25 unchanged sentences
However, if the conflicts continue or worsen, leading to greater global economic disruptions and uncertainty, our business and results of operations could be materially impacted.
−Removed: Our customers in these regions represented an immaterial portion of our net assets as of June 30, 2025 and December 31, 2024, and of our total consolidated revenues for each of the three and six months ended June 30, 2025 and 2024.
−Removed: Additionally, other macroeconomic events, including interest rates, global inflation and tariffs, have led to economic uncertainty in the global economy.
+Added: Our customers in these regions represented an immaterial portion of our net assets as of September 30, 2025 and December 31, 2024, and of our total consolidated revenues for each of the three and nine months ended September 30, 2025 and 2024.
+Added: Additionally, other macroeconomic events, including interest rates, global inflation, the U.S.
+Added: government shutdown and tariffs, have led to economic uncertainty in the global economy.
To mitigate risk, our cash and cash equivalents are distributed across several large financial institutions and are not concentrated in one financial institution.
9 unchanged sentences
Current remaining performance obligations (“cRPO”) represents RPO that will be recognized as revenue in the next 12 months.
−Removed: As of June 30, 2025, our RPO was $23.9 billion, of which 46% represented cRPO.
−Removed: RPO and cRPO increased by 29% and 24%, respectively, compared to June 30, 2024.
+Added: As of September 30, 2025, our RPO was $24.3 billion, of which 47% represented cRPO.
+Added: RPO and cRPO increased by 24% and 21%, respectively, compared to September 30, 2024.
Factors that may cause our RPO to vary from period to period include the following:
20 unchanged sentences
We count the total number of customers with annual contract value (“ACV”) greater than $5 million as of the end of the period.
−Removed: We had 528 and 442 customers with ACV greater than $5 million as of June 30, 2025 and 2024, respectively.
+Added: We had 553 and 469 customers with ACV greater than $5 million as of September 30, 2025 and 2024, respectively.
For purposes of customer count, a customer is defined as an entity that has a unique Dunn & Bradstreet Global Ultimate (“GULT”) Data Universal Numbering System (“DUNS”) number and an active subscription contract as of the measurement date.
14 unchanged sentences
A calculation of free cash flow is provided below:
−Removed: Six Months Ended June 30, % Change
+Added: Nine Months Ended September 30, % Change
(dollars in millions)
13 unchanged sentences
The following table shows the reconciliation of our reported consolidated income from operations to non-GAAP consolidated income from operations.
−Removed: Three Months Ended June 30, % Change Six Months Ended June 30, % Change
+Added: Three Months Ended September 30, % Change Nine Months Ended September 30, % Change
2025 2024 2025 2024
25 unchanged sentences
We adjust our renewal rate for acquisitions, consolidations and other customer events that cause the merging of two or more accounts occurring at the time of renewal.
−Removed: Our renewal rate was 98% for each of the three and six months ended June 30, 2025 and 2024.
+Added: Our renewal rate was 97% for the three months ended September 30, 2025 and 98% for the nine months ended September 30, 2025 and each of the three and nine months ended September 30, 2024.
As our renewal rate is impacted by the timing of renewals, which could occur in advance of, or subsequent to the original contract end date, period-to-period comparison of renewal rates may not be meaningful.
16 unchanged sentences
We also generate revenues from certain professional services and from training of customers and partner personnel, through both our direct team and indirect sales channel.
−Removed: Revenues from our direct sales organization represented 78% of our total revenues for each of the three and six months ended June 30, 2025 and 79% and 78% of our total revenues for the three and six months ended June 30, 2024, respectively.
+Added: Revenues from our direct sales organization represented 78% of our total revenues for each of the three and nine months ended September 30, 2025 and 2024.
For purposes of calculating revenues from our direct sales organization, revenues from systems integrators and managed services providers are included as part of the direct sales organization.
17 unchanged sentences
Fees paid by us to third-party partners are primarily recognized as cost of revenues as the professional services are delivered.
−Removed: Cost of revenues associated with our professional services engagements contracted with third-party partners as a percentage of professional services and other revenues was 33% and 34% for the three and six months ended June 30, 2025, respectively, and 21% and 18% for the three and six months ended June 30, 2024, respectively.
+Added: Cost of revenues associated with our professional services engagements contracted with third-party partners as a percentage of professional services and other revenues was 33% for each of the three and nine months ended September 30, 2025 and 27% and 21% for the three and nine months ended September 30, 2024, respectively.
Sales and Marketing
9 unchanged sentences
Provision for income taxes consists of federal, state and foreign income taxes.
−Removed: Our income tax provision for the three and six months ended June 30, 2025 is primarily attributable to the mix of earnings and losses in countries with differing statutory tax rates, offset by excess tax benefits of stock-based compensation.
+Added: Our income tax provision for the three and nine months ended September 30, 2025 is primarily attributable to the mix of earnings and losses in countries with differing statutory tax rates, offset by excess tax benefits of stock-based compensation.
We continue to maintain a valuation allowance against our California deferred tax assets due to the uncertainty regarding realizability of these deferred tax assets as they have not met the “more likely than not” realization criteria, particularly as we expect research and development tax credit generation to exceed our ability to use the credits in future years.
−Removed: Comparison of the Three and Six Months Ended June 30, 2025 and 2024
−Removed: Three Months Ended June 30, % Change Six Months Ended June 30, % Change
+Added: Comparison of the Three and Nine Months Ended September 30, 2025 and 2024
+Added: Three Months Ended September 30, % Change Nine Months Ended September 30, % Change
2025 2024 2025 2024
7 unchanged sentences
Total 100% 100% 100% 100%
−Removed: Subscription revenues increased by $571 million and $1,053 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily driven by increased purchases by new and existing customers.
−Removed: Included in subscription revenues is $109 million and $68 million of revenues recognized upfront from the delivery of software associated with self-hosted offerings during the three months ended June 30, 2025 and 2024, respectively, and $266 million and $194 million during the six months ended June 30, 2025 and 2024, respectively.
+Added: Subscription revenues increased by $584 million and $1,637 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily driven by increased purchases by new and existing customers.
+Added: Included in subscription revenues is $104 million and $81 million of revenues recognized upfront from the delivery of software associated with self-hosted offerings during the three months ended September 30, 2025 and 2024, respectively, and $370 million and $275 million during the nine months ended September 30, 2025 and 2024, respectively.
We expect subscription revenues for the year ending December 31, 2025 to increase in absolute dollars and remain relatively flat as a percentage of revenue as we continue to add new customers and existing customers increase their usage of our products compared to the year ended December 31, 2024.
−Removed: Our expectations for revenues, cost of revenues and operating expenses for the remainder of 2025 are based on the 30-day average of foreign exchange rates for June 30, 2025.
−Removed: Professional services and other revenues increased by $17 million and $20 million during the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to an increase in services and trainings provided to new and existing customers.
+Added: Our expectations for revenues, cost of revenues and operating expenses for the remainder of 2025 are based on the 30-day average of foreign exchange rates for September 30, 2025.
+Added: Professional services and other revenues increased by $26 million and $46 million during the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily due to an increase in services and trainings provided to new and existing customers.
We expect professional services and other revenues for the year ending December 31, 2025 to increase in absolute dollars and to remain relatively flat as a percentage of revenue compared to the year ended December 31, 2024.
Cost of Revenues and Gross Profit Percentage
−Removed: Three Months Ended June 30, % Change Six Months Ended June 30, % Change
+Added: Three Months Ended September 30, % Change Nine Months Ended September 30, % Change
2025 2024 2025 2024
9 unchanged sentences
Gross profit $ 2,633 $ 2,213 $ 7,561 $ 6,371
−Removed: Cost of subscription revenues increased by $156 million and $276 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to increased headcount and increased costs to support the growth of our subscription offerings including costs to support customers in regulated markets.
−Removed: Personnel-related costs, including stock-based compensation and overhead expenses, increased by $82 million and $144 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024.
−Removed: Depreciation expense related to infrastructure hardware equipment and expenses associated with software, maintenance, third-party cloud services and other costs, which together support the expansion of data center capacity, increased by $65 million and $126 million, respectively, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024.
+Added: Cost of subscription revenues increased by $170 million and $446 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily due to increased headcount and increased costs to support the growth of our subscription offerings including costs to support customers in regulated markets.
+Added: Personnel-related costs, including stock-based compensation and overhead expenses, increased by $77 million and $221 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024.
+Added: Depreciation expense related to infrastructure hardware equipment and expenses associated with software, maintenance, third-party cloud services and other costs, which together support the expansion of data center capacity, increased by $75 million and $201 million, respectively, for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024.
We expect our cost of subscription revenues for the year ending December 31, 2025 to increase in absolute dollars as we provide subscription services to more customers and increase usage within our customer instances and increase slightly as a percentage of revenue compared to the year ended December 31, 2024.
1 unchanged sentence
To the extent future acquisitions are consummated, our cost of subscription revenues may increase due to additional non-cash charges associated with the amortization of intangible assets acquired.
−Removed: Our subscription gross profit percentage was 80% and 81% for the three and six months ended June 30, 2025, respectively, and 82% for each of the three and six months ended June 30, 2024.
+Added: Our subscription gross profit percentage was 80% for each of the three and nine months ended September 30, 2025 and 82% for each of the three and nine months ended September 30, 2024.
We expect our subscription gross profit percentage to decrease slightly for the year ending December 31, 2025 compared to the year ended December 31, 2024.
−Removed: Cost of professional services and other revenues increased by $16 million and $27 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily driven by an increase in partner ecosystem spend to further help accelerate customer value realization.
−Removed: Our professional services and other gross profit percentage was 3% for the three months ended June 30, 2025 compared to 2% for the three months ended June 30, 2024.
−Removed: Our professional services and other gross loss percentage was 2% for the six months ended June 30, 2025 compared to a gross profit percentage of 2% for the six months ended June 30, 2024, and was primarily driven by partner ecosystem spend to further help accelerate customer value realization increasing at a faster rate than revenue.
+Added: Cost of professional services and other revenues increased by $20 million and $47 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily driven by an increase in partner ecosystem spend to further help accelerate customer value realization.
+Added: Our professional services and other gross loss percentage improved to break-even for the three months ended September 30, 2025 compared to 7% for the three months ended September 30, 2024, primarily driven by timing of professional services engagements, resulting in increased partner and internal utilization.
+Added: Our professional services and other gross loss percentage was 1% for each of the nine months ended September 30, 2025 and 2024.
We expect our professional services and other gross loss percentage to increase for the year ending December 31, 2025 compared to the year ended December 31, 2024.
Sales and Marketing
−Removed: Three Months Ended June 30, % Change Six Months Ended June 30, % Change
+Added: Three Months Ended September 30, % Change Nine Months Ended September 30, % Change
2025 2024 2025 2024
2 unchanged sentences
Percentage of revenues 31% 34% 33% 35%
−Removed: Sales and marketing expenses increased by $168 million and $299 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to increased headcount resulting in an increase in personnel-related costs including stock-based compensation and overhead expenses of $103 million and $203 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024.
−Removed: Amortization expenses associated with deferred commissions increased by $15 million and $28 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to an increase in contracts with new customers, expansion and renewal contracts.
−Removed: Other sales and marketing program expenses, which include branding, costs associated with purchasing advertising, marketing events and market data, increased by $32 million and $43 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to increased program costs and travel costs for our annual Knowledge user conference.
−Removed: We expect sales and marketing expenses for the year ending December 31, 2025 to increase in absolute dollars and to decrease slightly as a percentage of revenue compared to the year ended December 31, 2024, as we continue to see leverage from increased sales productivity and marketing efficiencies.
+Added: Sales and marketing expenses increased by $112 million and $411 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily due to increased headcount resulting in an increase in personnel-related costs including stock-based compensation and overhead expenses of $71 million and $274 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024.
+Added: Amortization expenses associated with deferred commissions increased by $21 million and $49 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily due to an increase in contracts with new customers, expansion and renewal contracts.
+Added: Other sales and marketing program expenses, which include branding, costs associated with purchasing advertising, marketing events and market data, increased by $7 million and $50 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily due to increased program costs and travel costs for our annual Knowledge user conference.
+Added: We expect sales and marketing expenses for the year ending December 31, 2025 to increase in absolute dollars and to decrease as a percentage of revenue compared to the year ended December 31, 2024, as we continue to see leverage from increased sales productivity and marketing efficiencies.
Research and Development
−Removed: Three Months Ended June 30, % Change Six Months Ended June 30, % Change
+Added: Three Months Ended September 30, % Change Nine Months Ended September 30, % Change
2025 2024 2025 2024
2 unchanged sentences
Percentage of revenues 22% 22% 23% 23%
−Removed: Research and development (“R&D”) expenses increased by $91 million and $188 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to increased headcount, resulting in an increase in personnel-related costs including stock-based compensation and overhead expenses of $85 million and $168 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024.
+Added: Research and development (“R&D”) expenses increased by $124 million and $312 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily due to increased headcount, resulting in an increase in personnel-related costs including stock-based compensation and overhead expenses of $112 million and $280 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024.
We expect R&D expenses for the year ending December 31, 2025 to increase in absolute dollars but remain relatively flat as a percentage of revenue compared to the year ended December 31, 2024, as we continue to improve the existing functionality of our services, develop new applications to fill market needs and enhance our core platform.
General and Administrative
−Removed: Three Months Ended June 30, % Change Six Months Ended June 30, % Change
+Added: Three Months Ended September 30, % Change Nine Months Ended September 30, % Change
2025 2024 2025 2024
2 unchanged sentences
Percentage of revenues 7% 8% 8% 8%
−Removed: General and administrative (“G&A”) expenses increased by $39 million and $46 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to impairment of assets of $30 million and an increase in personnel-related costs, including stock-based compensation.
+Added: General and administrative (“G&A”) expenses increased by $30 million and $76 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily due to increased headcount, resulting in an increase in personnel-related costs, including stock-based compensation and an increase in outside services.
+Added: The remaining increase for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was due to impairment of assets of $30 million.
We expect G&A expenses for the year ending December 31, 2025 to increase in absolute dollars and to remain relatively flat as a percentage of revenue compared to the year ended December 31, 2024, as we continue to see leverage from continued G&A productivity.
Stock-based Compensation
−Removed: Three Months Ended June 30, % Change Six Months Ended June 30, % Change
+Added: Three Months Ended September 30, % Change Nine Months Ended September 30, % Change
2025 2024 2025 2024
9 unchanged sentences
Percentage of revenues 14% 15% 15% 16%
−Removed: Stock-based compensation increased by $55 million and $103 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to additional grants to current and new employees.
+Added: Stock-based compensation increased by $66 million and $169 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily due to additional grants to current and new employees.
Stock-based compensation is inherently difficult to forecast due to fluctuations in our stock price.
−Removed: Based upon our stock price as of June 30, 2025, we expect stock-based compensation to continue to increase in absolute dollars for the year ending December 31, 2025 as we continue to issue stock-based awards to our employees, but remain relatively flat as a percentage of revenue compared to the year ended December 31, 2024.
+Added: Based upon our stock price as of September 30, 2025, we expect stock-based compensation to continue to increase in absolute dollars for the year ending December 31, 2025 as we continue to issue stock-based awards to our employees, but decrease slightly as a percentage of revenue compared to the year ended December 31, 2024.
We expect stock-based compensation as a percentage of revenue to decline over time as we continue to grow.
1 unchanged sentence
Our international operations have provided and will continue to provide a significant portion of our total revenues.
−Removed: Revenues outside North America represented 38% and 37% of total revenues for the three and six months ended June 30, 2025, respectively, and 37% for each of the three and six months ended June 30, 2024.
+Added: Revenues outside North America represented 37% of total revenues for each of the three and nine months ended September 30, 2025 and 36% and 37% for the three and nine months ended September 30, 2024, respectively.
We primarily transact in certain foreign currencies for sales outside of the United States.
The movement of the U.S.
−Removed: Dollar had an immaterial impact on our revenues for the three and six months ended June 30, 2025.
+Added: Dollar had an immaterial impact on our revenues for the three and nine months ended September 30, 2025.
In addition, we primarily transact in several foreign currencies for cost of revenues and operating expenses outside of the United States.
The movement of the U.S.
−Removed: Dollar had an immaterial impact on our expenses for the three and six months ended June 30, 2025.
+Added: Dollar had an immaterial impact on our expenses for the three and nine months ended September 30, 2025.
Interest Income
−Removed: Three Months Ended June 30, % Change Six Months Ended June 30, % Change
+Added: Three Months Ended September 30, % Change Nine Months Ended September 30, % Change
2025 2024 2025 2024
2 unchanged sentences
Percentage of revenues 3% 4% 4% 4%
−Removed: Interest income increased by $12 million and $26 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily driven by an increase in investment income from our managed portfolio resulting from higher portfolio balances.
−Removed: Other Expense, net
−Removed: Three Months Ended June 30, % Change Six Months Ended June 30, % Change
+Added: Interest income increased by $7 million and $33 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily driven by an increase in investment income from our managed portfolio resulting from higher portfolio balances.
+Added: Other Income (Expense), net
+Added: Three Months Ended September 30, % Change Nine Months Ended September 30, % Change
2025 2024 2025 2024
2 unchanged sentences
Other 13 (4) (425%) 11 (10) (210%)
−Removed: Other expense, net $ (3) $ (10) (70%) $ (14) $ (18) (22%)
+Added: Other income (expense), net $ 7 $ (10) (170%) $ (7) $ (28) (75%)
Percentage of revenues —% —% —% —%
−Removed: Other expense, net decreased by $7 million and $4 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024.
+Added: Other income increased by $17 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 and other expense decreased by $21 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily driven by unrealized gains on strategic investments.
To mitigate our risks associated with fluctuations in foreign currency exchange rates, we enter into foreign currency forward contracts with maturities of 12 months or less to hedge a portion of our net outstanding monetary assets and liabilities.
These hedging contracts may reduce, but cannot entirely eliminate, the impact of adverse currency exchange rate movements.
−Removed: The gains recognized for foreign currency forward contracts from derivatives not designated as hedging instruments in other expense, net of $86 million and $120 million, offset the remeasurement losses of the related foreign currency denominated assets and liabilities of $87 million and $125 million for the three and six months ended June 30, 2025, respectively.
−Removed: The gains (losses) recognized for foreign currency forward contracts from derivatives not designated as hedging instruments were immaterial for each of the three and six months ended June 30, 2024.
+Added: The gains recognized for foreign currency forward contracts from derivatives not designated as hedging instruments in other income (expense), net of $100 million, primarily offset the remeasurement losses of the related foreign currency denominated assets and liabilities of $114 million for the nine months ended September 30, 2025.
+Added: The gains (losses) recognized for foreign currency forward contracts from derivatives not designated as hedging instruments were immaterial for the three months ended September 30, 2025 and each of the three and nine months ended September 30, 2024.
Provision for Income Taxes
−Removed: Three Months Ended June 30, % Change Six Months Ended June 30, % Change
+Added: Three Months Ended September 30, % Change Nine Months Ended September 30, % Change
2025 2024 2025 2024
4 unchanged sentences
Effective tax rate 28% 16% 22% 18%
−Removed: Our income tax provision was $86 million and $181 million for the three and six months ended June 30, 2025, respectively, and $72 million and $150 million for the three and six months ended June 30, 2024, respectively.
+Added: Our income tax provision was $192 million and $373 million for the three and nine months ended September 30, 2025, respectively, and $84 million and $234 million for the three and nine months ended September 30, 2024, respectively.
The income tax provision was primarily attributable to the mix of earnings and losses in countries with differing statutory tax rates, offset by excess tax benefits of stock-based compensation.
+Added: On July 4, 2025, H.R.
+Added: 1, the "One Big Beautiful Bill Act," was enacted into law, bringing significant amendments to the U.S.
+Added: This legislation extends and modifies provisions from the 2017 Tax Cuts and Jobs Act and introduces new tax
+Added: measures affecting both businesses and individuals.
+Added: The enacted legislation had an immaterial impact on the Company’s effective tax rate for the three months ended September 30, 2025.
+Added: The Company will continue to monitor any future changes in its business or interpretations of the new tax law that could affect its tax position in subsequent periods.
Liquidity and Capital Resources
We generate cash inflows from operations primarily from selling subscription services which are generally paid in advance of provisioning services, and expend cash outflows to develop new services and core technologies that further enhance the Now Platform, engage our customers and enhance their experience, and enable and transform our business operations.
−Removed: Subscription services arrangements typically have a three-year duration, and we have experienced a renewal rate of 98% over the last three years.
−Removed: Cash outflows from operations are principally comprised of the salaries, bonuses, commissions, and benefits for our workforce, licenses and services arrangements that are integral to our business operations and data centers and operating lease arrangements that underlie our facilities.
+Added: Subscription services arrangements typically have a three-year duration, and we have experienced an average renewal rate of 98% over the last three years.
+Added: Cash outflows from operations are principally comprised of salaries, bonuses, commissions, and benefits for our workforce, licenses and services arrangements, including cloud services that are integral to our business operations and data centers and operating lease arrangements that underlie our facilities.
We have generated positive operating cash flows for more than ten years as we continue to grow our business in pursuit of our business strategy, and we expect to grow our business and generate positive cash flows from operations during 2025.
−Removed: When assessing sources of liquidity, we also include cash and cash equivalents, short-term investments and long-term investments totaling $10.8 billion as of June 30, 2025.
+Added: When assessing sources of liquidity, we also include cash and cash equivalents, marketable securities and long-term marketable securities totaling $9.7 billion as of September 30, 2025.
Our capital requirements are principally comprised of capital expenditures to support data center capacity expansion, non-contract workforce salaries, bonuses, commissions and benefits and, to a lesser extent, cancellable and non-cancellable licenses, operating leases and services arrangements that are integral to our business operations.
3 unchanged sentences
A supplier’s election to receive early payment at a discounted amount from the financial institution does not change the amount that we must remit to the financial institution on our payment date, which is generally 90 days from the invoice date.
−Removed: As of June 30, 2025, our outstanding payment obligations to suppliers participating in the SCF program totaled $49 million.
+Added: As of September 30, 2025, our outstanding payment obligations to suppliers participating in the SCF program totaled $32 million.
These obligations are included in accounts payable in our condensed consolidated balance sheets, and all activity related to these obligations is presented within operating activities in the condensed consolidated statements of cash flows.
1 unchanged sentence
In May 2023, our board of directors authorized a program to repurchase up to $1.5 billion of our common stock and authorized an additional $3.0 billion in repurchases under the program in January 2025.
−Removed: During the three and six months ended June 30, 2025, the Company repurchased 0.4 million and 0.7 million shares of our common stock for $361 million and $659 million, respectively.
+Added: During the three and nine months ended September 30, 2025, the Company repurchased 0.6 million and 1.3 million shares of our common stock for $584 million and $1,243 million, respectively.
All repurchases were made in open market transactions.
Repurchases of common stock are recognized as treasury stock and held for future issuance.
−Removed: As of June 30, 2025, approximately $2.6 billion of the authorized amount under the share repurchase program remained available for future repurchases.
+Added: As of September 30, 2025, approximately $2.0 billion of the authorized amount under the share repurchase program remained available for future repurchases.
We have also issued long-term debt to finance our business.
1 unchanged sentence
Our operating cash flows, together with our other sources of liquidity, are available to service our liabilities as well as our cancellable and non-cancellable arrangements.
−Removed: We anticipate cash flows generated from operations, cash, cash equivalents and investments will be sufficient to meet our liquidity needs for at least the next 12 months.
+Added: We anticipate cash flows generated from operations, cash, cash equivalents, marketable securities and long-term marketable securities will be sufficient to meet our liquidity needs for at least the next 12 months.
As we look beyond the next 12 months, we seek to continue to grow cash flows necessary to fund our operations and grow our business.
If we require additional capital resources, we may seek to finance our operations from the current funds available or additional equity or debt financing.
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
(dollars in millions)
2 unchanged sentences
Net cash used in financing activities $ (1,601) $ (872)
−Removed: Net increase in cash, cash equivalents and restricted cash
+Added: Net increase (decrease) in cash, cash equivalents and restricted cash
Operating Activities
−Removed: Net cash provided by operating activities was $2,393 million for the six months ended June 30, 2025 compared to $1,961 million for the six months ended June 30, 2024.
+Added: Net cash provided by operating activities was $3,206 million for the nine months ended September 30, 2025 compared to $2,632 million for the nine months ended September 30, 2024.
The net increase in operating cash flows was primarily due to higher collections driven by revenue growth.
Investing Activities
−Removed: Net cash used in investing activities was $640 million for the six months ended June 30, 2025 compared to $1,105 million for the six months ended June 30, 2024.
−Removed: The net decrease in cash used in investing activities was primarily due to a $506 million decrease in net purchases of investments and a $46 million increase in realized gains on foreign currency forward contracts from derivatives not designated as hedging instruments, partially offset by a $50 million increase in purchases of non-marketable investments, a $35 million increase in business combinations and a $4 million increase in purchases of other intangible assets.
+Added: Net cash used in investing activities was $1,191 million for the nine months ended September 30, 2025 compared to $1,763 million for the nine months ended September 30, 2024.
+Added: The net decrease in cash used in investing activities was primarily due to a $1,619 million decrease in net purchases of marketable securities, partially offset by a $871 million increase in purchases of strategic investments, a $133 million increase in business combinations and a $31 million increase in purchases of property and equipment.
Financing Activities
−Removed: Net cash used in financing activities was $944 million for the six months ended June 30, 2025 compared to $580 million for the six months ended June 30, 2024.
−Removed: The net increase in cash used in financing activities is due to an increase in repurchases of common stock of $484 million and an $86 million increase in taxes paid related to net share settlement of equity awards, partially offset by a $184 million decrease in business combination related to the second installment payment in the acquisition of G2K Group GmbH and a $22 million increase in proceeds from employee stock plans.
+Added: Net cash used in financing activities was $1,601 million for the nine months ended September 30, 2025 compared to $872 million for the nine months ended September 30, 2024.
+Added: The net increase in cash used in financing activities is due to an increase in repurchases of common stock of $843 million and a $103 million increase in taxes paid related to net share settlement of equity awards, offset by a $184 million decrease in business combination related to the second installment payment in the acquisition of G2K Group GmbH and a $33 million increase in proceeds from employee stock plans.
Critical Accounting Policies and Significant Judgments and Estimates
3 unchanged sentences
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.