SentinelOne, Inc.

Previous wording

The following discussion and analysis provides information which our management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes and the discussion under the heading “Management's Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 filed with the U.S. Securities and Exchange Commission (SEC), on March 26, 2025. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note About Forward-Looking Statements” in this Quarterly Report on Form 10-Q. You should review the disclosure under the heading “Risk Factors” in this Quarterly Report on Form 10-Q for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Our fiscal year ends on January 31, and our fiscal quarters end on April 30, July 31, October 31, and January 31. Our fiscal years ended January 31, 2026 and January 31, 2025 are referred to herein as fiscal 2026 and fiscal 2025, respectively.

Current wording

The following discussion and analysis provides information which our management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes and the discussion under the heading “Management's Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 filed with the U.S. Securities and Exchange Commission (SEC), on March 19, 2026 (Annual Report). This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note About Forward-Looking Statements” in this Quarterly Report on Form 10-Q. You should review the disclosure under the heading “Risk Factors” in this Quarterly Report on Form 10-Q for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Our fiscal year ends on January 31, and our fiscal quarters end on April 30, July 31, October 31, and January 31. Our fiscal years ended January 31, 2027 and January 31, 2026 are referred to herein as fiscal 2027 and fiscal 2026, respectively.

Previous wording

Our Singularity Platform is used globally by organizations of all sizes across a broad range of industries. We had 1,572 customers with annualized recurring revenue (ARR) of $100,000 or more as of October 31, 2025, up from 1,310 as of October 31, 2024. We define ARR as the annualized revenue run rate of our subscription and consumption and usage-based agreements at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under contracts with us. As of October 31, 2025, no single end customer accounted for more than 3% of our ARR. Our revenue outside of the U.S. represented 40% and 37% for the three months ended October 31, 2025 and 2024, respectively, and 39% and 37% for the nine months ended October 31, 2025 and 2024, respectively, illustrating the global nature of our solutions.

Current wording

Our Singularity Platform is used globally by organizations of all sizes across a broad range of industries. We had 1,702 customers with annualized recurring revenue (ARR) of $100,000 or more as of April 30, 2026, up from 1,459 as of April 30, 2025. We define ARR as the annualized revenue run rate of our subscription, consumption and usage-based agreements at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under contracts with us. As of April 30, 2026, no single end customer accounted for more than 5% of our ARR. Our revenue outside of the U.S. represented 39% and 38% for the three months ended April 30, 2026 and 2025, respectively, illustrating the global nature of our solutions.

Previous wording

We have grown rapidly since our inception. Our revenue was $258.9 million and $210.6 million for the three months ended October 31, 2025 and 2024, respectively, representing year-over-year growth of 23%, and $730.1 million and $595.9 million for the nine months ended October 31, 2025 and 2024, respectively, representing year-over-year growth of 23%. During this period, we continued to invest in growing our business to capitalize on our market opportunity. As a result, our net loss for the three months ended October 31, 2025 and 2024 was $60.3 million and $78.4 million, respectively, and our net loss for the nine months ended October 31, 2025 and 2024 was $340.5 million and $217.7 million, respectively.

Current wording

We have grown rapidly since our inception. Our revenue was $276.7 million and $229.0 million for the three months ended April 30, 2026 and 2025, respectively, representing year-over-year growth of 21%. During this period, we continued to invest in growing our business to capitalize on our market opportunity. As a result, our net loss for the three months ended April 30, 2026 and 2025 was $76.2 million and $208.2 million, respectively.

Previous wording

A reconciliation of non-GAAP operating income (loss) to GAAP operating loss, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, is provided below:

Current wording

A reconciliation of non-GAAP operating income (loss) to GAAP operating loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, is provided below:

Previous wording

We believe that ARR is a key operating metric to measure our business because it is driven by our ability to acquire new subscription, consumption, and usage-based customers, and to maintain and expand our relationship with existing customers. ARR represents the annualized revenue run rate of our subscription and consumption and usage-based agreements at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under contracts with us. ARR is an operational metric and is not a non-GAAP metric. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates, usage, renewal rates, and other contractual terms.

Current wording

We believe that ARR is a key operating metric to measure our business because it is driven by our ability to acquire new subscription, consumption, and usage-based customers, and to maintain and expand our relationship with existing customers. ARR represents the annualized revenue run rate of our subscription, consumption and usage-based agreements at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under contracts with us. ARR is an operational metric and is not a non-GAAP metric. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates, usage, renewal rates, and other contractual terms. For more information on how we recognize revenue, see Note 3, Revenue and Contract Balances to our unaudited condensed consolidated financial statements.

Previous wording

ARR grew 23% year-over-year to $1.1 billion as of October 31, 2025, primarily driven by a combination of new customer additions and adoption of adjacent platform solutions by existing customers.

Current wording

ARR grew 23% year-over-year to $1,162.6 million as of April 30, 2026, primarily driven by a combination of new customer additions and adoption of adjacent platform solutions by existing customers.

Previous wording

Customers with ARR of $100,000 or more grew 20% year-over-year to 1,572 as of October 31, 2025, primarily due to the growth in the ARR of existing customers from additional purchases and the growth in the average size of purchases by new customers.

Current wording

Customers with ARR of $100,000 or more grew 17% year-over-year to 1,702 as of April 30, 2026, primarily due to the growth in the ARR of existing customers from additional purchases and the growth in the average size of purchases by new customers.

Previous wording

Cost of revenue consists primarily of third-party cloud infrastructure expenses incurred in connection with the hosting and maintenance of our platform. Cost of revenue also consists of personnel-related costs associated with our customer support and services organization, including salaries, benefits, bonuses, and stock-based compensation, amortization of acquired intangible assets, amortization of capitalized internal-use software, software and subscription services used by our customer support and services team, inventory-related costs, and allocated facilities and IT overhead costs.

Current wording

Cost of revenue consists primarily of third-party cloud infrastructure expenses incurred in connection with the hosting and maintenance of our platform, as well as personnel-related costs associated with our customer support and services organization, including salaries, benefits, bonuses, and stock-based compensation. Cost of revenue also includes amortization of acquired intangible assets, amortization of capitalized internal-use software, software and subscription services used by our customer support and services team, inventory-related costs, and allocated facilities and IT overhead costs.

Previous wording

Our third-party cloud infrastructure costs are driven primarily by the number of customers, the number of endpoints per customer, the number of modules, and the incremental costs for storing additional data collected for such cloud modules. We plan to continue to invest in our platform infrastructure and additional resources in our customer support and services organization as we grow our business. The level and timing of investment in these areas could affect our cost of revenue from period to period.

Current wording

Our third-party cloud infrastructure costs are driven primarily by the number of customers, the number of endpoints per customer, the number of modules, and the incremental costs for storing additional data collected for such cloud modules. We plan to continue to invest in our platform infrastructure and additional resources in our customer support and services organization as we grow our business. The level and timing of investment in these areas could affect our cost of revenue from period to period. We expect our cost of revenue to increase in absolute dollars as we continue to scale our platform. Our gross margin could fluctuate depending on the interplay of these factors.

Previous wording

Research and development expenses consist primarily of employee salaries, benefits, bonuses, and stock-based compensation. Research and development expenses also include third-party cloud infrastructure expenses incurred in developing our platform and modules, as well as general services expenses, which include consulting fees, software and subscription services, among others.

Current wording

Research and development expenses consist primarily of employee salaries, benefits, bonuses, and stock-based compensation. Research and development expenses also include third-party cloud infrastructure and general services expenses, such as consulting fees, software, and subscription services, incurred in developing our platform and modules.

Previous wording

Restructuring charges related to the restructuring plans executed in March 2025 (March Plan) and July 2025 (July Plan), consist primarily of charges related to contract terminations, severance payments, employee benefits, stock-based compensation, and asset impairment charges related to facilities. The March Plan has been completed as of July 31, 2025, and actions associated with the July Plan are expected to be completed by the end of fiscal 2026.

Current wording

Restructuring charges related to the restructuring plans executed in March 2025 (March 2025 Plan), consist primarily of charges related to severance payments, employee benefits, stock-based compensation, and asset impairment charges related to facilities. The actions associated with the March 2025 Plan were completed as of July 31, 2025.

Previous wording

Other income (expense), net consists primarily of foreign currency transaction gains and losses, and gains and losses on strategic investments.

Current wording

Other income, net consists primarily of gains and losses on foreign currency remeasurements and transactions, derivative instruments, and strategic investments.

Previous wording

Provision for (benefit from) income taxes consists primarily of income taxes in certain jurisdictions in which we conduct business, the tax effects of the APA matter (defined below), and deferred tax effects relating to the acquisition of Observo, Inc. (Observo). This includes $136.0 million of tax expense for unrecognized tax benefits, partially offset by a $4.7 million discrete tax benefit from the release of valuation allowance attributable to the recognition of our Israel deferred tax assets also related to this matter, and a $5.4 million discrete tax benefit from the release of valuation allowance associated with the Observo acquisition. In connection with our global consolidated losses, we maintain a full valuation allowance against our U.S. deferred tax assets because we have concluded that it is more likely than not that the deferred tax assets will not be realized.

Current wording

Provision for income taxes consists primarily of income taxes in foreign jurisdictions in which we conduct business and the tax effects including the interest expense of the Agreement with the ITA. The Agreement resulted in $180.0 million of tax expense, exclusive of interest, during fiscal 2026, payable over time to the ITA, with additional interest expense accruing on the tax liability over the installment period. In connection with our global consolidated losses, we maintain a full valuation allowance against our U.S. deferred tax assets, as we have concluded that it is more likely than not that the deferred tax assets will not be realized.

Previous wording

We expect our provision for income taxes to increase in fiscal 2026 and beyond based upon increased foreign earnings and certain minimum taxes.

Current wording

Exclusive of the fiscal 2026 assessment agreement (the Agreement) with the Israeli Tax Authority (ITA), we expect our provision for income taxes to increase in fiscal 2027 and beyond based upon increased foreign earnings and certain minimum taxes.

Previous wording

Revenue increased by $48.3 million primarily due to a combination of sales to new customers and sales of additional licenses and platform solutions to existing customers.

Current wording

Revenue increased by $47.6 million primarily due to a combination of sales to new customers and sales of additional licenses and platform solutions to existing customers.

Previous wording

Cost of revenue increased by $14.6 million primarily due to a $6.8 million increase in cloud hosting usage charges to support our expanding business, a $3.3 million increase in customer support costs which were mostly personnel-related expenses, a $2.2 million increase in amortization of acquired intangible assets in connection with acquisitions in fiscal 2026, and a $1.9 million increase in amortization of capitalized internal use-software due to the continued investment in our platform. Gross margin was 74% compared to 75% in the prior period, primarily due to higher costs of revenue associated with scaling operations to meet increased customer demand and sales volume.

Current wording

Cost of revenue increased by $21.4 million primarily due to a $9.1 million increase in cloud hosting usage charges to support our expanding business, a $6.3 million increase in customer support costs which were mostly personnel-related expenses, a $3.9 million increase in amortization of acquired intangible assets in connection with fiscal 2026 acquisitions, and a $1.7 million increase in amortization of capitalized internal-use software due to the continued investment in our platform. Gross margin was 72% compared to 75% in the prior period, primarily due to higher costs of revenue associated with scaling operations to meet increased customer demand and sales volume.

Previous wording

Research and development expenses increased by $12.7 million primarily due to an increase in personnel-related expenses of $8.6 million, including an increase of $2.1 million related to stock-based compensation expense as a result of increased headcount, an increase of $1.5 million in cloud hosting expenses driven by expanded research and development activities, a $1.3 million increase in general services expenses, and a $1.1 million increase in allocated overhead costs.

Current wording

Research and development expenses increased by $23.5 million primarily due to an increase in personnel-related expenses of $19.4 million as a result of increased headcount. This included an $8.0 million increase in stock-based compensation expense, primarily driven by equity awards issued in connection with the fiscal 2026 acquisitions. The remaining increase was attributable to an increase of $1.9 million in cloud hosting expenses driven by expanded research and development activities, and a $1.6 million increase in general services expenses primarily driven by higher software subscription costs.

Previous wording

Restructuring charges increased by $12.2 million due to activities undertaken pursuant to the March Plan and July Plan during the nine months ended October 31, 2025. This primarily included severance and employee benefit charges of $6.7 million, $4.0 million in contract termination charges, and asset impairment charges related to facilities of $2.2 million.

Current wording

Restructuring charges decreased by $5.1 million due to activities undertaken pursuant to the March 2025 Plan, primarily consisting of severance and employee benefit charges of $3.0 million and asset impairment charges related to facilities of $2.2 million.

Previous wording

Interest income, net decreased $2.3 million primarily driven by lower income earned from investments in marketable securities during the three months ended October 31, 2025. The change in other income (expense), net is primarily due to net foreign currency exchange fluctuations, partially offset by a gain on strategic investment.

Current wording

Interest income, net decreased $5.5 million primarily driven by lower income earned from investments in marketable securities during the three months ended April 30, 2026. The change in other income, net is primarily due to a gain on strategic investment, partially offset by net foreign currency exchange fluctuations.

Previous wording

We have financed operations primarily through proceeds received from sales of equity securities and payments received from our customers, and we have generated operating losses, as reflected in our accumulated deficit of $2.0 billion and $1.6 billion as of October 31, 2025 and January 31, 2025, respectively. We expect these and other operating losses to continue for the foreseeable future. We also expect to incur significant research and development, sales and marketing, and general and administrative expenses over the next several years in connection with the continued development and expansion of our business. Additionally, if we agree to an APA, we may, as part of that agreement, be required to make significant payments to the Israeli government which may adversely affect our cash flows over the next several years. As more fully described in the section titled “Risk Factors—Our corporate structure and intercompany arrangements are subject to the tax laws of various jurisdictions, and we could be obligated to pay additional taxes, which would harm our operating results and financial condition” during the nine months ended October 31, 2025, in the context of the APA negotiations, we discussed a framework for a final settlement and resolution of this matter with the ITA. As a result of such discussions, we reassessed our uncertain tax position in respect of the APA matter, and based on this reassessment, recorded a tax expense of $136.0 million in the nine months ended October 31, 2025. If we agree to an APA or other negotiated settlement, we may, as part of that agreement, be required to make significant payments to the Israeli government. We currently expect that any payments pursuant to an APA (if an APA is concluded) would be made over a number of years and subject to other terms and conditions. However, no agreements between us and the IRS and ITA have been reached at this time. In addition, as part of the integration of the Prompt acquisition, we are evaluating the future structure of its acquired intellectual property. This includes a potential alignment of Israeli-owned intellectual property which, if effectuated, may result in a cash tax liability in Israel. As of October 31, 2025, we had not made a final decision on this matter, and accordingly, the potential tax impact cannot be reasonably estimated at this time.

Current wording

We have financed operations primarily through proceeds received from sales of equity securities and payments received from our customers, and we have generated operating losses, as reflected in our accumulated deficit of $2.2 billion and $2.1 billion as of April 30, 2026 and January 31, 2026, respectively. We expect these and other operating losses to continue for the foreseeable future. We also expect to incur significant research and development, sales and marketing, and general and administrative expenses over the next several years in connection with the continued development and expansion of our business. On January 8, 2026, we entered into the Agreement with the ITA that fully and finally resolves disputed tax matters regarding intercompany transfer pricing and intellectual property valuations for fiscal years 2021 through 2025. As more fully described in the section titled “Risk Factors—Our corporate structure and intercompany arrangements are subject to the tax laws of various jurisdictions, and we could be obligated to pay additional taxes, which would harm our operating results and financial condition,” through April 30, 2026, we recorded a total tax expense of $183.5 million, inclusive of interest, related to the Agreement with the ITA. Pursuant to the Agreement, we are required to make installment payments in Israeli New Shekels through fiscal 2031, with unpaid amounts subject to a 7.0% annual interest rate, and an option to extend the final payment through 2033. These payments will adversely affect our cash flows over the next several years. Furthermore, in the event of a change in control, all unpaid amounts plus interest that would have accrued through 2033—$267.1 million (or 792.7 million Israeli New Shekels) as of April 30, 2026, less cumulative payments made—would accelerate and become immediately due.

Previous wording

As of October 31, 2025 and January 31, 2025, our principal source of liquidity was cash, cash equivalents, and investments of $873.6 million and $1.1 billion, respectively.

Current wording

As of April 30, 2026 and January 31, 2026, our principal source of liquidity was cash, cash equivalents, and investments of $812.5 million and $769.6 million, respectively.

Previous wording

Our operating cash flow is influenced by seasonal billing patterns, with a concentration of annual billings in our fiscal fourth quarter due to enterprise buying and renewal cycles. This makes our fiscal first quarter our strongest for collections and operating cash flow. Acquisitions can also impact cash flow due to transaction costs, financing expenses, and lower initial contributions from acquired entities.

Current wording

Our operating cash flow is influenced by seasonal billing patterns, with a concentration of annual billings in our fiscal fourth quarter due to enterprise buying and renewal cycles. This makes our fiscal first quarter our strongest for collections and operating cash flow. Acquisitions can also impact cash flow due to transaction costs, financing expenses, and lower near-term operating cash flow contributions from acquired entities.

Previous wording

Cash provided by operating activities during the nine months ended October 31, 2024 was $37.1 million, primarily consisting of our net loss of $217.7 million and $12.6 million used by net changes to our operating assets and liabilities, offset by adjustments for non-cash items of $267.4 million. The main drivers of the changes in operating assets and liabilities were a $60.1 million increase in deferred contract acquisition costs, a $17.2 million decrease in deferred revenue, a $4.7 million decrease in accrued payroll and benefits and a $3.9 million decrease in operating lease liabilities. These amounts were partially offset by a$50.0 million decrease in accounts receivable due to timing of cash received from customers, an increase of accrued liabilities of $14.6 million, a$6.0 million decrease in prepaid expenses and other assets, and a $3.0 million increase in accounts payable due to timing of invoices received from vendors.

Current wording

Cash provided by operating activities during the three months ended April 30, 2026 was $38.5 million, primarily consisting of adjustments for non-cash items of $113.5 million, and $1.2 million provided by net changes to our operating assets and liabilities, partially offset by our net loss of $76.2 million. The main drivers of the changes in operating assets and liabilities were a $108.2 million decrease in accounts receivable, partially offset by a $46.9 million decrease in deferred revenue, a $34.1 million decrease in accrued expenses and other liabilities, primarily relating to the installment payment of the ITA liabilities, a $15.6 million increase in deferred contract acquisition costs, a $4.3 million decrease in accrued payroll and benefits, a $2.6 million increase in prepaid expenses and other assets, a $2.3 million decrease in accounts payable due to timing of invoices received from vendors, and a $1.3 million decrease in operating lease liabilities.

Previous wording

Cash provided by operating activities during the nine months ended October 31, 2025 was $72.2 million, primarily consisting of adjustments for non-cash items of $311.6 million, and $101.2 million provided by net changes to our operating assets and liabilities, partially offset by our net loss of $340.5 million. The main drivers of the changes in operating assets and liabilities were an increase of accrued expenses and other liabilities of $135.4 million, of which $136.0 million is related to an accrual for an unrecognized tax benefit related to our APA matter, a $38.3 million decrease in accounts receivable, a $1.3 million increase in accounts payable due to timing of invoices received from vendors, and a $1.2 million decrease in prepaid expenses and other assets. These amounts were partially offset by a $60.8 million increase in deferred contract acquisition costs, a $7.1 million decrease in accrued payroll and benefits, a $4.0 million decrease in deferred revenue, and a $3.2 million decrease in operating lease liabilities.

Current wording

Cash provided by operating activities during the three months ended April 30, 2025 was $52.3 million, primarily consisting of $161.3 million provided by net changes to our operating assets and liabilities and adjustments for non-cash items of $99.1 million, partially offset by our net loss of $208.2 million. The main drivers of the changes in operating assets and liabilities were an increase of accrued liabilities and other liabilities of $130.7 million, of which $136.0 million is related to an accrual for an unrecognized tax benefit related to our ITA matter, a$80.6 million decrease in accounts receivable, and a $13.4 million increase in accounts payable due to timing of invoices received from vendors. These amounts were partially offset by a $26.8 million decrease in deferred revenue, a $16.4 million decrease in accrued payroll and benefits, a $14.7 million increase in deferred contract acquisition costs, and a$4.2 million increase in prepaid expenses and other assets.

Previous wording

Cash used in investing activities during the nine months ended October 31, 2025 was $24.8 million, primarily consisting of $244.7 million of net cash paid for the acquisitions of Prompt and Observo, $233.5 million of investment purchases, and $17.5 million of capitalized internal-use software costs. These amounts were partially offset by $471.7 million of proceeds from sales, maturities and return of capital of investments.

Current wording

Cash used in investing activities during the three months ended April 30, 2026 was $63.9 million, primarily consisting of $212.0 million of investment purchases, which included a $100.0 million strategic investment in Knight JV, LLC, $7.4 million of capitalized internal-use software costs, and $1.0 million of payments related to holdback releases in connection with our fiscal 2026 acquisitions. These amounts were partially offset by $156.9 million of proceeds from sales and maturities of investments.

Previous wording

Cash used in investing activities during the nine months ended October 31, 2024 was$85.9 million, consisting of$597.6 million of investment purchases, $61.6 million of net cash paid for the acquisitions of PingSafe and Stride, and a$19.8 million of capitalized internal-use software costs. These amounts were partially offset by$594.9 million of investment sales and maturities.

Current wording

Cash used in investing activities during the three months ended April 30, 2025 was$65.6 million, primarily consisting of$167.3 million of investment purchases, and$6.7 million of capitalized internal-use software costs. These amounts were partially offset by$108.5 million of investment sales and maturities.

Previous wording

Cash provided by financing activities during the nine months ended October 31, 2024 was $31.7 million, primarily consisting of $22.9 million of proceeds from the exercise of employee stock options and $8.8 million of proceeds from the issuance of common stock under our ESPP.

Current wording

Cash provided by financing activities during the three months ended April 30, 2026 was $0.9 million, entirely consisting of proceeds from the exercise of employee stock options.

Previous wording

Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, and we evaluate our estimates and assumptions on an ongoing basis. Actual results could differ significantly from the estimates made by management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, operating results, and cash flows will be affected.

Current wording

Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, and we evaluate our estimates and assumptions on an ongoing basis. Actual results could differ significantly from the estimates made by management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, operating results, and cash flows could be affected.

Previous wording

There have been no material changes to our critical accounting policies and estimates as compared to those described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in our Annual Report for the nine months ended October 31, 2025, except for the following:

Current wording

There have been no material changes to our critical accounting policies and estimates as compared to those described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in our Annual Report.