2 unchanged sentences
Interest Rate Risk
−Removed: As of January 31, 2025, we had cash, cash equivalents, and short-term investments of $705.1 million and restricted cash of $7.3 million.
+Added: As of January 31, 2026, we had cash, cash equivalents, and short-term investments of $1.68 billion and restricted cash of $12.5 million.
Our cash, cash equivalents, and short-term investments are held for working capital purposes.
2 unchanged sentences
A hypothetical 1% increase or decrease in interest rates would not have a material effect on the fair market value of our portfolio.
+Added: In June 2025, we issued $1.15 billion aggregate principal amount of Convertible Notes in a private offering to qualified institutional buyers.
+Added: The fair value of the Convertible Notes is subject to market risk and other factors due to the conversion feature.
+Added: The fair value of the Convertible Notes generally increases as our Class A common stock price increases, and generally decreases as our Class A common stock price declines.
+Added: The market value changes affect the fair value of the Convertible Notes, but do not impact our financial position, cash flows or results of operations due to the fixed nature of the debt obligation.
Foreign Currency Risk
9 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.