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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 three months ended October 31, 2024 , was minimally impacted by fluctuations in foreign currencies compared to the three months ended October 31, 2023 .
−Removed: In addition, fluctuations in foreign currencies minimally impacted our current remaining performance obligation a s of October 31, 2024 compared to what we would have reported as of October 31, 2023.
+Added: Total revenue during the three months ended April 30, 2025 was minimally impacted by fluctuations in foreign currencies compared to the three months ended April 30, 2024.
+Added: In addition, fluctuations in foreign currencies positively impacted our current remaining performance obligation growth rate as of April 30, 2025 by approximately one percent compared to what we would have reported as of April 30, 2024 using constant currency rates.
Interest Rate Sensitivity
−Removed: As of October 31, 2024, we had cash, cash equivalents and marketable securities totaling $12.8 billion.
+Added: As of April 30, 2025, we had cash, cash equivalents and marketable securities totaling $17.4 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 condensed consolidated statement of operations due to changes in interest rates.
−Removed: Gains or losses recognized in our condensed 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 condensed consolidated statements of operations due to changes in interest rates.
+Added: Gains or losses recognized in our condensed 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.
−Removed: An immediate increase or decrease in interest rates of 100 basis points at October 31, 2024 could result in a $56 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, 2025 could result in a $64 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: 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.
+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 comprehensive income, net, and are realized only if we sell the underlying securities.
At January 31, 2025, we had cash, cash equivalents and marketable securities totaling $14.0 billion.
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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, 2024 Interest Terms Contractual Interest Rate
+Added: Instrument Maturity Date Principal Outstanding as of April 30, 2025 Interest Terms Contractual Interest Rate
Credit Facility October 2029 0 Floating N/A
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We are also obligated to pay an ongoing commitment fee on undrawn amounts.
−Removed: As of October 31, 2024, there was no outstanding borrowing amount under the Credit Facility.
+Added: As of April 30, 2025, 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.
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Strategic Investments
−Removed: As of October 31, 2024, our strategic investment portfolio consisted of investments in ove r 400 companies wit h a combined carrying value of $4.8 billion, includ ing two 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 13 percent of th e portfolio in aggregate.
−Removed: The following table sets forth additional information regarding active equity investments within our strategic investment portfolio as of October 31, 2024 and excludes exited investments (in millions):
−Removed: Investment Type Capital Invested Unrealized Gains (Cumulative) Unrealized Losses (Cumulative) Carrying Value as of October 31, 2024
+Added: As of April 30, 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.
+Added: The following table sets forth additional information regarding active equity investments within our strategic investment portfolio as of April 30, 2025 and excludes exited investments (in millions):
+Added: Investment Type Capital Invested Unrealized Gains (Cumulative) Unrealized Losses (Cumulative) Carrying Value as of April 30, 2025
Publicly held equity securities $ 34 $ 26 $ (7) $ 53
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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 future volatility in our condensed consolidated statement of operations due to changes in market prices, observable price changes and impairments of our strategic investments.
−Removed: 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 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 ten largest privately held equity securities represent 37 percent of our total strategic investments as of October 31, 2024.
+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 April 30, 2025.
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 $86 million.
+Added: We anticipate future volatility in our condensed consolidated statements 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.
We continually evaluate our investments in privately held and publicly traded companies.
−Removed: In certain cases, our ability to
−Removed: sell these investments may be impacted by contractual obligations to hold the securities for a set period of time after a public offering.
+Added: In certain cases, our ability to sell these investments may be impacted by contractual obligations to hold the securities for a set period of time after a public offering.
In addition, the financial success of our investment in any company is typically dependent on a liquidity event, such as a public offering, acquisition or other favorable market event reflecting appreciation to the cost of our initial investment.
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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.