DOMO, INC.

Previous wording

We primarily offer our platform as a consumption-based service, which includes consumption-based agreements and enterprise-wide agreements (ELAs) with unlimited users and a data cap. Customers with consumption-based agreements have an annual purchase commitment based on an estimated volume of usage, utilizing a tiered pricing structure, which is paid upfront. We believe a consumption-based service offering helps increase customer adoption and allows us to better land, expand, and retain customers over the long term, and thereby have a positive impact on sales and marketing productivity. We also believe this offering has potential to remove many of the barriers of adoption and better align our pricing to the value delivered to our customers. Historically, we have offered our platform to our customers as a subscription-based service. Subscription fees are based upon the chosen Domo package which includes tier-based platform capabilities or usage. As of the end of our most recent fiscal quarter, 76% of our annual recurring revenue (ARR) was utilizing the platform as a consumption-based service, and we expect this percentage to increase in future periods.

Current wording

We primarily offer our platform as a consumption-based service, which includes consumption-based agreements and enterprise-wide agreements (ELAs) with unlimited users and a data cap. Customers with consumption-based agreements have an annual purchase commitment based on an estimated volume of usage, utilizing a tiered pricing structure, which is paid upfront. We believe a consumption-based service offering helps increase customer adoption and allows us to better land, expand, and retain customers over the long term, and thereby have a positive impact on sales and marketing productivity. We also believe this offering has potential to remove many of the barriers of adoption and better align our pricing to the value delivered to our customers. Historically, we have offered our platform to our customers as a subscription-based service. Subscription fees are based upon the chosen Domo package which includes tier-based platform capabilities or usage. As of the end of our most recent fiscal quarter, 80% of our annual recurring revenue (ARR) was utilizing the platform as a consumption-based service, and we expect this percentage to increase in future periods.

Previous wording

As of July 31, 2025, 72% of our customers were under multi-year contracts on a dollar-weighted basis, compared to 69% of customers as of January 31, 2025. The high percentage revenue from multi-year contracts, among both new and existing customers, has enhanced the predictability of our subscription revenue, which includes both subscription-based and consumption-based agreements. We typically invoice our customers annually in advance for subscriptions to our platform.

Current wording

As of October 31, 2025, 74% of our customers were under multi-year contracts on a dollar-weighted basis, compared to 69% of customers as of January 31, 2025. The high percentage revenue from multi-year contracts, among both new and existing customers, has enhanced the predictability of our subscription revenue, which includes both subscription-based and consumption-based agreements. We typically invoice our customers annually in advance for subscriptions to our platform.

Previous wording

Remaining performance obligations (RPO) represents the remaining amount of revenue we expect to recognize from existing non-cancelable contracts, whether billed or unbilled. As of July 31, 2024 and 2025, total RPO was $358.9 million and $430.9 million, respectively. The amount of RPO expected to be recognized as revenue in the next twelve months was $225.4 million and $236.4 million as of July 31, 2024 and 2025, respectively.

Current wording

Remaining performance obligations (RPO) represents the remaining amount of revenue we expect to recognize from existing non-cancelable contracts, whether billed or unbilled. As of October 31, 2024 and 2025, total RPO was $368.2 million and $428.6 million, respectively. The amount of RPO expected to be recognized as revenue in the next twelve months was $220.6 million and $231.1 million as of October 31, 2024 and 2025, respectively.

Previous wording

We had total revenue of $78.4 million and $79.7 million for the three months ended July 31, 2024 and 2025, respectively. For the six months ended July 31, 2024 and 2025, we had total revenue of $158.5 million and $159.8 million, respectively. For the six months ended July 31, 2024 and 2025, no single customer accounted for more than 10% of our total revenue, nor did any single organization when accounting for multiple subsidiaries or divisions which may have been invoiced separately. Revenue from customers with billing addresses in the United States comprised 80% and 80% or our total revenue for the three months ended July 31, 2024 and 2025, respectively.

Current wording

We had total revenue of $79.8 million and $79.4 million for the three months ended October 31, 2024 and 2025, respectively. For the nine months ended October 31, 2024 and 2025, we had total revenue of $238.3 million and $239.2 million, respectively. For the nine months ended October 31, 2024 and 2025, no single customer accounted for more than 10% of our total revenue, nor did any single organization when accounting for multiple subsidiaries or divisions which may have been invoiced separately. Revenue from customers with billing addresses in the United States comprised 79% and 79% or our total revenue for the three months ended October 31, 2024 and 2025, respectively.

Previous wording

We have incurred significant net losses since our inception, including net losses of $19.5 million and $22.9 million for the three months ended July 31, 2024 and 2025, respectively, and had an accumulated deficit of $1,528.5 million at July 31, 2025. We expect to incur losses for the foreseeable future and may not be able to achieve or sustain profitability.

Current wording

We have incurred significant net losses since our inception, including net losses of $18.8 million and $10.4 million for the three months ended October 31, 2024 and 2025, respectively, and had an accumulated deficit of $1,538.9 million at October 31, 2025. We expect to incur losses for the foreseeable future and may not be able to achieve or sustain profitability.

Previous wording

As of July 31, 2025, we had over 2,500 customers. Enterprise customers accounted for 46% and 44% of our revenue for both the three and six months ended July 31, 2024 and 2025, respectively. To drive growth among both our enterprise and corporate customers, we intend to further develop our partner ecosystem by establishing agreements with more software resellers, systems integrators and other partners to provide broader customer and geographic coverage. We believe we are underpenetrated in the overall market and have significant opportunity to expand our customer base over time.

Current wording

As of October 31, 2025, we had over 2,400 customers. Enterprise customers accounted for 46% and 44% of our revenue for both the three and nine months ended October 31, 2024 and 2025, respectively. To drive growth among both our enterprise and corporate customers, we intend to further develop our partner ecosystem by establishing agreements with more software resellers, systems integrators and other partners to provide broader customer and geographic coverage. We believe we are underpenetrated in the overall market and have significant opportunity to expand our customer base over time.

Previous wording

As we continue to expand our partner ecosystem and develop methods to encourage wider and more strategic adoptions, we expect that customer retention will increase over the long term. Our ability to successfully upsell and the impact of cancellations may vary from period to period. The extent of this variability depends on a number of factors including the size and timing of upsells and cancellations relative to the initial subscriptions.

Current wording

Our ability to successfully upsell and the impact of cancellations may vary from period to period. The extent of this variability depends on a number of factors including the size and timing of upsells and cancellations relative to the initial subscriptions.

Previous wording

We have invested in platform capabilities and online support resources that allow our customers to expand the use of our platform in a self-guided manner. Our professional services, customer support and customer success functions also support our sales force by helping customers to successfully deploy our platform and implement additional use cases. In addition, we believe our partner ecosystem will become increasingly important over time. We work closely with our customers to drive increased engagement with our platform by identifying new use cases through our customer success teams, as well as in-platform, self-guided experiences. We actively engage with our customers to assess whether they are satisfied and fully realizing the benefits of our platform. While these efforts often require a substantial commitment and upfront costs, we believe our investment in product, customer support, customer success and professional services will create opportunities to expand our customer relationships over time.

Current wording

We have invested in platform capabilities and online support resources that allow our customers to expand the use of our platform in a self-guided manner. Our professional services, customer support and customer success functions also support our sales force by helping customers to successfully deploy our platform and implement additional use cases. In addition, our partner ecosystem has become increasingly important over time. We work closely with our customers to drive increased engagement with our platform by identifying new use cases through our customer success teams, as well as in-platform, self-guided experiences. We actively engage with our customers to assess whether they are satisfied and fully realizing the benefits of our platform. While these efforts often require a substantial commitment and upfront costs, we believe our investment in product, customer support, customer success and professional services will create opportunities to expand our customer relationships over time.

Previous wording

An important metric that we use to evaluate our performance in retaining customers is gross retention rate. We calculate our gross retention rate by taking the dollar amount of annual contract value (ACV) that renews in a given period divided by the ACV that was up for renewal in that same period. The ACV of multi-year contracts is also considered in the calculation based on the period in which the annual anniversary of the contract falls. Our trailing twelve month gross retention rate was 84% and 85% as of July 31, 2024 and 2025, respectively. Our gross retention has been affected in part due to macroeconomic conditions and challenging renewals from customers with COVID-19 use cases of our platform.

Current wording

An important metric that we use to evaluate our performance in retaining customers is gross retention rate. We calculate our gross retention rate by taking the dollar amount of annual contract value (ACV) that renews in a given period divided by the ACV that was up for renewal in that same period. The ACV of multi-year contracts is also considered in the calculation based on the period in which the annual anniversary of the contract falls. Our trailing twelve month gross retention rate was 84% and 84% as of October 31, 2024 and 2025, respectively. Our gross retention has been affected in part due to macroeconomic conditions and challenging renewals from customers with COVID-19 use cases of our platform. As we continue to expand our partner ecosystem and develop methods to encourage wider and more strategic adoptions, we expect that customer retention will increase over the long term.

Previous wording

Sales and marketing expense as a percentage of total revenue was 47% for the three months ended July 31, 2024 compared to 44% for the three months ended July 31, 2025.

Current wording

Sales and marketing expense as a percentage of total revenue was 47% for the three months ended October 31, 2024 compared to 43% for the three months ended October 31, 2025.

Previous wording

Research and development expense as a percentage of total revenue was 28% for the three months ended July 31, 2024 compared to 24% for the three months ended July 31, 2025.

Current wording

Research and development expense as a percentage of total revenue was 27% for the three months ended October 31, 2024 compared to 24% for the three months ended October 31, 2025.

Previous wording

The following table sets forth our billings for the three and six months ended July 31, 2024 and 2025:

Current wording

The following table sets forth our billings for the three and nine months ended October 31, 2024 and 2025:

Previous wording

Other expense, net consists primarily of interest expense related to long-term debt. It also includes the effect of exchange rates on foreign currency transaction gains and losses foreign currency gains and losses upon remeasurement of intercompany balances, and interest income. The transactional impacts of foreign currency are recorded as foreign currency losses (gains) in the condensed consolidated statements of operations.

Current wording

Total other expense, net consists of loss on extinguishment of debt, remeasurement of warrant liability, and other expense, net. Other expense, net consists primarily of interest expense related to long-term debt. It also includes the effect of exchange rates on foreign currency transaction gains and losses, foreign currency gains and losses upon remeasurement of intercompany balances, and interest income. The transactional impacts of foreign currency are recorded as foreign currency losses (gains) in the consolidated statements of operations.

Previous wording

(2)Includes amortization of certain intangible assets of $0.1 million and $0.2 million for the three months ended July 31, 2024 and 2025, respectively, and $0.3 million and $0.3 million for the six months ended July 31, 2024 and 2025, respectively.

Current wording

(2)Includes amortization of certain intangible assets of $0.1 million and $0.1 million for the three months ended October 31, 2024 and 2025, respectively, and $0.4 million and $0.4 million for the nine months ended October 31, 2024 and 2025, respectively.

Previous wording

Subscription revenue increased primarily due to a $3.7 million increase from new customers, partially offset by a $1.9 million net decrease from existing customers. Our total customer count decreased slightly from July 31, 2024 to July 31, 2025. For the purposes of this comparison, new customers are defined as those added since the end of the prior year quarter, and revenue from existing customers is presented net of churn. Professional services and other revenue decreased due in part to a lower volume of billable hours delivered during the three months ended July 31, 2025.

Current wording

Subscription revenue increased primarily due to a $3.3 million increase from new customers, partially offset by a $2.5 million net decrease from existing customers. Our total customer count decreased slightly from October 31, 2024 to October 31, 2025. For the purposes of this comparison, new customers are defined as those added since the end of the prior year quarter, and revenue from existing customers is presented net of churn. Professional services and other revenue decreased primarily due to the delivery of certain other contracts recognized in the prior year quarter.

Previous wording

The increase in subscription cost of revenue was primarily due to a $0.9 million increase in our third-party web hosting services.

Current wording

The increase in subscription cost of revenue was primarily due to a $0.7 million increase in amortization related to capitalized software development costs and a $0.4 million increase in our third-party web hosting services.

Previous wording

The decrease in professional services and other cost of revenue was primarily due to a $0.9 million decrease in outsourced services.

Current wording

The decrease in professional services and other cost of revenue was primarily due to a $0.5 million decrease in employee-related costs.

Previous wording

Subscription gross margin remained flat primarily due to an increase in revenue and increased costs related to third-party web hosting services as a result of increased customer data usage. As we continue to shift more of our customer base to consumption-based pricing, we expect subscription gross margin to remain relatively stable in the near term and increase in the long term.

Current wording

Subscription gross margin decreased primarily due to a slight increase in revenue, offset by increased costs related to third-party web hosting services as a result of increased customer data usage. As we continue to shift more of our customer base to consumption-based pricing, we expect subscription gross margin to remain relatively stable in the near term and increase in the long term.

Previous wording

Services gross margin improved primarily due to a higher amount of revenue recognized from the delivery of custom apps. We expect the gross margin for professional services to fluctuate from period to period due to changes in the proportion of services provided by third-party consultants, seasonality, and timing of projects with differing margins.

Current wording

Services gross margin declined primarily due to the delivery of certain other high-margin contracts recognized in the prior year quarter. We expect the gross margin for professional services to fluctuate from period to period due to changes in the proportion of services provided by third-party consultants, seasonality, and timing of projects with differing margins.

Previous wording

Sales and marketing expenses decreased primarily due to a $2.2 million decrease in employee-related costs, driven by lower headcount. Commissions expense decreased by $0.9 million. These decreases were partially offset by a $0.8 million increase in marketing expense and a $0.6 million increase in travel expense. Our sales and marketing expense as a percentage of revenue decreased from 47% to 44%. We expect sales and marketing expense as a percentage of revenue to increase in the near term and decrease in the long term.

Current wording

Sales and marketing expenses decreased primarily due to a $1.9 million decrease in employee-related costs, driven by stock-based compensation and lower headcount. Commissions expense decreased by $0.6 million and marketing expense decreased by $0.5 million. Our sales and marketing expense as a percentage of revenue decreased from 47% to 43%. We expect sales and marketing expense as a percentage of revenue to be relatively stable in the near term and decrease in the long term.

Previous wording

Research and development expenses decreased primarily due to a $2.4 million decrease in employee-related costs, driven by lower headcount, and a $0.5 million increase in capitalized software, which decreases expense. Our research and development costs decreased as a percentage of revenue from 28% to 24%. We expect research and development expense as a percentage of revenue to decrease in the long term.

Current wording

Research and development expenses decreased primarily due to a $2.5 million decrease in employee-related costs, driven by lower headcount. This was partially offset by a $0.3 million increase in software costs. Our research and development costs decreased as a percentage of revenue from 27% to 24%. We expect research and development expense as a percentage of revenue to decrease in the long term.

Previous wording

General and administrative expenses decreased primarily due to a $2.4 million decrease in employee-related costs, driven by stock-based compensation. This was partially offset by a $0.4 million increase in contract labor. Our general and administrative expenses decreased as a percentage of revenue from 17% to 16%. We expect general and administrative expense as a percentage of revenue to decrease in the long term.

Current wording

General and administrative expenses increased primarily due to a $1.6 million increase in employee-related costs, driven by stock-based compensation. This was partially offset by a $1.4 million decrease in other general and administrative costs. Our general and administrative expenses increased as a percentage of revenue from 15% to 16%. We expect general and administrative expense as a percentage of revenue to decrease in the long term.

Previous wording

Other expense, net increased primarily due to a revaluation of warrant liability, which resulted in a $9.7 million net change during the six months ended July 31, 2025.

Current wording

Remeasurement of warrant liability increased due to a revaluation of warrant liability, which resulted in a $2.2 million net change during the three months ended October 31, 2025.

Previous wording

Other expense, net increased primarily due to a revaluation of warrant liability, which resulted in a $10.3 million net change during the six months ended July 31, 2025. We expect interest expense to increase modestly in the near term due to an increasing principal balance. We expect foreign currency gains and losses could become more pronounced due to current market volatility.

Current wording

We expect interest expense to increase modestly in the near term due to an increasing principal balance. We expect foreign currency gains and losses could become more pronounced due to current market volatility.

Previous wording

Income taxes decreased due to return to provision adjustments during the three months ended July 31, 2025. In the long term, we expect income tax expense to increase in conjunction with higher taxable income from our international subsidiaries.

Current wording

Income taxes remained relatively flat during the three months ended October 31, 2025 due to similar results of operations compared to the prior year quarter. In the long term, we expect income tax expense to increase in conjunction with higher taxable income from our international subsidiaries.

Previous wording

The increase in subscription revenue was primarily due to a $7.4 million increase from new customers, partially offset by a $6.3 million net decrease from existing customers. Our total customer count decreased from July 31, 2024 to July 31, 2025. For the purposes of this comparison, new customers are defined as those added since the end of the prior year quarter, and revenue from existing customers is presented net of churn. The increase in professional services and other revenue was primarily due to an increase in training revenue.

Current wording

The increase in subscription revenue was primarily due to a $10.6 million increase from new customers, partially offset by a $8.7 million net decrease from existing customers. Our total customer count decreased from October 31, 2024 to October 31, 2025. For the purposes of this comparison, new customers are defined as those added since the end of the prior year quarter, and revenue from existing customers is presented net of churn. The decrease in professional services and other revenue was primarily due to the delivery of certain other contracts recognized in the prior year quarter.

Previous wording

The increase in cost of subscription revenue was primarily due to a $2.2 million increase in expense related to third-party web hosting services.

Current wording

The increase in cost of subscription revenue was primarily due to a $2.6 million increase in expense related to third-party web hosting services.

Previous wording

Cost of professional services and other revenue decreased primarily due to a $2.0 million decrease in outsourced services.

Current wording

Cost of professional services and other revenue decreased primarily due to a $1.9 million decrease in outsourced services and a $0.5 million increase in employee-related costs.

Previous wording

Subscription gross margin decreased primarily due to a slight increase in revenue, offset by increased costs related to third-party web hosting services as a result of increased customer data usage. Professional services and other gross margin improved primarily due to a higher amount of revenue recognized from the delivery of custom apps during the six months ended July 31, 2025.

Current wording

Subscription gross margin decreased primarily due to a slight increase in revenue, offset by increased costs related to third-party web hosting services as a result of increased customer data usage. Professional services and other gross margin improved primarily due to a higher amount of revenue recognized from the delivery of custom apps and a decrease in outsourced services during the nine months ended October 31, 2025.

Previous wording

Sales and marketing expenses decreased primarily due to a $5.2 million decrease in employee-related costs, driven by lower headcount and lower stock-based compensation. This was partially offset by a $1.6 million increase in marketing expense.

Current wording

Sales and marketing expenses decreased primarily due to a $7.2 million decrease in employee-related costs, driven by lower stock-based compensation and lower headcount.

Previous wording

Research and development expenses decreased primarily due to a $4.3 million decrease in employee-related costs, driven by lower headcount and lower stock-based compensation and a $1.4 million increase in capitalized software, which decreases expense.

Current wording

Research and development expenses decreased primarily due to a $6.8 million decrease in employee-related costs, driven by lower headcount and lower stock-based compensation.

Previous wording

General and administrative expenses decreased primarily due to a $4.4 million decrease in professional and legal fees. This was partially driven by uncapitalized costs related to the amendment to the credit facility that occurred during the six months ended July 31, 2024. This was partially offset by a $1.0 million increase in bad debt expense, driven by a reversal of bad debt expense in the six months ended July 31, 2024.

Current wording

General and administrative expenses decreased primarily due to a $5.1 million decrease in professional and legal fees. This was partially driven by uncapitalized costs related to the amendment to the credit facility that occurred during the nine months ended October 31, 2024. This was partially offset by a $0.6 million increase in bad debt expense, driven by a reversal of bad debt expense during the nine months ended October 31, 2024.

Previous wording

Income taxes increased primarily due to higher taxable income from our international subsidiaries during the six months ended July 31, 2025.

Current wording

Income taxes increased primarily due to higher taxable income from our international subsidiaries during the nine months ended October 31, 2025.

Previous wording

As of July 31, 2025, we had $47.1 million of cash and cash equivalents, which were held for working capital purposes. Our cash and cash equivalents consist primarily of cash and money market funds. We have a $125.3 million credit facility, all of which had been drawn as of July 31, 2025.

Current wording

As of October 31, 2025, we had $47.9 million of cash and cash equivalents, which were held for working capital purposes. Our cash and cash equivalents consist primarily of cash and money market funds. We have a $125.3 million credit facility, all of which had been drawn as of October 31, 2025.

Previous wording

Act. We will pay Cantor a commission equal to 3.0% of the gross proceeds from the sale of shares of our Class B common stock under the Sales Agreement. The $150.0 million of Class B common stock that may be offered, issued and sold under the Sales Agreement is included in the $300.0 million of securities that may be offered, issued and sold by us under our registration statement on Form S-3 that was effective on September 20, 2024. No shares have been sold pursuant to the Sales Agreement to date.

Current wording

On September 6, 2024, we entered into a Controlled Equity Offering SM Sales Agreement (Sales Agreement) with Cantor Fitzgerald & Co. (Cantor). Pursuant to the Sales Agreement, we may sell, from time to time up to an aggregate of $150.0 million of our Class B common stock through an “at-the-market” offering defined in Rule 415 under the Securities Act. We will pay Cantor a commission equal to 3.0% of the gross proceeds from the sale of shares of our Class B common stock under the Sales Agreement. The $150.0 million of Class B common stock that may be offered, issued and sold under the Sales Agreement is included in the $300.0 million of securities that may be offered, issued and sold by us under our registration statement on Form S-3 that was effective on September 20, 2024. No shares have been sold pursuant to the Sales Agreement to date.

Previous wording

The credit facility requires interest-only payments on a portion of the accrued interest until the maturity date. This payable portion of the interest that accrues on the outstanding principal of the term loan is due in cash on a monthly basis, which, as of July 31, 2025, accrued at a floating rate equal to the greater of (1) 8.0% and (2) Adjusted Term SOFR. Adjusted Term SOFR is defined as the greater of (a) 2.5% and (b) Term SOFR. In the event that SOFR is unavailable, interest will accrue at a floating rate equal to the greater of (1) 7.0% and (2) the Alternate Base Rate plus 2.75% per year. The Alternate Base Rate is defined as the greatest of (a) the Prime Rate (b) Federal Funds Effective Rate plus 0.5% and (c) Adjusted Term SOFR plus 1.00%. The Federal Funds Effective rate is defined as the rate published by the Federal Reserve System as the overnight rate, or, if such rate is not so published, the average of the quotations for the day for such transaction received by Administrative Agent from three Federal funds brokers. As of July 31, 2025, the cash interest rate was approximately 7.3%. In addition to the 7.3% cash interest rate, a fixed rate equal to 5.0% per year accrues on the outstanding principal of the term loan. This capitalized portion of the interest is added to the principal amount of the outstanding term loan on a monthly basis and is due upon maturity.

Current wording

The credit facility requires interest-only payments on a portion of the accrued interest until the maturity date. This payable portion of the interest that accrues on the outstanding principal of the term loan is due in cash on a monthly basis, which, as of October 31, 2025, accrued at a floating rate equal to the greater of (1) 8.0% and (2) Adjusted Term SOFR. Adjusted Term SOFR is defined as the greater of (a) 2.5% and (b) Term SOFR. In the event that SOFR is unavailable, interest will accrue at a floating rate equal to the greater of (1) 7.0% and (2) the Alternate Base Rate plus 2.75% per year. The Alternate Base Rate is defined as the greatest of (a) the Prime Rate (b) Federal Funds Effective Rate plus 0.5% and (c) Adjusted Term SOFR plus 1.00%. The Federal Funds Effective rate is defined as the rate published by the Federal Reserve System as the overnight rate, or, if such rate is not so published, the average of the quotations for the day for such transaction received by Administrative Agent from three Federal funds brokers. As of October 31, 2025, the cash interest rate was approximately 7.2%. In addition to the 7.2% cash interest rate, a fixed rate equal to 5.0% per year accrues on the outstanding principal of the term loan. This capitalized portion of the interest is added to the principal amount of the outstanding term loan on a monthly basis and is due upon maturity.

Previous wording

Net cash used in operating activities during the six months ended July 31, 2024 consisted of cash outflows of $160.6 million exceeding the $156.3 million collected from customers. Significant components of cash outflows included $89.9 million for personnel costs and $32.5 million for marketing programs and events, third-party costs to provide our platform and outsourced professional services.

Current wording

Net cash used in operating activities during the nine months ended October 31, 2024 consisted of cash outflows of $254.4 million exceeding the $236.4 million collected from customers. Significant components of cash outflows included $128.3 million for personnel costs and $52.7 million for marketing programs and events, third-party costs to provide our platform and outsourced professional services.

Previous wording

Net cash provided by operating activities during the six months ended July 31, 2025 consisted of cash collected from customers of $161.8 million exceeding $154.5 million of cash outflows. Significant components of cash outflows included $85.0 million for personnel costs and $38.1 million for marketing programs and events, third-party costs to provide our platform and outsourced professional services, outsourced professional services, and other operating expenditures.

Current wording

Net cash provided by operating activities during the nine months ended October 31, 2025 consisted of cash collected from customers of $232.1 million exceeding $221.4 million of cash outflows. Significant components of cash outflows included $121.4 million for personnel costs and $52.2 million for marketing programs and events, third-party costs to provide our platform and outsourced professional services, and other operating expenditures.

Previous wording

Net cash used in investing activities during the six months ended July 31, 2024 consisted primarily of $3.5 million of capitalized development costs related to internal-use software and $1.2 million of purchased property and equipment.

Current wording

Net cash used in investing activities during the nine months ended October 31, 2024 consisted primarily of $5.8 million of capitalized development costs related to internal-use software and $1.4 million of purchased property and equipment.

Previous wording

Net cash used in investing activities during the six months ended July 31, 2025 consisted primarily of $4.9 million of capitalized development costs related to internal-use software and $0.4 million of purchased property and equipment.

Current wording

Net cash used in investing activities during the nine months ended October 31, 2025 consisted primarily of $7.1 million of capitalized development costs related to internal-use software and $0.5 million of purchased property and equipment.