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Interest Rate Risk
−Removed: As of January 31, 2025, we had $5.3 billion of cash, cash equivalents, and short-term and long-term investments in a variety of securities, including money market funds, corporate notes and bonds, U.S.
−Removed: government and agency securities, commercial paper, certificates of deposit, and time deposits.
+Added: As of January 31, 2026, we had approximately $4.8 billion of cash, cash equivalents, and short-term and long-term investments in a variety of securities, including money market funds, corporate notes and bonds, U.S.
+Added: government and agency securities, time deposits, certificates of deposit, and commercial paper.
Our cash, cash equivalents, and short-term and long-term investments are held for working capital, capital expenditure, and general corporate purposes, including repurchases of our common stock under our stock repurchase program as well as acquisitions and strategic investments we may make from time to time.
We do not enter into investments for trading or speculative purposes.
−Removed: A hypothetical 100 basis point increase or decrease in interest rates would have resulted in a decrease or increase of $15.3 million in the market value of our cash equivalents, and short-term and long-term investments as of January 31, 2025.
−Removed: As of January 31, 2024, we had $4.8 billion of cash, cash equivalents, and short-term and long-term investments, and a hypothetical 100 basis point increase or decrease in interest rates would have resulted in a decrease or increase of $17.6 million in the market value.
+Added: A hypothetical 100 basis point increase or decrease in interest rates would have resulted in a decrease of $11.7 million or increase of $11.4 million, respectively, in the market value of our cash equivalents, and short-term and long-term investments as of January 31, 2026.
+Added: As of January 31, 2025, we had approximately $5.3 billion of cash, cash equivalents, and short-term and long-term investments, and a hypothetical 100 basis point increase or decrease in interest rates would have resulted in a decrease or increase of $15.3 million in the market value.
In September 2024, we issued an aggregate principal amount of $2.3 billion of the Notes.
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However, the fair value of each series of the Notes fluctuates when interest rates or market prices of our common stock change.
−Removed: We record the Notes at amortized cost on the consolidated balance sheets, and we present the fair value of each series of the Notes for disclosure purpose only.
+Added: We record the Notes at amortized cost on the consolidated balance sheets, and we present the fair value of each series of the Notes for disclosure purposes only.
In connection with the Notes offering, we entered into the Capped Calls for a cost of $195.5 million.
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The majority of our sales are currently denominated in U.S.
−Removed: dollars, although we also have sales in Euros and, to a lesser extent, in British pounds, Australian dollars, Canadian dollars, and Brazilian reals.
+Added: dollars, although we also have sales in Euros and, to a lesser extent, in British pounds, Australian dollars, Canadian dollars, Brazilian reals, and Indian rupees.
Therefore, our revenue is not currently subject to significant foreign currency risk, but that will likely change in the future as we increase sales in these international currencies and enable sales in additional currencies.
−Removed: Our operating expenses are denominated in the currencies of the countries in which our operations are located, which is primarily in the United States, and to a lesser extent, in Europe, the Asia-Pacific region, and Canada.
+Added: Our operating expenses are denominated in the currencies of the countries in which our operations are located, including primarily the United States, and to a lesser extent, in Europe, the Asia-Pacific region, and Canada.
Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured to the functional currency at period-end exchange rates.
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In order to manage our exposure to certain foreign currency exchange risks, we utilize foreign currency forward contracts to hedge primarily a portion of our net outstanding monetary assets and liabilities positions and certain intercompany balances denominated in currencies other than the U.S.
−Removed: From time to time, we may also enter into foreign currency forward contracts, which we designate as cash flow hedges, to manage the volatility in cash flows associated with certain forecasted capital expenditures and a portion of our forecasted operating expenses denominated in certain currencies other than the U.S.
−Removed: All of our foreign currency forward contracts mature within twelve months.
+Added: We also utilize foreign currency forward contracts, which we designate as cash flow hedges, to manage (i) the volatility in cash flows associated with a portion of our forecasted operating expenses denominated in certain currencies other than the U.S.
+Added: dollar and (ii) certain forecasted capital expenditures.
+Added: All of our foreign currency forward contracts mature within 12 months.
These forward contracts reduced, but did not entirely eliminate, the impact of adverse currency exchange rate movements.
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Other Market Risk
−Removed: Our strategic investments consist primarily of (i) non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative), and (ii) marketable equity securities.
+Added: Our strategic investments consist primarily of non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative).
These strategic investments are subject to a wide variety of market-related risks, including volatility in the public and private markets, that could substantially reduce or increase the carrying value of our investments, causing our financial results to fluctuate.
−Removed: Strategic investments are subject to periodic impairment analyses, which involves an assessment of both qualitative and quantitative factors, including the investee’s financial metrics, market acceptance of the investee’s product or technology, and the rate at which the investee is using its cash.
+Added: Strategic investments are subject to periodic impairment analyses, which involve an assessment of both qualitative and quantitative factors, including the investee’s financial metrics, market acceptance of the investee’s product or technology, and the rate at which the investee is using its cash.
The following table presents our strategic investments by type (in thousands):
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Total strategic investments—included in other assets $ 380,619 $ 301,232
−Removed: See Note 5, “Fair Value Measurements,” to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K for further details.
+Added: See Note 4, “Cash Equivalents, Investments, and Strategic Investments,” to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K for further details.
We plan to continue these types of strategic investments as part of our corporate development program.
1 unchanged sentence
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.