Zoom Communications, Inc.

Previous wording

Zoom is redefining modern work as a system of action, turning live collaboration into completed results and moving conversations to completion. From entrepreneurs to global enterprises, customers choose Zoom to seamlessly collaborate, communicate, and drive outcomes across meetings, chat, phone, contact center, events, and more — all with the built-in assistance of Zoom AI Companion. Our culture of delivering happiness, grounded in our core value of care, is fundamental to everything we do at Zoom.

Current wording

Zoom is redefining modern work as a system of action, turning live collaboration into completed results and moving conversations to completion. From entrepreneurs to global enterprises, customers choose Zoom to seamlessly collaborate, communicate, and drive outcomes across meetings, chat, phone, contact center, events, and more—all with the built-in assistance of Zoom AI. Our culture of delivering happiness, grounded in our core value of care, is fundamental to everything we do at Zoom.

Previous wording

AI is core to Zoom’s product innovation. We continue to advance our AI capabilities, focusing on three priorities that bring our system of action to life: elevating Zoom Workplace with AI, driving growth of new AI products, and scaling AI-first customer experience. Zoom AI Companion is our smart assistant designed to empower workers to increase productivity, improve team effectiveness, and enhance skills. Our federated approach to AI enables the use of multiple large language models (“LLMs”), including Zoom’s own, to complete tasks for users. Zoom’s federated approach allows its platform architecture to dynamically select from multiple AI models, which currently include those from OpenAI, Anthropic, and NVIDIA, making AI accessible and affordable so more people can incorporate it into their day-to-day workflows. In addition to AI Companion, we have embedded AI capabilities across our broader product portfolio, including Zoom Revenue Accelerator and Zoom Virtual Agent, to support sales and customer service use cases. With these advancements in AI Companion and across our AI-enabled products, we believe we are well-positioned as AI technology continues to advance. We are enhancing our agentic AI capabilities within AI Companion to continue delivering practical value to customers while advancing our ambitious vision of AI that truly amplifies human potential. In line with our commitment to responsible AI, Zoom does not use customer audio, video, chat, screen sharing, attachments, or other communications (such as poll results, whiteboard, and reactions) to train Zoom’s or third-party AI models.

Current wording

AI is core to Zoom’s product innovation. We continue to advance our AI capabilities, focusing on three priorities that bring our system of action to life: elevating Zoom Workplace with AI, driving growth of new AI products, and scaling AI-first customer experience. Zoom AI is embedded directly into Zoom products to empower workers to increase productivity and drive business value. Our federated approach to AI enables the use of multiple third-party and open-source large language models (“LLMs”), including models that we have fine-tuned or adapted, alongside Zoom’s small language models (“SLMs”), to complete tasks for users. Zoom’s federated approach allows its platform architecture to dynamically select from multiple AI models, including those from OpenAI, Anthropic, and NVIDIA, making AI accessible and affordable so more people can incorporate it into their day-to-day workflows. As part of our continued innovation, Zoom recently introduced ZoomMate, a next-generation product that connects live conversational context to agentic search, workflow execution, custom agents, and AI content creation.

Previous wording

Our AI-first, open work platform bridges work both inside and outside the organization by integrating AI capabilities across employee collaboration and customer-facing workflows, enabling seamless communication, collaboration, and engagement through Zoom Workplace and Zoom Business Services. Zoom Workplace with AI Companion brings together Zoom’s core communication and productivity tools—including Zoom Meetings, Zoom Phone, Zoom Team Chat, Zoom Canvas (formerly Zoom Docs), Zoom Whiteboard, and Workvivo—to support collaboration across organizations of varying sizes. Zoom’s Business Services offerings support customer engagement across the customer lifecycle, including Zoom Contact Center and Zoom Virtual Agent for customer service teams, Zoom Revenue Accelerator for sales teams, and Zoom Events and Zoom Webinars for marketing teams. Trust is a cornerstone of the Zoom platform. We equip users with a comprehensive set of tools designed to make their interactions safe, secure, and private. We believe that strong security should never compromise a great user experience.

Current wording

Zoom Workplace brings together Zoom’s core communication and productivity tools—including Zoom Meetings, Zoom Phone, Zoom Team Chat, Zoom Canvas, Zoom Whiteboard, and Workvivo—to support collaboration within large enterprises to small and medium businesses. Zoom Customer Experience (“Zoom CX”) supports customer engagement across the customer lifecycle through Zoom Contact Center and Zoom Virtual Agent for customer service teams. For other verticals, Zoom offers solutions such as Zoom Revenue Accelerator and Common Room for sales teams, Zoom Events and Zoom Webinars for marketing teams, and BrightHire for human resources.

Previous wording

The macroeconomic environment, including ongoing geopolitical uncertainties, evolving monetary policy, energy market volatility, and foreign currency exchange rate fluctuations, has created and may continue to create uncertainty in demand for subscriptions to our AI-first, open work platform. Recent geopolitical events, including the conflict involving Iran and disruptions to energy supply routes, have contributed to elevated energy prices and heightened volatility in financial markets, which may influence inflation expectations, corporate cost structures, and global growth prospects. Although headline inflation in many major economies has moderated relative to prior years, cost pressures remain uneven across regions, and the combined effects of interest rates, policy actions, and slower global growth conditions continue to influence corporate spending patterns. These dynamics, together with shifts in customers’ internal priorities, including budget realignment and evolving investment focus, have contributed to variability in sales cycles and continued caution in enterprise spending decisions, potentially affecting customer upsell, downsell, or renewal activity.

Current wording

The macroeconomic environment, including ongoing geopolitical uncertainties, evolving monetary policy, energy market volatility, and foreign currency exchange rate fluctuations, has created and may continue to create uncertainty in demand for subscriptions to our AI-first, open work platform. Geopolitical developments and broader regional conflicts have contributed to elevated energy prices and heightened volatility in financial markets, which may influence inflation expectations, corporate cost structures, and global growth prospects. Although headline inflation in many major economies has moderated relative to prior years, cost pressures remain uneven across regions, and interest rates remain elevated relative to recent historical levels. The combined effects of interest rates, policy actions, and slower global growth conditions continue to influence corporate spending patterns. These dynamics, together with shifts in customers’ internal priorities, including budget realignment and evolving investment focus, have contributed to variability in sales cycles and continued caution in enterprise spending decisions, potentially affecting customer upsell, downsell, or renewal activity.

Previous wording

We review the following key business metrics and strategic factors to measure our performance, identify trends, formulate financial projections, and make strategic decisions, including evaluating our ability to grow the number of customers who use our AI-first, open work platform. Our operating results and growth prospects will depend, in part, on our ability to attract new customers. While we believe there is a significant market opportunity for our platform, it is difficult to predict customer adoption rates, the future growth rate, or the size of the market for our platform.

Current wording

We review the following key business metrics and strategic factors to measure our performance, identify trends, formulate financial projections, and make strategic decisions, including evaluating our ability to grow the number of customers who use our AI-first, open work platform. Our operating results and growth prospects will depend, in part, on our ability to attract new customers. While we believe there is a significant market opportunity for our products and services, it is difficult to predict customer adoption rates, the future growth rate, or the size of the market for our platform.

Previous wording

We focus on growing the number of customers that contribute more than $100,000 of trailing 12 months revenue as it is a measure of our ability to scale with our customers and attract larger organizations to Zoom. Revenue from these customers represented 32.7% and 31.9% of total revenue for the three months ended April 30, 2026 and 2025, respectively. As of April 30, 2026 and 2025, we had 4,534 and 4,192 customers, respectively, that contributed more than $100,000 of trailing 12 months revenue, demonstrating our increasing penetration of larger organizations. These customers are a subset of Enterprise customers.

Current wording

We focus on growing the number of customers that contribute more than $100,000 of trailing 12 months revenue as it is a measure of our ability to scale with our customers and attract larger organizations to Zoom. Revenue from these customers represented 33.4% and 32.2% of total revenue for the three months ended July 31, 2026 and 2025, respectively, and 33.2% and 32.2% of total revenue for the six months ended July 31, 2026 and 2025, respectively. As of July 31, 2026 and 2025, we had 4,625 and 4,274 customers, respectively, that contributed more than $100,000 of trailing 12 months revenue, demonstrating our increasing penetration of larger organizations. These customers are a subset of Enterprise customers.

Previous wording

We quantify our expansion across existing Enterprise customers through our net dollar expansion rate. We define Enterprise customers as distinct business units who have been engaged by either our direct sales team, resellers, or strategic partners. Revenue from Enterprise customers represented 61.0% and 60.0% of total revenue for the three months ended April 30, 2026 and 2025, respectively. Our net dollar expansion rate includes the increase in user adoption within our Enterprise customers, as our subscription revenue is primarily driven by the number of paid licenses within a customer and the purchase of additional products, and compares our subscription revenue from the same set of Enterprise customers across comparable periods. We calculate net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from all Enterprise customers as of 12 months prior (“Prior Period ARR”). We define ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. We calculate ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. We then calculate the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contractions, and attrition. We divide the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, we take an average of the net dollar expansion rate over the trailing 12 months. Our net dollar expansion rate may fluctuate as a result of a number of factors, including the level of penetration within our Enterprise customer base, expansion of products and features, and our ability to retain our Enterprise customers. Our trailing 12-month net dollar expansion rate for Enterprise customers was 99% and 98% as of April 30, 2026 and 2025, respectively.

Current wording

We quantify our expansion across existing Enterprise customers through our net dollar expansion rate. We define Enterprise customers as distinct business units who have been engaged by either our direct sales team, resellers, or strategic partners. Revenue from Enterprise customers represented 61.7% and 60.0% of total revenue for the three months ended July 31, 2026 and 2025, respectively, and 61.3% and 60.0% of total revenue for the six months ended July 31, 2026 and 2025, respectively. Our net dollar expansion rate includes the increase in user adoption within our Enterprise customers, as our subscription revenue is primarily driven by the number of paid licenses within a customer and the purchase of additional products, and compares our subscription revenue from the same set of Enterprise customers across comparable periods. We calculate net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from all Enterprise customers as of 12 months prior (“Prior Period ARR”). We define ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. We calculate ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. We then calculate the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contractions, and attrition. We divide the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, we take an average of the net dollar expansion rate over the trailing 12 months. Our net dollar expansion rate may fluctuate as a result of a number of factors, including the level of penetration within our Enterprise customer base, expansion of products and features, and our ability to retain our Enterprise customers. Our trailing 12-month net dollar expansion rate for Enterprise customers was 99% and 98% as of July 31, 2026 and 2025, respectively.

Previous wording

In addition to Enterprise customers, we also have a significant number of customers who subscribe to our services directly through our website (“Online customers” or “Online business”). Online customers represent a diverse customer base, ranging from individual consumers to small and medium-sized businesses. We continue to focus on acquisition and retention of our Online customer base through various strategies to improve the features and functionalities of our products and services. Revenue from Online customers represented 39.0% and 40.0% of total revenue for the three months ended April 30, 2026 and 2025, respectively. Our ability to retain these Online customers will have an impact on our future revenue. The online monthly average churn for our Online customers was 3.0% and 2.8% per month for the three months ended April 30, 2026 and 2025, respectively. One of the dynamics in the Online portion of the business is the MRR contribution from customers who have retained Zoom services for a certain portion of time as these customers tend to maintain their subscriptions and contribute meaningfully to the Online business. As of April 30, 2026 and 2025, the percentage of total Online MRR from Online customers with a continuous term of service of at least 16 months was 74.4% and 74.2%, respectively.

Current wording

In addition to Enterprise customers, we also have a significant number of customers who subscribe to our services directly through our website (“Online customers” or “Online business”). Online customers represent a diverse customer base, ranging from individual consumers to small and medium-sized businesses. We continue to focus on acquisition and retention of our Online customer base through various strategies to improve the features and functionalities of our products and services. Revenue from Online customers represented 38.3% and 40.0% of total revenue for the three months ended July 31, 2026 and 2025, respectively, and 38.7% and 40.0% of total revenue for the six months ended July 31, 2026 and 2025, respectively. Our ability to retain these Online customers will have an impact on our future revenue. The online monthly average churn for our Online customers was 2.9% per month for both the three months ended July 31, 2026 and 2025, and 3.0% and 2.9% per month for the six months ended July 31, 2026 and 2025, respectively. One of the dynamics in the Online portion of the business is the MRR contribution from customers who have retained Zoom services for a certain portion of time as these customers tend to maintain their subscriptions and contribute meaningfully to the Online business. As of July 31, 2026 and 2025, the percentage of total Online MRR from Online customers with a continuous term of service of at least 16 months was 75.6% and 74.9%, respectively.

Previous wording

We continue to invest and enhance the capabilities of Zoom Workplace and Zoom Business Services, including ongoing investments in AI, with a focus on expanding agentic AI skills, agents, and models.

Current wording

We continue to invest and enhance the capabilities of our system of action for modern work, focused on expanding agentic AI skills, agents, and models to drive business value.

Previous wording

Zoom is an AI-first, open work platform, and third-party developers are a key component of our strategy for platform innovation to make it easier for customers and developers to extend our product portfolio with new functionalities. We believe that as more developers and other third parties use our platform to integrate major third-party applications, we will become the ubiquitous platform for modern work as a system of action, turning live collaboration into completed results and moving conversations to completion. We will need to expend additional resources to continue introducing new products, features, and AI functionality, and supporting the efforts of third parties to enhance the value of our platform with their own applications.

Current wording

Zoom is an open platform, and third-party developers are a key component of our strategy for platform innovation, making it easier for customers and developers to extend our product portfolio with new functionalities. We believe that as more developers and other third parties use our platform to integrate major third-party applications, we will become the ubiquitous platform for modern work as a system of action, turning live collaboration into completed results and moving conversations to completion. We will need to expend additional resources to continue introducing new products, features, and AI functionality, and supporting the efforts of third parties to enhance the value of our platform with their own applications.

Previous wording

Our AI-first, open work platform addresses the communications and collaboration needs of users worldwide, and international expansion remains a meaningful component of our long-term growth strategy. Our revenue outside of the Americas (APAC and EMEA) represented 27.9% and 27.8% of our total revenue for the three months ended April 30, 2026 and 2025, respectively. We use strategic partners and resellers to sell in certain international markets where we have limited or no direct sales presence. While we believe global demand for our platform will continue to increase as international market awareness of Zoom grows, our ability to conduct our operations internationally will require considerable management attention and resources and is subject to the particular challenges of supporting a rapidly growing business in an environment of multiple languages, cultures, customs, legal and regulatory systems, alternative dispute systems, and commercial markets.

Current wording

Our AI-first, open work platform is a system of action for modern work that addresses the communications and collaboration needs of users worldwide, and international expansion remains a meaningful component of our long-term growth strategy. Our revenue outside of the Americas (APAC and EMEA) represented 27.7% and 28.2% of our total revenue for the three months ended July 31, 2026 and 2025, respectively, and 27.8% and 28.0% of our total revenue for the six months ended July 31, 2026 and 2025, respectively. We use strategic partners and resellers to sell in certain international markets where we have limited or no direct sales presence. While we believe global demand for our platform will continue to increase as international market awareness of Zoom grows, our ability to conduct our operations internationally will require considerable management attention and resources and is subject to the particular challenges of supporting a rapidly growing business in an environment of multiple languages, cultures, customs, legal and regulatory systems, alternative dispute systems, and commercial markets.

Previous wording

We derive our revenue from subscription agreements with customers for access to our AI-first, open work platform. Our customers generally do not have the ability to take possession of our software. We also provide services, which include professional services, consulting services, and online event hosting, which are generally considered distinct from the access to our AI-first, open work platform. The amount of revenue recognized reflects the consideration that we expect to receive in exchange for these services over the contract term, which can include a free period discount.

Current wording

We derive our revenue primarily from subscription agreements with customers for access to our AI-first, open work platform. We also provide services, which include professional services, consulting services, and online event hosting, which are generally considered distinct from the access to our AI-first, open work platform. The amount of revenue recognized reflects the consideration that we expect to receive in exchange for these services over the contract term, which can include a free period discount.

Previous wording

Revenue for the three months ended April 30, 2026 increased by $64.3 million, or 5.5%, compared to the three months ended April 30, 2025. The increase was driven by 7.2% growth in revenue from Enterprise customers, of which 47.3% and 52.7% was from new and existing customers, respectively, and by a 2.8% increase in revenue from Online customers.

Current wording

Revenue for the three months ended July 31, 2026 increased by $60.0 million, or 4.9%, compared to the three months ended July 31, 2025. The increase was driven by 7.8% growth in revenue from Enterprise customers, of which 42.3% and 57.7% was from new and existing customers, respectively, and by a 0.6% increase in revenue from Online customers.

Previous wording

Sales and marketing expense for the three months ended April 30, 2026 decreased by $16.9 million, or 4.9%, compared to the three months ended April 30, 2025. The decrease was primarily driven by a $22.0 million decrease in commissions expense, which includes both internal and external costs, from the change in the amortization period for deferred contract acquisition costs from three years to five years, effective January 31, 2026, in addition tolower stock-based compensation of

Current wording

Sales and marketing expense for the three months ended July 31, 2026 decreased by $8.5 million, or 2.5%, compared to the three months ended July 31, 2025. The decrease was primarily driven by a $15.9 million decrease in commissions expense, which includes both internal and external costs, from the change in the amortization period for deferred contract acquisition costs from three years to five years, effective January 31, 2026, and a $5.5 million decrease in stock-based compensation due to changes in our equity program. These decreases were partially offset by a $8.3 million increase in personnel-related expenses and continued investments supporting customer acquisition, retention, and expansion initiatives.

Previous wording

Other income, net for the three months ended April 30, 2026 decreased by $18.9 million, or 21.6%, compared to the three months ended April 30, 2025. The decrease was primarily driven by an $11.5 million decrease in interest income from cash and marketable securities and a $7.0 million unfavorable impact from changes in foreign currency exchange rates.

Current wording

Other income, net for the three months ended July 31, 2026 decreased by $14.9 million, or 18.3%, compared to the three months ended July 31, 2025. The decrease was primarily driven by a $12.5 million decrease in interest income from cash and marketable securities due to lower interest rates and investment balances, and a $2.1 million unfavorable impact from changes in foreign currency exchange rates.

Previous wording

Provision for income taxes for the three months ended April 30, 2026 increased by $44.8 million, or 73.2%, compared to the three months ended April 30, 2025. The year-over-year change was primarily due to an increase in income before taxes partially offset by a decrease in tax shortfalls and increase in tax benefits related to stock-based compensation.

Current wording

Provision for income taxes for the three months ended July 31, 2026 increased by $363.0 million compared to the three months ended July 31, 2025. The year-over-year change was primarily due to an increase in income before taxes, driven by the unrealized gain on our Anthropic investment, partially offset by a decrease in tax shortfalls and increase in tax benefits related to stock-based compensation.

Previous wording

Gross margin grew to 77.9% for the three months ended April 30, 2026, from 76.3% for the three months ended April 30, 2025. The increase in gross margin was driven by the decrease in stock-based compensation as well as other operational efficiencies.

Current wording

Gross margin increased to 77.5% for the six months ended July 31, 2026 from 76.9% for the six months ended July 31, 2025. The increase in gross margin was mainly driven by the decrease in stock-based compensation as well as other operational efficiencies.

Previous wording

Research and development expense for the three months ended April 30, 2026 increased by $22.5 million, or 11.0%, compared to the three months ended April 30, 2025. The increase was mainly driven by a$20.0 million increasein personnel-related expenses as a result of higher headcount as we invested in AI innovation, partially offset by a $1.9 million decrease in stock-based compe nsation due to changes in our equity program.

Current wording

Research and development expense for the six months ended July 31, 2026 increased by $58.6 million, or 14.2%, compared to the six months ended July 31, 2025, driven by continued investments in AI innovation. This included a $43.4 million increasein personnel-related expenses and a $2.2 million increase in stock-based compensation, both from higher headcount, as well as a $9.8 million increase in AI-related expenses, reflecting higher AI-related consumption and development activity.

Previous wording

As of April 30, 2026, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $7.7 billion, which were held for working capital purposes and for investment in growth opportunities. Our marketable securities generally consist of agency bonds, U.S. government agency securities, and treasury bills.

Current wording

As of July 31, 2026, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $7.2 billion, which were held for working capital purposes and for investment in growth opportunities. Our marketable securities generally consist of high-grade commercial paper, agency bonds, corporate and other debt securities, U.S. government agency securities, and treasury bills.

Previous wording

Net cash provided by operating activities was $521.6 million for the three months ended April 30, 2026, compared to $489.3 million for the three months ended April 30, 2025. The increase in operating cash flow was mainly due to higher collections driven by revenue growth.

Current wording

Net cash provided by operating activities was $1,016.4 million for the six months ended July 31, 2026, compared to $1,005.2 million for the six months ended July 31, 2025. The increase in operating cash flow was mainly due to higher collections driven by revenue growth, partially offset by higher vendor payments, primarily driven by an increase in cost of revenue.

Previous wording

Net cash used in investing activities of $480.7 million for the three months ended April 30, 2026 was primarily driven by net purchases of marketable securities of $314.1 million, purchases of strategic investments of $145.7 million, which included an additional $46.0 million investment in preferred stock of Anthropic, and purchases of property and equipment of $21.1 million.

Current wording

Net cash used in investing activities of $554.2 million for the six months ended July 31, 2026 was primarily driven by purchases of strategic investments of $441.1 million, which included an additional $300.9 million investment in preferred stock of Anthropic, cash paid for acquisitions, net of cash acquired, of $248.7 million, and purchases of property and equipment of $43.5 million, partially offset by net maturities of marketable securities of $179.2 million.

Previous wording

Net cash used in investing activities of $125.1 million for the three months ended April 30, 2025 was due to net purchases of marketable securities of $99.2 million and purchases of property and equipment of $25.9 million.

Current wording

Net cash used in investing activities of $185.8 million for the six months ended July 31, 2025 was primarily due to net purchases of marketable securities of $126.4 million, purchases of property and equipment of $33.9 million, and purchases of strategic investments of $27.5 million.

Previous wording

Net cash used in financing activities of $394.1 million for the three months ended April 30, 2026 was primarily due to cash paid for repurchases of common stock of $361.7 million and taxes paid related to net share settlement of equity awards of $62.2 million, partially offset by proceeds from employee equity transactions to be remitted to employees and tax authorities, net, of $29.2 million.

Current wording

Net cash used in financing activities of $795.2 million for the six months ended July 31, 2026 was primarily due to cash paid for repurchases of common stock of $722.2 million and taxes paid related to net share settlement of equity awards of $121.8 million, partially offset by proceeds from the issuance of common stock under our ESPP of $40.9 million and proceeds from employee equity transactions to be remitted to employees and tax authorities, net, of $6.3 million.

Previous wording

Net cash used in financing activities of $490.5 million for the three months ended April 30, 2025 was primarily due to cash paid for repurchases of common stock of $418.0 million and taxes paid related to net share settlement of equity awards of

Current wording

Net cash used in financing activities of $985.4 million for the six months ended July 31, 2025 was primarily due to cash paid for repurchases of common stock of $883.3 million and taxes paid related to net share settlement of equity awards of $137.5 million, partially offset by proceeds from the issuance of common stock under our ESPP of $36.1 million.

Previous wording

In February 2024, our Board of Directors authorized a stock repurchase program of up to $1.5 billion of our Class A common stock. In November 2024, our Board of Directors authorized the repurchase of an additional $1.2 billion of our outstanding Class A common stock. In November 2025, our Board of Directors authorized another $1.0 billion in repurchases of our outstanding Class A common stock. Repurchases of our Class A common stock may be effected, from time to time, either on the open market (including pre-set trading plans), in privately negotiated transactions, and other transactions in accordance with applicable securities laws.

Current wording

In May 2026, our Board of Directors authorized the repurchase of an additional $1.0 billion of our outstanding Class A common stock, under our existing repurchase program, bringing the total amount authorized since February 2024 to $4.7 billion. Repurchases of our Class A common stock may be effected, from time to time, either on the open market (including pre-set trading plans), in privately negotiated transactions, and other transactions in accordance with applicable securities laws.

Previous wording

During the three months ended April 30, 2026, we repurchased and subsequently retired 4,169,208 shares of our Class A common stock for an aggregate amount of $361.7 million. As of April 30, 2026, $625.0 million of the repurchase authorization remained available.

Current wording

During the three and six months ended July 31, 2026, we repurchased and subsequently retired 3,740,213 and 7,909,421 shares of our Class A common stock, respectively, for an aggregate amount of $351.9 million and $713.5 million, respectively. As of July 31, 2026, $1.3 billion of the repurchase authorization remained available.