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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 fiscal year ended January 31, 2024 , was minimally impacted by fluctuations in foreign currencies compared to the fiscal year ended January 31, 2024 .
−Removed: In addition, fluctuations in USD against international currencies negatively impacted our current remaining performance obligation by approximately one percent as of January 31, 2024 compared to what we would have reported as of January 31, 2023 using constant currency rates.
+Added: Total revenue during fiscal 2025 was minimally impacted by fluctuations in foreign currencies compared to fiscal 2024 .
+Added: In addition, fluctuations in foreign currencies negatively impacted our current remaining performance obligation growth rate as of January 31, 2025 by approximately two percent compared to what we would have reported as of January 31, 2024 using constant currency rates.
Interest Rate Sensitivity
−Removed: We had cash, cash equivalents and marketable securities totaling $14.2 billion as of January 31, 2024.
+Added: As of January 31, 2025, we had cash, cash equivalents and marketable securities totaling $14.0 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.
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Due in part to these factors, our future investment income may fall short of expectations due to changes in interest rates or we may suffer losses in principal if we are forced to sell securities that decline in market value due to changes in interest rates.
−Removed: However, because we classify our debt securities as “available for sale,” no gains or losses are recognized in our consolidated statement of operations due to changes in interest rates.
−Removed: Gains or losses recognized in our consolidated statement of operations are limited to those related to either the sale of securities prior to maturity or expected credit losses.
+Added: However, because we classify our debt securities as “available for sale,” no gains or losses are recognized in our consolidated statements of operations due to changes in interest rates.
+Added: Gains or losses recognized in our consolidated statements of operations are limited to those related to either the sale of securities prior to maturity or expected credit losses.
Our fixed-income portfolio is also subject to interest rate risk.
1 unchanged sentence
This estimate is based on a sensitivity model that measures market value changes when changes in interest rates occur.
−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, net, and are realized only if we sell the underlying securities.
+Added: Fluctuations 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.
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Instrument Maturity Date Principal Outstanding as of January 31, 2025 Interest Terms Contractual Interest Rate
−Removed: 2024 Senior Notes July 2024 $ 1,000 Fixed 0.625%
−Removed: Credit Facility December 2025 0 Floating N/A
+Added: Credit Facility October 2029 0 Floating N/A
2028 Senior Notes April 2028 1,500 Fixed 3.70
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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% or an adjusted benchmark rate plus a spread of 0.50% to 0.85%, 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.
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Strategic Investments
−Removed: As of January 31, 2024, 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.
+Added: As of January 31, 2025, our strategic investment portfolio consisted of investments in ove r 400 companies wit h a combined carrying value of $4.9 billion, includ ing four privately he ld investments with carrying values that were individually greater th an five percent of t he total strategic investments portfolio and repres ented 24 percent of th e portfolio in aggregate.
The following table sets forth additional information regarding active equity investments within our strategic investment portfolio as of January 31, 2025 and excludes exited investments (in millions):
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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 consolidated statement of operations due to these events, as well as changes in the market prices of our publicly held equity securities.
+Added: These investments are in various classes of equity with varying rights and preferences.
+Added: The particular securities we hold, and their rights and preferences relative to other securities within the capital structure of a company, may impact the magnitude by which our investment value moves in relation to changes in the total fair value of that company.
+Added: For example, our five largest privately held equity securities represent $1.3 billion in total strategic investments as of January 31, 2025.
+Added: 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 decline by approximatel y $84 million.
We anticipate future volatility in our consolidated statements of operations due to changes in market prices, observable price changes and impairments of our strategic investments.
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.
−Removed: Our investments in privately held equity securities are in various classes of equity with varying rights and preferences.
−Removed: The particular securities we hold, and their rights and preferences relative to other securities within the capital structure, may
−Removed: impact the magnitude by which our investment value moves in relation to movement in the total enterprise value of the company.
−Removed: 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 37 percent of our total strategic investments as of January 31, 2024.
−Removed: 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 $107 million.
We continually evaluate our investments in privately held and publicly traded companies.
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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.