Samsara Inc.

Previous wording

We were founded in 2015 and have achieved significant growth since our inception. For the three months ended August 2, 2025 and August 3, 2024, our revenue was $391.5 million and $300.2 million, respectively. Our net loss was $16.8 million and $49.6 million for the three months ended August 2, 2025 and August 3, 2024, respectively. For the six months ended August 2, 2025 and August 3, 2024, our revenue was $758.4 million and $580.9 million, respectively. Our net loss was $38.9 million and $105.9 million for the six months ended August 2, 2025 and August 3, 2024, respectively. Our business model focuses on maximizing the lifetime value of our customer relationships, and we continue to make significant investments to expand our customers’ use of our Connected Operations Platform.

Current wording

We were founded in 2015 and have achieved significant growth since our inception. For the three months ended November 1, 2025 and November 2, 2024, our revenue was $416.0 million and $322.0 million, respectively. Our net income was $7.8 million for the three months ended November 1, 2025, and our net loss was $37.8 million for the three months ended November 2, 2024. For the nine months ended November 1, 2025 and November 2, 2024, our revenue was $1,174.3 million and $902.9 million, respectively. Our net loss was $31.2 million and $143.7 million for the nine months ended November 1, 2025 and November 2, 2024, respectively. Our business model focuses on maximizing the lifetime value of our customer relationships, and we continue to make significant investments to expand our customers’ use of our Connected Operations Platform.

Previous wording

Our performance is driven by continuous innovation on our Connected Operations Platform and our ability to scale our headcount to grow our business. We continuously invest in adding new data types to our Connected Operations Platform and innovate with this growing data asset to introduce new Applications over time. Our performance is also impacted by our ability to scale our headcount across our business to support our growth. We remain committed to investing in our sales and marketing capacity and our research and development organization, and to driving revenue growth globally.

Current wording

Our performance is driven by continuous innovation on our Connected Operations Platform and our ability to scale our operations to grow our business. We continuously invest in adding new data types to our Connected Operations Platform and innovate with this growing data asset to introduce new Applications over time. Our performance is also impacted by our ability to scale our operations across our business to support our growth. We remain committed to investing in our sales and marketing capacity, investing in world-class talent and productivity tools within our research and development organization, and driving revenue growth globally.

Previous wording

Unfavorable conditions in the economy, both in the United States and abroad, may negatively affect the growth of our business and our results of operations. For example, our business and results of operations could be affected by global macroeconomic trends and events such as inflationary pressure, fluctuations in foreign currency exchange rates, interest rate increases and declines in consumer confidence, widespread disruptions of supply chains and freight and shipping channels, increased prices for many goods and services (including fluctuating fuel costs), labor shortages, delayed or reduced spending on information technology (“IT”) products, and significant volatility and disruption of financial markets, as well as other conditions arising from international conflicts, such as the ongoing conflict between Russia and Ukraine, conflicts in the Middle East, and geopolitical tensions involving China, the outcome of political elections in the United States and abroad, new monetary, fiscal, and trade policies (including tariff policies and import and export restrictions), and the emergence of public health crises. We are continuously monitoring these global events and other macroeconomic developments and how they may impact us directly or indirectly as a result of the effects on our customers and suppliers.

Current wording

Unfavorable conditions in the economy, both in the United States and abroad, may negatively affect the growth of our business and our results of operations. For example, our business and results of operations, as well as those of our customers, could be affected by global macroeconomic trends and events such as inflationary pressure, fluctuations in foreign currency exchange rates, interest rate increases and declines in consumer confidence, widespread disruptions of supply chains and freight and shipping channels, increased prices for many goods and services (including fluctuating hardware component and fuel costs), labor shortages, delayed or reduced spending on technology, and significant volatility and disruption of financial markets, as well as other conditions arising from international conflicts, such as the ongoing conflict between Russia and Ukraine, conflicts in the Middle East, and geopolitical tensions involving China, the outcome of political elections, and new monetary, fiscal, and trade policies (including tariff policies and import and export restrictions) in the United States and abroad. We are continuously monitoring these global events and other macroeconomic developments and how they may impact us directly or indirectly as a result of the effects on our customers and suppliers.

Previous wording

As our customers expand and increase the use of our Connected Operations Platform driven by additional IoT devices and Applications, our cost of revenue may vary from quarter to quarter as a percentage of our revenue due to the timing and extent of these expenses. We intend to continue to invest additional resources in our Connected Operations Platform and customer support and operations personnel as we grow our business. The level and timing of investment in these areas will affect our cost of revenue in the future.

Current wording

As our customers expand and increase the use of our Connected Operations Platform driven by additional IoT devices and Applications, our cost of revenue may vary from quarter to quarter as a percentage of our revenue due to the timing and extent of these expenses. We intend to continue to invest additional resources in our Connected Operations Platform and customer support and operations as we grow our business. The level and timing of investment in these areas will affect our cost of revenue in the future.

Previous wording

Research and development expenses consist primarily of employee-related costs, including salaries, benefits and stock-based compensation, associated with improvements to our platform and the development of new product offerings, expenses directly related to the development of our IoT devices, and costs associated with software subscriptions and office facilities. We continue to focus our research and development efforts on adding new features and products and enhancing the utility of our Connected Operations Platform.

Current wording

Research and development expenses consist primarily of employee-related costs, including salaries, benefits and stock-based compensation, associated with improvements to our platform and the development of new product offerings, expenses directly related to the development of our products, and costs associated with software subscriptions and office facilities. We continue to focus our research and development efforts on adding new features and products and enhancing the utility of our Connected Operations Platform.

Previous wording

Sales and marketing expenses consist primarily of employee-related costs, including salaries, benefits, stock-based compensation, and sales commissions, incurred to acquire new customers and increase product adoption with our existing customers. Sales and marketing expenses also include marketing activities, promotional events, and costs associated with software subscriptions and office facilities.

Current wording

Sales and marketing expenses consist primarily of employee-related costs, including salaries, benefits, stock-based compensation, and sales commissions, incurred to acquire and retain new customers and increase product adoption with our existing customers. Sales and marketing expenses also include marketing activities, promotional events, and costs associated with software subscriptions and office facilities.

Previous wording

Comparison of the Three and Six Months Ended August 2, 2025 and August 3, 2024

Current wording

Comparison of the Three and Nine Months Ended November 1, 2025 and November 2, 2024

Previous wording

Revenue increased by $91.3 million and $177.4 million, or 30% and 31%, for the three and six months ended August 2, 2025, respectively, compared to the three and six months ended August 3, 2024, primarily due to an increase in new customers and increased purchases of subscriptions to our solution, including subscriptions to additional Applications, by existing customers.

Current wording

Revenue increased by $94.0 million and $271.4 million, or 29% and 30%, for the three and nine months ended November 1, 2025, respectively, compared to the three and nine months ended November 2, 2024, primarily due to an increase in new customers and increased purchases of subscriptions to our Connected Operations Platform, including subscriptions to additional Applications, by existing customers.

Previous wording

Cost of revenue increased by $17.1 million, or 23%, for the three months ended August 2, 2025 compared to the three months ended August 3, 2024, primarily due to $6.4 million of increased cloud and cellular costs associated with our product offerings and $7.6 million of increased connected device costs. The increases in connected device costs and cloud and cellular costs were primarily due to increased sales volume year-over-year.

Current wording

Cost of revenue increased by $20.9 million, or 28%, for the three months ended November 1, 2025 compared to the three months ended November 2, 2024, primarily due to $9.7 million of increased cloud and cellular costs associated with our product offerings and $7.4 million of increased connected device costs. The increases in cloud and cellular costs and connected device costs were primarily due to increased sales volume year-over-year.

Previous wording

Our gross margin increased to 77% for the three months ended August 2, 2025 compared to 76% for the three months ended August 3, 2024, mainly due to operational efficiencies in connected device costs and direct labor costs.

Current wording

Our gross margin increased to 77% for the three months ended November 1, 2025 compared to 76% for the three months ended November 2, 2024, mainly due to operational efficiencies in direct labor costs and connected device costs.

Previous wording

Cost of revenue increased by $31.7 million, or 22%, for the six months ended August 2, 2025 compared to the six months ended August 3, 2024, primarily due to $14.3 million of increased cloud and cellular costs associated with our product offerings, $10.3 million of increased amortization of connected device costs, and $2.6 million of increased employee-related costs, which included a $1.9 million increase in salaries and benefits and related employer taxes and a $0.7 million increase in stock-based compensation expense. The increases in amortization of connected device costs and cloud and cellular costs were primarily due to increased sales volume year-over-year.

Current wording

Cost of revenue increased by $52.6 million, or 24%, for the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024, primarily due to $24.0 million of increased cloud and cellular costs associated with our product offerings, $19.6 million of increased connected device costs, and $4.5 million of increased employee-related costs, which included a $3.3 million increase in salaries and benefits and related employer taxes and a $1.2 million increase in stock-based compensation expense. The increases in cloud and cellular costs and connected device costs were primarily due to increased sales volume year-over-year.

Previous wording

Our gross margin increased to 77% for the six months ended August 2, 2025 compared to 76% for the six months ended August 3, 2024, mainly due to operational efficiencies in connected device costs and direct labor costs.

Current wording

Our gross margin increased to 77% for the nine months ended November 1, 2025 compared to 76% for the nine months ended November 2, 2024, mainly due to operational efficiencies in connected device costs and direct labor costs.

Previous wording

Research and development expense increased by $9.1 million, or 12%, for the three months ended August 2, 2025 compared to the three months ended August 3, 2024, primarily due to a $4.7 million increase in employee-related costs, which included a $3.9 million increase in stock-based compensation expense and a $0.8 million increase in salaries and benefits and related employer taxes, primarily due to increased headcount to support our research and development organization. The increase in research and development expense was also due to a $1.9 million increase in expenses directly related to the development of our IoT devices and a $1.1 million increase in costs associated with software subscriptions and office facilities.

Current wording

Research and development expense increased by $9.2 million, or 12%, for the three months ended November 1, 2025 compared to the three months ended November 2, 2024, primarily due to a $4.6 million increase in employee-related costs, which included a $4.0 million increase in stock-based compensation expense and a $0.6 million increase in salaries and benefits and related employer taxes, primarily due to increased headcount. The increase in research and development expense was also due to a $2.0 million increase in cloud and cellular costs associated with product development and a $1.6 million increase in costs associated with software subscriptions and office facilities.

Previous wording

Research and development expense increased by $19.4 million, or 13%, for the six months ended August 2, 2025 compared to the six months ended August 3, 2024, primarily due to a $12.5 million increase in employee-related costs, which included a $7.5 million increase in stock-based compensation expense and a $5.0 million increase in salaries and benefits and related employer taxes, primarily due to increased headcount to support our research and development organization. The increase in research and development expense was also due to a $2.0 million increase in costs associated with software subscriptions and office facilities and a $2.0 million increase in expenses directly related to the development of our IoT devices.

Current wording

Research and development expense increased by $28.6 million, or 13%, for the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024, primarily due to a $17.1 million increase in employee-related costs, which included a $11.5 million increase in stock-based compensation expense and a $5.6 million increase in salaries and benefits and related employer taxes, primarily due to increased headcount. The increase in research and development expense was also due to a $4.8 million increase in cloud and cellular costs associated with product development and a $3.7 million increase in costs associated with software subscriptions and office facilities.

Previous wording

Sales and marketing expense increased by $40.6 million, or 14%, for the six months ended August 2, 2025 compared to the six months ended August 3, 2024, primarily due to a $35.0 million increase in employee-related costs, which included a $19.4 million increase in salaries and benefits and related employer taxes, a $8.1 million increase in sales commissions, and a $7.5 million increase in stock-based compensation expense, primarily due to increased headcount to support our sales organization.

Current wording

Sales and marketing expense increased by $18.3 million, or 12%, for the three months ended November 1, 2025 compared to the three months ended November 2, 2024, primarily due to a $11.8 million increase in employee-related costs, which included a $8.2 million increase in salaries and benefits and related employer taxes and a $5.1 million increase in sales commissions, primarily due to increased headcount, partially offset by a $1.5 million decrease in stock-based compensation expense, primarily due to the impact of forfeitures. The increase in sales and marketing expense was also due to a $6.1 million increase in expenditures incurred to generate demand through various marketing channels and promotional events.

Previous wording

Sales and marketing expense increased by $22.6 million, or 15%, for the three months ended August 2, 2025 compared to the three months ended August 3, 2024, primarily due to a $17.2 million increase in employee-related costs, which included a $10.3 million increase in salaries and benefits and related employer taxes, a $4.4 million increase in sales commissions, and a $2.4 million increase in stock-based compensation expense, primarily due to increased headcount to support our sales organization. The increase in sales and marketing expense was also due to a $3.5 million increase in expenditures incurred to generate demand through various marketing channels and promotional events, including our annual conference.

Current wording

Sales and marketing expense increased by $58.9 million, or 13%, for the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024, primarily due to a $46.8 million increase in employee-related costs, which included a $27.6 million increase in salaries and benefits and related employer taxes, a $13.2 million increase in sales commissions, and a $6.0 million increase in stock-based compensation expense, primarily due to increased headcount. The increase in sales and marketing expense was also due to a $8.9 million increase in expenditures incurred to generate demand through various marketing channels and promotional events, including our annual conference.

Previous wording

General and administrative expense increased by $21.5 million, or 19%, for the six months ended August 2, 2025 compared to the six months ended August 3, 2024, primarily due to an $11.8 million increase in consulting and professional services fees and a $10.0 million increase in employee-related costs, which included a $6.3 million increase in stock-based compensation expense and a $3.7 million increase in salaries and benefits and related employer taxes, primarily due to increased headcount.

Current wording

General and administrative expense increased by $3.5 million, or 6%, for the three months ended November 1, 2025 compared to the three months ended November 2, 2024, primarily due to a $2.2 million increase in stock-based compensation expense due to increased headcount. The increase in general and administrative expense was also due to a $0.8 million increase in consulting and professional services fees.

Previous wording

General and administrative expense increased by $10.8 million, or 19%, for the three months ended August 2, 2025 compared to the three months ended August 3, 2024, primarily due to a $5.0 million increase in employee-related costs, which included a $2.8 million increase in stock-based compensation expense and a $2.2 million increase in salaries and benefits and related employer taxes, primarily due to increased headcount. The increase in general and administrative expense was also due to a $4.8 million increase in consulting and professional services fees.

Current wording

General and administrative expense increased by $24.9 million, or 14%, for the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024, primarily due to a $12.7 million increase in employee-related costs, which included a $8.4 million increase in stock-based compensation expense and a $4.3 million increase in salaries and benefits and related employer taxes, primarily due to increased headcount. The increase in general and administrative expense was also due to a $12.2 million increase in consulting and professional services fees.

Previous wording

Interest income and other income, net, increased by $4.4 million, or 23%, for the six months ended August 2, 2025 compared to the six months ended August 3, 2024. This increase was favorably impacted by $2.9 million in higher foreign currency gains and $1.6 million in higher interest income earned on a larger balance of our marketable debt securities and money market funds.

Current wording

Interest income and other income, net, increased by $0.8 million, or 8%, for the three months ended November 1, 2025 compared to the three months ended November 2, 2024. This increase was impacted by $0.9 million in higher interest income due to a 22% increase in our marketable debt securities and money market funds balances, partially offset by the impact of interest rate fluctuations.

Previous wording

Interest income and other income, net, increased by $1.8 million, or 19%, for the three months ended August 2, 2025 compared to the three months ended August 3, 2024. This increase was favorably impacted by $1.0 million in higher foreign currency gains and $0.8 million in higher interest income earned on a larger balance of our marketable debt securities and money market funds.

Current wording

Interest income and other income, net, increased by $5.2 million, or 17%, for the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024. This increase was favorably impacted by $2.8 million in higher foreign currency gains and $2.6 million in higher interest income earned on a larger balance of our marketable debt securities and money market funds.

Previous wording

The provision for income taxes increased by $0.6 million and $1.8 million, or 54% and 125%, for the three and six months ended August 2, 2025, respectively, compared to the three and six months ended August 3, 2024, primarily due to higher taxes related to the growth of our operations in foreign jurisdictions.

Current wording

The provision for income taxes increased by $0.8 million and $2.6 million, or 170% and 137%, for the three and nine months ended November 1, 2025, respectively, compared to the three and nine months ended November 2, 2024, primarily due to the growth of our operations in foreign jurisdictions.

Previous wording

Stock-based compensation expense-related charges include the amortization of deferred stock-based compensation expense for capitalized software and employer taxes on employee equity transactions. Stock-based compensation expense is a non-cash expense and is dependent on our stock price, which is beyond our control. Accordingly, we find it useful to exclude stock-based compensation expense in order to better understand our ongoing operational performance. Employer taxes on employee equity transactions, which are a cash expense, are excluded because such taxes are directly tied to the timing and size of employee equity transactions and the future fair market value of our common stock, which may vary from period to period independent of the operating performance of our business.

Current wording

Stock-based compensation expense-related charges include the amortization of deferred stock-based compensation expense for capitalized software and cloud computing arrangements and employer taxes on employee equity transactions. Stock-based compensation expense is a non-cash expense and is dependent on our stock price, which is beyond our control. Accordingly, we find it useful to exclude stock-based compensation expense in order to better understand our ongoing operational performance. Employer taxes on employee equity transactions, which are a cash expense, are excluded because such taxes are directly tied to the timing and size of employee equity transactions and the future fair market value of our common stock, which may vary from period to period independent of the operating performance of our business.

Previous wording

(1)Stock-based compensation expense-related charges included approximately $0.3 million and $0.2 million of employer taxes on employee equity transactions for the three months ended August 2, 2025 and August 3, 2024, respectively.

Current wording

(1)Stock-based compensation expense-related charges included approximately $0.2 million and $0.3 million of employer taxes on employee equity transactions for the three months ended November 1, 2025 and November 2, 2024, respectively.

Previous wording

(1)Stock-based compensation expense-related charges included approximately $4.4 million and $3.6 million of employer taxes on employee equity transactions for the three months ended August 2, 2025 and August 3, 2024, respectively.

Current wording

(1)Stock-based compensation expense-related charges included approximately $2.7 million and $4.5 million of employer taxes on employee equity transactions for the three months ended November 1, 2025 and November 2, 2024, respectively.

Previous wording

We define non-GAAP net income (loss) as net income (loss) excluding the effect of stock-based compensation expense-related charges, lease modification, impairment, and related charges, and legal settlements. We use non-GAAP net income (loss) in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP net income (loss) provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations. The following table presents a reconciliation of our non-GAAP net income to our GAAP net loss for the periods presented (in thousands, except percentages):

Current wording

We define non-GAAP net income (loss) as net income (loss) excluding the effect of stock-based compensation expense-related charges, lease modification, impairment, and related charges, and legal settlements. We use non-GAAP net income (loss) in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP net income (loss) provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations. The following table presents a reconciliation of our non-GAAP net income to our GAAP net income (loss) for the periods presented (in thousands, except percentages):

Previous wording

Since our founding, we have financed our operations primarily through the sale of equity securities and payments received from our customers. In December 2021, we completed our initial public offering (“IPO”), which resulted in aggregate net proceeds of $846.7 million, including proceeds from the underwriters’ exercise of their option to purchase additional shares of our Class A common stock in January 2022 and net of underwriting discounts and commissions. We have generated significant operating losses from our operations, as reflected in our accumulated deficit of $1,648.9 million as of August 2, 2025. We intend to continue investing in our business, and as a result, we may require additional capital resources to execute on our strategic initiatives to grow our business, particularly if we generate negative cash flows in future quarters. We believe that our existing cash, cash equivalents, and short-term and long-term investments will be sufficient to support working capital, including our non-cancelable arrangements, and capital expenditure requirements for at least the next 12 months.

Current wording

Since our founding, we have financed our operations primarily through the sale of equity securities and payments received from our customers. In December 2021, we completed our initial public offering (“IPO”), which resulted in aggregate net proceeds of $846.7 million, including proceeds from the underwriters’ exercise of their option to purchase additional shares of our Class A common stock in January 2022 and net of underwriting discounts and commissions. We have generated significant operating losses from our operations, as reflected in our accumulated deficit of $1,641.2 million as of November 1, 2025. We intend to continue investing in our business, and as a result, we may require additional capital resources to execute on our strategic initiatives to grow our business, particularly if we generate negative cash flows in future quarters. We believe that our existing cash, cash equivalents, and short-term and long-term investments will be sufficient to support working capital, including our non-cancelable arrangements, and capital expenditure requirements for at least the next 12 months.

Previous wording

As of August 2, 2025, our principal sources of liquidity were cash, cash equivalents, and short-term and long-term investments of $1,088.1 million. Cash and cash equivalents consisted of cash as well as highly liquid investments with an original maturity of 90 days or less, when purchased. Our investments primarily consisted of U.S. government and agency securities, corporate notes and bonds, and commercial paper. Our primary uses of cash include employee-related expenditures, third-party cloud and cellular costs, sales and marketing expenses, overhead expenses, and funding other working capital requirements, such as inventory and related connected device costs to meet our performance obligations related to our Connected Operations Platform.

Current wording

As of November 1, 2025, our principal sources of liquidity were cash, cash equivalents, and short-term and long-term investments of $1,147.2 million. Cash and cash equivalents consisted of cash as well as highly liquid investments with an original maturity of 90 days or less, when purchased. Our investments primarily consisted of U.S. government and agency securities, corporate notes and bonds, and commercial paper. Our primary uses of cash include employee-related expenditures, third-party cloud and cellular costs, sales and marketing expenses, overhead expenses, and funding other working capital requirements, such as inventory and related connected device costs to meet our performance obligations related to our Connected Operations Platform.

Previous wording

Cash provided by operating activities was $102.8 million for the six months ended August 2, 2025. This consisted of a net loss of $38.9 million, adjusted for non-cash charges of $162.7 million, and changes in our operating assets and liabilities of $21.0 million. The non-cash charges were primarily composed of stock-based compensation expense of $158.2 million and depreciation and amortization of $10.5 million, partially offset by net accretion of discounts on marketable debt securities of $5.0 million. Changes in our operating assets and liabilities during the six months ended August 2, 2025 reflect an increase in deferred commissions, connected device costs, and accounts receivable from customers due to the growth of our business, an increase in vendor payments as well as inventory levels to meet anticipated demand requirements, partially offset by increases in deferred revenue due to the growth of our business during the six months ended August 2, 2025.

Current wording

Cash provided by operating activities was $166.5 million for the nine months ended November 1, 2025. This consisted of a net loss of $31.2 million, adjusted for non-cash charges of $248.6 million, and changes in our operating assets and liabilities of $51.0 million. The non-cash charges were primarily composed of stock-based compensation expense of $236.1 million and depreciation and amortization of $16.6 million. Changes in our operating assets and liabilities during the nine months ended November 1, 2025 reflect an increase in accounts receivable from customers, connected device costs, and deferred commissions due to the growth of our business, an increase in inventory levels to meet anticipated demand requirements, partially offset by increases in deferred revenue due to the growth of our business during the nine months ended November 1, 2025.

Previous wording

Cash provided by operating activities was$41.8 million for thesix months ended August 3, 2024. This consisted of a net loss of$105.9 million, adjusted for non-cash charges of$138.8 million, and changes in our operating assets and liabilities of$8.9 million. The non-cash charges were primarily composed of stock-based compensation expense of$136.3 million and depreciation and amortization of$9.1 million, partially offset by net accretion of discounts on marketable debt securities of$8.3 million. Changes in our operating assets and liabilities during thesix months ended August 3, 2024 reflect increases in deferred revenue due to the growth of our business and lower prepaid expenses and other current assets, partially offset by increased accounts receivable from customers, higher levels of inventories to meet anticipated demand requirements, higher connected device costs, and higher deferred commissions during the six months ended August 3, 2024.

Current wording

Cash provided by operating activities was$77.8 million for thenine months ended November 2, 2024. This consisted of a net loss of$143.7 million, adjusted for non-cash charges of$220.1 million, and changes in our operating assets and liabilities of$1.4 million. The non-cash charges were primarily composed of stock-based compensation expense of$208.9 million, depreciation and amortization of$15.8 million, and lease modification, impairment, and related charges of$3.6 million, partially offset by net accretion of discounts on marketable debt securities of$12.2 million. Changes in our operating assets and liabilities during thenine months ended November 2, 2024 reflect increases in deferred revenue due to the growth of our business and lower prepaid expenses and other current assets, partially offset by increased accounts receivable from customers, higher levels of inventories to meet anticipated demand requirements, higher deferred commissions, higher connected device costs, and higher vendor payments during the nine months ended November 2, 2024.

Previous wording

Cash used in investing activities was $86.4 million for the six months ended August 2, 2025, which primarily consisted of $421.9 million of purchases of investments and $12.9 million of capital expenditures for internal-use software costs and our office facilities, partially offset by $348.6 million of proceeds from maturities and redemptions of investments.

Current wording

Cash used in investing activities was $134.7 million for the nine months ended November 1, 2025, which primarily consisted of $643.1 million of purchases of investments and $20.7 million of capital expenditures for internal-use software costs and our office facilities, partially offset by $530.4 million of proceeds from maturities and redemptions of investments.

Previous wording

Cash used in investing activities was$33.2 million for thesix months ended August 3, 2024, which primarily consisted of$330.1 million of purchases of investments and$10.1 million of capital expenditures for internal-use software costs and our office facilities, partially offset by$305.7 million of proceeds from maturities and redemptions of investments and$1.2 million of proceeds from sales of investments.

Current wording

Cash used in investing activities was$67.1 million for thenine months ended November 2, 2024, which primarily consisted of$526.1 million of purchases of investments and$14.8 million of capital expenditures for internal-use software costs and our office facilities, partially offset by$472.8 million of proceeds from maturities and redemptions of investments and$1.2 million of proceeds from sales of investments.

Previous wording

Cash provided by financing activities was $18.0 million for the six months ended August 2, 2025, which primarily consisted of $18.7 million of proceeds from employee stock purchases under the 2021 Employee Stock Purchase Plan (the “2021 ESPP”) and exercises of stock options, partially offset by $0.7 million in payments of principal on finance leases.

Current wording

Cash provided by financing activities was $17.9 million for the nine months ended November 1, 2025, which primarily consisted of $18.7 million of proceeds from employee stock purchases under the 2021 Employee Stock Purchase Plan (the “2021 ESPP”) and exercises of stock options, partially offset by $0.8 million in payments of principal on finance leases.

Previous wording

Cash provided by financing activities was$16.0 million for thesix months ended August 3, 2024, which primarily consisted of$16.9 million of proceeds from employee stock purchases under the 2021 ESPP and exercises of stock options, partially offset by$0.9 million in payments of principal on finance leases.

Current wording

Cash provided by financing activities was$15.6 million for thenine months ended November 2, 2024, which primarily consisted of$17.0 million of proceeds from employee stock purchases under the 2021 ESPP and exercises of stock options, partially offset by$1.3 million in payments of principal on finance leases.

Previous wording

There were no material changes to our critical accounting estimates during the six months ended August 2, 2025.

Current wording

There were no material changes to our critical accounting estimates during the nine months ended November 1, 2025.