024 Share Repurchase Program”), whereby we may repurchase up to $100 million of our Class A common stock. On March 26, 2024, the Board approved an additional $100 million of repurchases under the 2024 Share Repurchase Program. During the three months ended April 30, 2024, we repurchased approximately 8.3 million shares of our Class A common stock for a cost of $101.2 million including commissions. As of April 30, 2024, the remaining amount available for repurchase under the 2024 Share Repurchase Program was $69.4 million. Between May 1, 2024 and May 31, 2024, we purchased an additional 3,290,257 shares of our Class A common stock for a cost of $40.1 million including commissions. On June 3, 2024, the Board approved an additional $100 million of repurchases under the 2024 Share Repurchase Program. For additional information regarding the 2024 Share Repurchase Program, see “ Issuer Purchases of Equity Securities” included in Part II, Item 2 of this Form 10-Q and Notes 9, Stockholders’ Equityand 15, Subsequent Events included in Part I, Item 1 of this Form 10-Q.

Current wording

On January 8, 2024, we entered into a share repurchase plan (the “2024 Share Repurchase Program”), whereby we could repurchase up to $100 million of our Class A common stock. On both March 26, 2024 and June 3, 2024, our board of directors approved an additional $100 million of repurchases under the 2024 Share Repurchase Program, bringing the total amount authorized for purchase under the 2024 Share Repurchase Program to $300 million.

Previous wording

Our net income and cash flows provided by operating activities are influenced significantly by our investments in headcount to support growth and in costs of revenue to deliver our services. In fiscal year 2024, our shift into net income was the result of our increased subscription revenue and related billings, and increased interest income from our marketable securities, as well as the amount of non-cash charges that we incur. Non-cash charges primarily include depreciation and amortization, amortization/accretion on marketable securities, stock-based compensation, and non-cash lease expense. Our largest source of operating cash is cash collections from customers using our Unified-CXM platform and related services. Our primary uses of cash from operating activities are for employee-related costs, costs to deliver our revenue and marketing expenses.

Current wording

Our net income and cash flows provided by operating activities are influenced significantly by our investments in headcount to support growth and in costs of revenue to deliver our services. Non-cash charges primarily include depreciation and amortization, amortization/accretion on marketable securities, stock-based compensation, provision for credit losses, and non-cash lease expense. Our largest source of operating cash is cash collections from customers using our Unified-CXM platform and related services. Our primary uses of cash from operating activities are for employee-related costs, costs to deliver our revenue and marketing expenses.

Previous wording

For the three months ended April 30, 2024, cash provided by operating activities was $41.7 million, which consisted of net income of $10.6 million, adjusted for non-cash expenses of $16.6 million and $14.5 million of net cash flows provided as a result of changes in operating assets and liabilities. The $14.5 million of net cash flows provided as a result of changes in our operating assets and liabilities reflected a $78.6 million decrease in accounts receivable due to reduced billings and increased collections. This increase to cash flow from operations was partially offset by (i) a $29.1 million decrease in accrued expenses and other current liabilities primarily due to the timing of bonus and commission payments, (ii) a $15.8 million increase in prepaid expenses and other current assets due to higher prepaid hosting and data costs, (iii) a $15.1 million decrease in accounts payable due to timing of vendor payments, and (iv) a $3.7 million decrease in deferred revenue as a result of recognized revenue exceeding billings.

Current wording

For the six months ended July 31, 2024, cash provided by operating activities was $63.0 million, which consisted of net income of $12.5 million, adjusted for non-cash expenses of $46.1 million and $4.4 million of net cash flows provided as a result of changes in operating assets and liabilities. The $4.4 million of net cash flows provided as a result of changes in our operating assets and liabilities reflected a $67.3 million decrease in accounts receivable due to collections outpacing billings. This increase to cash flow from operations was partially offset by (i) a $26.7 million decrease in accrued expenses and other current liabilities primarily due to the timing of bonus and commission payments, (ii) a $15.3 million increase in prepaid expenses and other current assets due to higher prepaid hosting and data costs, (iii) a $9.3 million decrease in accounts payable due to timing of vendor payments, (iv) an $7.9 million decrease in deferred revenue as a result of recognized revenue exceeding billings, and (v) a $2.7 million decrease in operating lease liabilities due to ongoing payments for leased properties.

Previous wording

For the three months ended April 30, 2023, cash provided by operating activities was $18.6 million, which consisted of net income of $2.8 million, adjusted for non-cash expenses of $11.0 million, and $4.8 million of net cash flows provided as a result of changes in operating assets and liabilities. The $4.8 million of net cash flows provided as a result of changes in our operating assets and liabilities reflected (i) a $28.1 million decrease in accounts receivable due to increased collections and (ii) a $8.4 million decrease in prepaid expenses and other current assets due to decrease in prepaid hosting and data costs. These increases to cash flows from operations were partially offset by (i) a $20.1 million decrease in accrued expenses and other current liabilities primarily due to the timing of bonus and commission payments, (ii) an $8.2 million decrease in accounts payable due to timing of vendor payments, and (iii) a $2.7 million decrease in deferred revenue as a result of revenue recognized on the deferred revenue balances at the beginning of the fiscal year.

Current wording

For the six months ended July 31, 2023, cash provided by operating activities was $33.1 million, which consisted of net income of $13.3 million, adjusted for non-cash expenses of $28.3 million, and $8.5 million of net cash flows used as a result of changes in operating assets and liabilities. The $8.5 million of net cash flows provided as a result of changes in our operating assets and liabilities reflected (i) a $26.5 million decrease in accounts receivable due to increased collections and (ii) a $7.9 million decrease in prepaid expenses and other current assets due to decrease in prepaid hosting and data costs. These increases to cash flows from operations were partially offset by (i) a $25.6 million decrease in accrued expenses and other current liabilities primarily due to the timing of bonus and commission payments, (ii) an $7.9 million decrease in accounts payable due to timing of vendor payments, (iii) a $4.9 million increase in other non-current assets due to an increase in capitalized commissions and security deposits related to new leases, (iv) a $2.9 million decrease in operating lease liabilities due to increased payments for new leased properties in 2023 and (v) a $2.2 million decrease in deferred revenue as a result of revenue recognized on the deferred revenue balances at the beginning of the fiscal year.

Previous wording

For the three months ended April 30, 2024, cash provided by investing activities was $13.4 million and primarily consisted of $153.1 million of sales and maturities of marketable securities, partially offset by $134.2 million of purchases of marketable securities.

Current wording

For the six months ended July 31, 2024, cash provided by investing activities was $145.8 million and primarily consisted of $292.3 million of sales and maturities of marketable securities, partially offset by $136.1 million of purchases of marketable securities.

Previous wording

For the three months ended April 30, 2023, cash used in investing activities was $28.6 million and primarily consisted of $102.5 million of purchases of marketable securities, partially offset by $78.2 million of sales and maturities of marketable securities.

Current wording

For the six months ended July 31, 2023, cash used in investing activities was $92.6 million and primarily consisted of $288.7 million of purchases of marketable securities, partially offset by $206.3 million of sales and maturities of marketable securities.

Previous wording

For the three months ended April 30, 2024, cash used in financing activities was $90.3 million, which consisted of payments for the 2024 Share Repurchase Program of $100.0 million, offset by $9.6 million of proceeds from the exercise of stock options.

Current wording

For the six months ended July 31, 2024, cash used in financing activities was $253.2 million, which consisted of payments for the 2024 Share Repurchase Program of $273.9 million, offset by $17.2 million of proceeds from the exercise of stock options and proceeds from the purchase of stock under our 2021 Employee Stock Purchase Plan (“ESPP”) of $3.4 million.

Previous wording

For the three months ended April 30, 2023, cash provided by financing activities was $12.7 million, which consisted solely of proceeds from the exercise of stock options.

Current wording

For the six months ended July 31, 2023, cash provided by financing activities was $25.3 million, which consisted of proceeds from the exercise of stock options of $21.4 million and proceeds from purchases of stock under our ESPP of $4.0 million.