22 unchanged sentences
Fluctuations in foreign currencies impact the amount of total assets, liabilities, revenues, operating expenses and cash flows that we repor t for our foreign subsidiaries upon the translation of these amounts into USD.
−Removed: Total revenue during the three months ended October 31, 2023, was positively impacted by approximately one percent compared to the three months ended October 31, 2022.
−Removed: In addition, fluctuations in USD against international currencies positively impacted our current remaining performance obligation by approximately one percent as of October 31, 2023 compared to what we would have reported as of October 31, 2022 using constant currency rates.
+Added: Total revenue during the three months ended April 30, 2024 , was minimally impacted by fluctuations in foreign currencies compared to the three months ended April 30, 2023 .
+Added: In addition, fluctuations in USD against international currencies minimally impacted our current remaining performance obligation a s of April 30, 2024 compared to what we would have reported as of April 30, 2023 using constant currency rates.
Interest Rate Sensitivity
−Removed: We had cash, cash equivalents and marketable securities totaling $11.9 billion as of October 31, 2023.
+Added: As of April 30, 2024, we had cash, cash equivalents and marketable securities totaling $17.7 billion.
This amount was invested primarily in money market funds, time deposits, corporate notes and bonds, government securities and other debt securities with credit ratings of at least BBB or better.
−Removed: The cash, cash equivalents and marketable securities are held for general corporate purposes, including acquisitions of, or investments in, complementary businesses, services or technologies, working capital and capital expenditures.
+Added: The cash, cash equivalents and marketable securities are held for general corporate purposes, including share repurchases, dividend payments, acquisitions of, or investments in, complementary businesses, services or technologies, working capital and capital expenditures.
Our investments are made for capital preservation purposes.
6 unchanged sentences
Our fixed-income portfolio is also subject to interest rate risk.
−Removed: An immediate increase or decrease in interest rates of 100 basis points at October 31, 2023 could result in a $65 million market value reduction or increase of the same amount.
+Added: An immediate increase or decrease in interest rates of 100 basis points at April 30, 2024 could result in a $80 million market value reduction or increase of the same amount.
This estimate is based on a sensitivity model that measures market value changes when changes in interest rates occur.
−Removed: T a b l e o f C o n t e n t s
−Removed: in the value of our investment securities caused by a change in interest rates (gains or losses on the carrying value) are recorded in other comprehensive income (loss), net, and are realized only if we sell the underlying securities.
+Added: in the value of our investment securities caused by a change in interest rates (gains or losses on the carrying value) are recorded in other comprehensive income, net, and are realized only if we sell the underlying securities.
At January 31, 2024, we had cash, cash equivalents and marketable securities totaling $14.2 billion.
3 unchanged sentences
We maintain debt obligations that are subject to market interest risk, as follows (in millions):
−Removed: Instrument Maturity Date Principal Outstanding as of October 31, 2023 Interest Terms Contractual Interest Rate
+Added: Instrument Maturity Date Principal Outstanding as of April 30, 2024 Interest Terms Contractual Interest Rate
2024 Senior Notes July 2024 $ 1,000 Fixed 0.625%
6 unchanged sentences
2061 Senior Notes July 2061 1,250 Fixed 3.05
−Removed: The borrowings under our Credit Facility bear interest, at our option, at a base rate plus a spread of 0.00% to 0.125% or an adjusted benchmark rate plus a spread of 0.50% to 1.125%, in each case with such spread being determined based on our credit rating.
+Added: Any borrowings under our Credit Facility bear interest, at our option, at a base rate plus a spread of 0.00% to 0.125% or an adjusted benchmark rate plus a spread of 0.50% to 1.125%, in each case with such spread being determined based on our credit rating.
We are also obligated to pay an ongoing commitment fee on undrawn amounts.
−Removed: As of October 31, 2023, there was no outstanding borrowing amount under the Credit Facility.
+Added: As of April 30, 2024, there was no outstanding borrowing amount under the Credit Facility.
The bank counterparties to our derivative contracts potentially expose us to credit-related losses in the event of their nonperformance.
5 unchanged sentences
Strategic Investments
−Removed: As of October 31, 2023, our strategic investment portfolio consisted of investments in over 400 companies with a combined carrying value of $4.8 billion, including two privately held investments with carrying values that were individually greater than five percent of the total strategic investments portfolio and represented 16 percent of the portfolio in aggregate.
−Removed: The following table sets forth additional information regarding active equity investments within our strategic investment portfolio as of October 31, 2023 and excludes exited investments (in millions):
−Removed: Investment Type Capital Invested Unrealized Gains (Cumulative) Unrealized Losses (Cumulative) Carrying Value as of October 31, 2023
+Added: As of April 30, 2024, our strategic investment portfolio consisted of investments in over 400 companies w ith a combined carrying value of $5.0 billion, includ ing two privately he ld investments with carrying values that were individually greater than five percent of the total strategic investments portfolio and represent ed 15 percent of t he portfolio in aggregate.
+Added: The following table sets forth additional information regarding active equity investments within our strategic investment portfolio as of April 30, 2024 and excludes exited investments (in millions):
+Added: Investment Type Capital Invested Unrealized Gains (Cumulative) Unrealized Losses (Cumulative) Carrying Value as of April 30, 2024
Publicly held equity securities $ 26 $ 57 $ 0 $ 83
2 unchanged sentences
Fluctuations in the value of our privately held equity securities are only recorded when there is an observable transaction for a same or similar security of the same issuer, or in the event of impairment.
−Removed: We anticipate additional volatility in our condensed consolidated statement of operations due to these events, as well as changes in the market prices of our publicly held equity securities.
−Removed: These fluctuations could be material depending on market conditions and events.
−Removed: While historically our strategic investment portfolio has had a positive impact on our financial results, we have had periods where our investment portfolio has recorded net losses and may have losses again in future periods, which may adversely impact our financial results, particularly in periods with economic uncertainty, inflation, volatile public equity markets or unsettled global market conditions.
+Added: We anticipate future volatility in our condensed consolidated statement of operations due to changes in market prices, observable price changes and impairments of our strategic investments.
+Added: The resulting gains or losses could be material depending on market conditions and events, particularly in periods with economic uncertainty, inflation, volatile public equity markets or unsettled global market conditions.
Our investments in privately held equity securities are in various classes of equity with varying rights and preferences.
−Removed: T a b l e o f C o n t e n t s
The particular securities we hold, and their rights and preferences relative to other securities within the capital structure, may impact the magnitude by which our investment value moves in relation to movement in the total enterprise value of the company.
As a result, the value of our investment in a specific company may move by more or less than a change in that company’s overall value.
−Removed: Our largest privately held equity securities represent 34 percent of our total strategic investments as of October 31, 2023.
+Added: Our ten largest privately held equity securities represent 38 percent of our total strategic investments
+Added: as of April 30, 2024.
If the enterprise value of the companies in which we hold those securities decreased by ten percent, the carrying value of our investment portfolio would have declined by approximatel y $124 million.
3 unchanged sentences
All of our investments, particularly those in privately held companies, are therefore subject to a risk of partial or total loss of invested capital.
−Removed: T a b l e o f C o n t e n t s
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.