BOX INC

Previous wording

In addition, we continue to innovate by expanding our core services and offerings. In January 2025, we introduced our brand-new Enterprise Advanced plan to allow our customers to access the full power of the ICM platform. In addition to the current capabilities included in the Enterprise Plus plan, Enterprise Advanced includes the following products:

Current wording

We continue to innovate by expanding our core services and offerings. We recently launched our remote Box Model Context Protocol (MCP) Server, a secure content layer for AI that ensures any external AI agent adheres to existing Box security permissions and access policies. In January 2025, we introduced our Enterprise Advanced plan to allow our customers to access the full power of the ICM platform. In addition to the current capabilities included in the Enterprise Plus plan, Enterprise Advanced includes the following products:

Previous wording

In addition, we recently achieved Federal Risk and Authorization Management Program (FedRAMP) High Authorization, giving U.S. government agencies and authorized government contractors the ability to leverage Box’s ICM platform, including Box AI and Box Hubs, for highly sensitive data.

Current wording

We also continue to focus on industry-specific content needs. We recently announced a collaboration with the U.S. General Services Administration (GSA) supporting OneGov, which provides federal agencies with democratized access to Box AI. In addition, our achievement of Federal Risk and Authorization Management Program (FedRAMP) High Authorization in the first quarter of fiscal year 2026 gives U.S. government agencies and authorized government contractors the ability to leverage Box’s ICM platform, including Box AI and Box Hubs, for highly sensitive data.

Previous wording

For the three months ended April 30, 2025 and 2024, our revenue was $276.3 million and $264.7 million, respectively, representing year-over-year growth of 4%, or 5% growth on a constant currency basis. As of April 30, 2025, our remaining performance obligations were $1.469 billion, representing a 21% increase from our remaining performance obligations of $1.212 billion as of April 30, 2024, or 17% growth on a constant currency basis. For the three months ended April 30, 2025, our gross profit was $215.6 million and our gross margin was 78.0%, compared to our gross profit of $206.4 million and our gross margin of 78.0% for the three months ended April 30, 2024. For the three months ended April 30, 2025, our operating income was $6.3 million and our operating margin was 2.3%, compared to our operating income of $18.0 million and our operating margin of 6.8% for the three months ended April 30, 2024. For the three months ended April 30, 2025, our net cash provided by operating activities was $127.1 million, compared to our net cash provided by operating activities of $131.2 million for the three months ended April 30, 2024. For the three months ended April 30, 2025, our non-GAAP free cash flow was $118.3 million, compared to our non-GAAP free cash flow of $123.2 million for the three months ended April 30, 2024.

Current wording

For the three months ended July 31, 2025 and 2024, our revenue was $294.0 million and $270.0 million, respectively, representing year-over-year growth of 9%, or 7% growth on a constant currency basis. As of July 31, 2025, our remaining performance obligations were $1.476 billion, representing a 16% increase from our remaining performance obligations of $1.272 billion as of July 31, 2024, as reported and on a constant currency basis. For the three months ended July 31, 2025, our gross profit was $232.5 million and our gross margin was 79.1%, compared to our gross profit of $214.5 million and our gross margin of 79.4% for the three months ended July 31, 2024. For the three months ended July 31, 2025, our operating income was $20.6 million and our operating margin was 7.0%, compared to our operating income of $20.3 million and our operating margin of 7.5% for the three months ended July 31, 2024. For the three months ended July 31, 2025, our net cash provided by operating activities was $46.0 million, a 27% increase from our net cash provided by operating activities of $36.3 million for the three months ended July 31, 2024. For the three months ended July 31, 2025, our non-GAAP free cash flow was $35.7 million, a 9% increase from our non-GAAP free cash flow of $32.7 million for the three months ended July 31, 2024.

Previous wording

During the three months ended April 30, 2025, we conducted a workforce reorganization effort to better align our resources with our strategic priorities. This resulted in charges of approximately $7.1 million in the first quarter of fiscal year 2026, primarily consisting of severance and termination benefits, continuation of employee health benefits, and other personnel related costs. We expect to incur additional charges as we finalize related actions in the second quarter of fiscal year 2026.

Current wording

During the six months ended July 31, 2025, we conducted a workforce reorganization effort to better align our resources with our strategic priorities. This resulted in charges of approximately $1.1 million and $8.2 million for the three and six months ended July 31, 2025, respectively, primarily consisting of severance and termination benefits, continuation of employee health benefits, and other personnel related costs.

Previous wording

Our overall performance depends in part on worldwide economic and geopolitical conditions and their impact on customer behavior. Economic conditions, including impacts from inflation, higher interest rates, tariffs, slower growth, the stronger dollar versus foreign currencies, particularly the Japanese Yen, reductions in U.S. federal spending, the ongoing Russia-Ukraine conflict and the ongoing conflict in the Middle East, and other changes in economic conditions, may adversely affect our results of operations and financial performance. During the three months ended April 30, 2025, in addition to headwinds from foreign exchange rate trends, we continued to see an impact from additional customer scrutiny being placed on larger deals and lower seat expansion rates due to the challenging macroeconomic environment. As a result, we have experienced, and may continue to experience, customer churn and delayed sales cycles, as well as customers and prospective customers reducing budgets for services that we offer. While we believe IT budgets have tightened and some larger deals have required more scrutiny across verticals and geographies, we also believe we are well-positioned to execute through these dynamic times as Box's ICM platform enables enterprises to streamline their businesses, drive up productivity, reduce risk, and lower costs.

Current wording

Our overall performance depends in part on worldwide economic and geopolitical conditions and their impact on customer behavior. Economic conditions, including impacts from inflation, higher interest rates, tariffs, slower growth, the stronger dollar versus foreign currencies, particularly the Japanese Yen, reductions in U.S. federal spending, the ongoing Russia-Ukraine conflict and the ongoing conflict in the Middle East, and other changes in economic conditions, may adversely affect our results of operations and financial performance. During the three months ended July 31, 2025, in addition to volatility from foreign exchange rate trends, we continued to see an impact from additional customer scrutiny being placed on larger deals due to the challenging macroeconomic environment. As a result, we may continue to experience customer churn and delayed sales cycles, as well as customers and prospective customers reducing budgets for services that we offer. While we believe IT budgets have tightened and some larger deals have required more scrutiny across verticals and geographies, we also believe we are well-positioned to execute through these dynamic times as Box's ICM platform enables enterprises to streamline their businesses, drive up productivity, reduce risk, and lower costs.

Previous wording

The increase in RPO was primarily driven by expansion within existing customers as they broadened their deployment of our product offerings and the conversion to multi-product Suites. The increase in RPO was also driven by the addition of new customers and the timing of customer-driven renewals. RPO growth was impacted by 390 basis points from favorable foreign currency exchange rates.

Current wording

RPO as of July 31, 2025 was $1.476 billion, an increase of 16% from July 31, 2024. As of July 31, 2025, short-term RPO was $811.9 million, an increase of 12% from July 31, 2024, and long-term RPO was $664.4 million, an increase of 21% from July 31, 2024. The increase in RPO was driven by expansion within existing customers as they broadened their deployment of our product offerings and the conversion to multi-product Suites, the timing of customer-driven renewals and average contract terms, and the addition of new customers. RPO growth was not materially impacted by fluctuations in foreign currency exchange rates.

Previous wording

Billings for the three months ended April 30, 2025 were $242.3 million, an increase of 27% from the three months ended April 30, 2024. The increase in billings was primarily driven by expansion within existing customers as they broadened their deployment of our product offerings and the conversion to multi-product Suites, the addition of new customers, and the timing of customer-driven renewals. Billings growth was impacted by 1,000 basis points from favorable foreign currency exchange rates.

Current wording

Billings for the three and six months ended July 31, 2025 were $264.9 million and $507.2 million, respectively, representing an increase of 3% from the three months ended July 31, 2024 and an increase of 13% from the six months ended July 31, 2024. The increase in billings was primarily driven by expansion within existing customers as they broadened their deployment of our product offerings and the conversion to multi-product Suites, the addition of new customers, and the timing of customer-driven renewals. Billings growth was also impacted by fluctuations in foreign currency exchange rates. For the three months ended July 31, 2025, billings growth was unfavorably impacted by approximately 250 basis points and for the six months ended July 31, 2025, billings was favorably impacted by approximately 280 basis points.

Previous wording

Non-GAAP free cash flow for the three months ended April 30, 2025 was $118.3 million, a decrease of 4% from the three months ended April 30, 2024. The decrease in non-GAAP free cash flow was primarily driven by the decrease in cash flows from operating activities, which is described in more detail under Liquidity and Capital Resources below, a decrease in proceeds from sales of property and equipment, and an increase in capitalized internal-use software costs. The decrease was partially offset by the reduction in payments of financial lease liabilities due to our migration to the public cloud from our collocated data centers.

Current wording

Non-GAAP free cash flow for the three and six months ended July 31, 2025 was $35.7 million and $154.1 million, respectively, representing an increase of 9% from the three months ended July 31, 2024 and a decrease of 1% from the six months ended July 31, 2024. The increase in non-GAAP free cash flow for the three months ended July 31, 2025 was primarily driven by the increase in cash flows from operating activities, partially offset by a decrease in proceeds from sales of property and equipment, an increase in capitalized internal-use software costs, and an increase in purchases of property and equipment. The decrease in non-GAAP free cash flow for the six months ended July 31, 2025 was primarily driven by a decrease in proceeds from sales of property and equipment, an increase in capitalized internal-use software costs, and an increase in purchases of property and equipment. The decrease was partially offset by the increase in cash flows from operating activities and the reduction in payments of financial lease liabilities due to our migration to the public cloud from our collocated data centers. The year-over-year changes in cash flows from operating activities for the three and six months ended July 31, 2025 are described in more detail under Liquidity and Capital Resources below.

Previous wording

Our net retention rate was 102% and 101% as of April 30, 2025 and 2024, respectively. Our net retention rate continues to be impacted by heightened budget scrutiny, putting pressure on seat expansion within existing customers and increased partial customer churn. As our customers purchase add-on products or our bundled plans, we tend to realize significantly higher average contract values and stronger net retention rates as compared to customers who only purchase our core product. We believe our go-to-market efforts to deliver a solution selling strategy and our investments in product, customer success, and Box Consulting, including our Box Shuttle migration offering, are significant factors in our customer retention results. As we penetrate customer accounts, we expect our net retention rate to remain above 100% for the foreseeable future.

Current wording

Our net retention rate was 103% and 102% as of July 31, 2025 and 2024, respectively. Our net retention rate continues to be impacted by heightened budget scrutiny, putting pressure on seat expansion within existing customers and increased partial customer churn. As our customers purchase add-on products or our bundled plans, we tend to realize significantly higher average contract values and stronger net retention rates as compared to customers who only purchase our core product. We believe our go-to-market efforts to deliver a solution selling strategy and our investments in product, customer success, and Box Consulting, including our Box Shuttle migration offering, are significant factors in our customer retention results. As we penetrate customer accounts, we expect our net retention rate to remain above 100% for the foreseeable future.

Previous wording

We recognize revenue as we satisfy our performance obligations. Accordingly, due to our subscription model, we recognize revenue for our subscription and premier services ratably over the contract term. We typically invoice our customers at the beginning of the term, in multi-year, annual, quarterly or monthly installments. Our subscription and premier services contracts are typically non-cancellable and do not contain refund-type provisions. The majority of our customers subscribe to our service through one-year contracts, although we also offer our services for terms ranging between one month to three years or more.

Current wording

We recognize revenue as we satisfy our performance obligations. Accordingly, due to our subscription model, we recognize revenue for our subscription and premier services ratably over the contract term. The duration of our contracts with customers varies, and we typically invoice our customers at the beginning of the term, in annual, multi-year, quarterly or monthly installments. Our subscription and premier services contracts are typically non-cancellable and do not contain refund-type provisions.

Previous wording

Other income (expense), net consists primarily of gains and losses from foreign currency transactions and foreign currency forward contracts not designated as cash flow hedges.

Current wording

Other (expense) income, net consists primarily of gains and losses from foreign currency transactions and foreign currency forward contracts not designated as cash flow hedges.

Previous wording

Comparison of the Three Months Ended April 30, 2025 and 2024

Current wording

Comparison of the Three and Six Months Ended July 31, 2025 and 2024

Previous wording

The $11.6 million, or 4%, increase in revenue for the three months ended April 30, 2025 was primarily driven by seat growth in existing customers, continued strong attach rates of our multi-product Suites offerings, which include Enterprise Plus and Enterprise Advanced, and strong growth in Japan. The increase was partially offset by the weakening of foreign currency exchange rates, which negatively impacted our revenue growth rate by 90 basis points, and customers partially churning their deployment with Box.

Current wording

The $24.0 million, or 9%, and $35.6 million, or 7%, increases in revenue for the three and six months ended July 31, 2025, respectively, were primarily driven by seat growth in existing customers and continued strong attach rates of our multi-product Suites offerings, which include Enterprise Plus and Enterprise Advanced. The increases were also impacted by the strengthening of foreign currency exchange rates, which positively impacted our revenue growth rates by approximately 200 basis points and 70 basis points for the three and six months ended July 31, 2025, respectively. The increases were partially offset by customers partially churning their deployment with Box.

Previous wording

The $2.4 million, or 4%, increase in cost of revenue for the three months ended April 30, 2025 was primarily due to a $5.2 million increase in public cloud infrastructure costs, a $2.4 million increase in amortization of internal-use software, and $0.8 million in workforce reorganization expenses recognized during the three months ended April 30, 2025. This increase was partially offset by decreases of $3.9 million in bandwidth and data center related expense due to the completion of our migration to the public cloud from our collocated data centers and $1.8 million in subscription software contract expense. Cost of revenue as a percentage of revenue remained flat year-over-year.

Current wording

The $8.4 million, or 7%, increase in cost of revenue for the six months ended July 31, 2025 was primarily due to a $7.3 million increase in public cloud infrastructure costs, a $6.2 million increase in amortization of internal-use software, and a decrease of $2.0 million in gains related to the sale of data center assets. This increase was partially offset by decreases of $3.8 million in bandwidth and data center related expense due to the completion of our migration to the public cloud from our collocated data centers and $3.4 million in subscription software contract expense. Cost of revenue as a percentage of revenue increased 10 basis points year-over-year.

Previous wording

The $9.6 million, or 15%, increase in research and development expense for the three months ended April 30, 2025 was primarily due to increases of $6.2 million and $1.7 million in employee related costs and stock-based compensation expense, respectively, driven by a 21% increase in headcount. The increased employee headcount and related costs are driven by the growth in lower cost regions. Additionally, $3.6 million in workforce reorganization expenses were recognized during the three months ended April 30, 2025 and there was an increase of $0.8 million in subscription software contract expense. This increase was partially offset by an increase of $3.4 million in capitalized internally developed software costs. Research and development expenses as a percentage of revenue increased 200 basis points year-over-year.

Current wording

The $15.9 million, or 12%, increase in research and development expense for the six months ended July 31, 2025 was primarily due to increases of $10.0 million and $4.3 million in employee related costs and stock-based compensation expense, respectively, driven by a 14% increase in headcount. The increased employee headcount and related costs are driven by the growth in lower cost regions. Additionally, $4.1 million in workforce reorganization expenses were recognized during the six months ended July 31, 2025 and there was an increase of $2.2 million in subscription software contract expense. This was partially offset by an increase of $6.0 million in capitalized internally developed software costs. Research and development expenses as a percentage of revenue increased 100 basis points year-over-year.

Previous wording

The $6.4 million, or 7%, increase in sales and marketing expense for the three months ended April 30, 2025 was primarily due to $2.1 million in workforce reorganization expenses recognized during the three months ended April 30, 2025 and an increase of $1.9 million in employee related costs driven by a 3% increase in headcount. Additionally, there were increases of $0.7 million in consulting services, $0.6 million in marketing expense, $0.6 million in subscription software contract expense, and $0.6 million in office related costs. Sales and marketing expenses as a percentage of revenue increased 100 basis points year-over-year.

Current wording

The $13.4 million, or 7%, increase in sales and marketing expense for the six months ended July 31, 2025 was primarily due to an increase of $5.2 million in employee related costs driven by a 6% increase in headcount, an increase of $2.1 million in marketing expenses, and $2.0 million in workforce reorganization expenses recognized during the six months ended July 31, 2025. Additionally, there were increases of $2.0 million in office related costs and $1.2 million in consulting services. Sales and marketing expenses as a percentage of revenue remained flat year-over-year.

Previous wording

The $4.8 million, or 15%, increase in general and administrative expense for the three months ended April 30, 2025 was primarily due to an increase of $2.5 million and $1.2 million in stock-based compensation expense and employee related costs, respectively, driven by a 9% increase in headcount. Additionally, there was an increase of $0.4 million in litigation expense and $0.2 million in workforce reorganization expenses recognized during the three months ended April 30, 2025. General and administrative expense as a percentage of revenue increased 200 basis points year-over-year.

Current wording

The $9.2 million, or 14%, increase in general and administrative expense for the six months ended July 31, 2025 was primarily due to increases of $4.9 million and $2.4 million in stock-based compensation expense and employee related costs, respectively, driven by an 8% increase in headcount. Additionally, there was $0.8 million in workforce reorganization expenses recognized during the six months ended July 31, 2025 and an increase of $0.7 million in litigation expense. General and administrative expense as a percentage of revenue increased 100 basis points year-over-year.

Previous wording

The $1.0 million increase for the three months ended April 30, 2025 was primarily due to an increase of $1.0 million in interest income on cash and cash equivalents and short-term investments due to higher cash and short-term investment balances.

Current wording

The $1.3 million and $2.3 million increases for the three and six months ended July 31, 2025, respectively, were primarily due to increases of $1.3 million and $2.3 million, respectively, in interest income on cash and cash equivalents and short-term investments due to higher cash and short-term investment balances.

Previous wording

The $1.9 million increase for the three months ended April 30, 2025 was primarily due to an increase of $2.1 million in interest expense related to the Convertible Notes, particularly the 2029 Convertible Notes, which bear interest at a rate of 1.50% per year.

Current wording

The $1.9 million and $3.8 million increases for the three and six months ended July 31, 2025, respectively, were primarily due to increases of $2.1 million and $4.3 million, respectively, in interest expense related to the Convertible Notes, particularly the 2029 Convertible Notes, which bear interest at a rate of 1.50% per year.

Previous wording

The $3.8 million increase for the three months ended April 30, 2025 was primarily due to an increase of $10.0 million in foreign currency gains, partially offset by an increase of $6.2 million in losses on foreign currency forward contracts.

Current wording

The $2.9 million increase for the six months ended July 31, 2025 was primarily due to an increase of $6.3 million in foreign currency gains, partially offset by an increase of $3.6 million in losses on foreign currency forward contracts.

Previous wording

The $0.3 million, or 7%, increase for the three months ended April 30, 2025 was primarily due to increases in foreign income taxes resulting from foreign profitability and U.S. income taxes resulting from the release of our U.S. valuation allowance in the year ended January 31, 2025.

Current wording

The $5.8 million increase for the three months ended July 31, 2025 was primarily due to increases in foreign income taxes resulting from foreign profitability and U.S. income taxes resulting from the release of our U.S. valuation allowance in the year ended January 31, 2025.

Previous wording

As of April 30, 2025, we had cash and cash equivalents, restricted cash, and short-term investments of $792.1 million. During the three months ended April 30, 2025, we generated operating cash flow of $127.1 million. Since our inception, we have financed our operations primarily through equity financing, cash generated from operations and debt financing. We believe our existing cash, cash equivalents, and short-term investments, together with our credit facility, will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months and beyond. Our long-term capital requirements will depend on many factors including our growth rate, subscription renewal activity, billing frequency, public cloud obligations, repayment or refinancing of our debt obligations, settlement of our convertible senior notes and convertible preferred stock, the timing and extent of spending to support development efforts, the expansion of international activities, the introduction of new and enhanced service offerings, and the continuing market acceptance of our services. We may in the future enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all.

Current wording

As of July 31, 2025, we had cash and cash equivalents, restricted cash, and short-term investments of $759.6 million. During the six months ended July 31, 2025, we generated operating cash flow of $173.0 million. Since our inception, we have financed our operations primarily through equity financing, cash generated from operations and debt financing. We believe our existing cash, cash equivalents, and short-term investments, together with our credit facility, will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months and beyond. Our long-term capital requirements will depend on many factors including our growth rate, subscription renewal activity, billing frequency, public cloud obligations, repayment or refinancing of our debt obligations, settlement of our convertible senior notes and convertible preferred stock, the timing and extent of spending to support development efforts, the expansion of international activities, the introduction of new and enhanced service offerings, and the continuing market acceptance of our services. We may in the future enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all.

Previous wording

For the three months ended April 30, 2025 and 2024, our cash flows were as follows (in thousands):

Current wording

For the six months ended July 31, 2025 and 2024, our cash flows were as follows (in thousands):

Previous wording

The $4.1 million decrease in net cash provided by operating activities for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 was primarily due to a $9.0 million decrease in our net income, partially offset by a $2.9 million increase in adjustments to reconcile net income to net cash provided by operating activities and $2.0 million in net cash provided from changes in operating assets and liabilities. The increase in adjustments to reconcile net income to net cash provided by operating activities was primarily related to a $3.7 million increase in stock-based compensation expense, a $3.4 million increase in unrealized losses related to our derivative instruments, a decrease of $2.8 million of gain on sales of data center assets in the prior period, and a $2.2 million increase in depreciation and amortization expense, partially offset by a $9.7 million increase in unrealized gains related to foreign currency remeasurement. The change in operating assets and liabilities was primarily due to an $18.6 million decrease in deferred revenue due to the timing of revenue recognition, a $2.7 million decrease in operating lease liabilities due to recurring lease payments, and a $1.7 million decrease in accounts payables and accruals due to payments made in the period. These were partially offset by a $15.2 million decrease in accounts receivable due to timing of our cash collections, a $2.9 million decrease in operating lease right-of-use assets due to amortization, a $2.1 million decrease in other assets, and a $0.7 million increase in deferred commissions resulting from capitalization of incremental commissions paid to our sales force.

Current wording

The $5.5 million increase in net cash provided by operating activities for the six months ended July 31, 2025 compared to the six months ended July 31, 2024 was primarily due to a $13.2 million increase in adjustments to reconcile net income to net cash provided by operating activities and an $8.4 million increase in net cash provided from changes in operating assets and liabilities, partially offset by a $16.1 million decrease in our net income.

Previous wording

The $12.8 million decrease in net cash used in investing activities for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 was primarily due to a $14.2 million decrease in purchases of short-term investments and a $3.2 million increase in maturities and sales of short-term investments, partially offset by a $2.8 million increase in capitalized internally developed software costs and a $2.7 million decrease in proceeds from sales of property and equipment.

Current wording

The $34.6 million increase in net cash used in investing activities for the six months ended July 31, 2025 compared to the six months ended July 31, 2024 was primarily due to a $27.3 million increase in maturities and sales of short-term investments, a $5.7 million decrease in proceeds from sales of property and equipment, and a $4.8 million increase in capitalized internally developed software costs, partially offset by a $4.0 million decrease in purchases of short-term investments.

Previous wording

The $26.1 million increase in net cash used in financing activities for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 was primarily due to a $17.5 million increase in repurchases of our common stock, an $8.5 million decrease in proceeds from issuances of common stock under our employee equity plans, and a $3.5 million increase in employee payroll taxes paid related to net share settlement of stock awards, partially offset by a $2.1 million decrease in principal payment of finance lease liabilities and a $1.7 million decrease in capitalized internally developed software costs.

Current wording

The $30.1 million decrease in net cash used in financing activities for the six months ended July 31, 2025 compared to the six months ended July 31, 2024 was primarily due to a $49.1 million decrease in repurchases of our common stock, a $2.1 million decrease in principal payment of finance lease liabilities, and a $1.7 million decrease in capitalized internally developed software costs. These were partially offset by a $12.9 million decrease in proceeds from issuances of common stock under our employee equity plans and a $9.6 million increase in employee payroll taxes paid related to net share settlement of stock awards.

Previous wording

Our Board of Directors has authorized a share repurchase plan to opportunistically repurchase shares of our outstanding Class A common stock in open market transactions and on March 4, 2025, we announced that our Board of Directors authorized the repurchase of an additional $150 million shares of our Class A common stock. During the three months ended April 30, 2025, we repurchased 1.6 million shares at a weighted average price of $31.28 per share for a total amount of $49.6 million. As of April 30, 2025, $152.4 million remained authorized and available for additional repurchases.

Current wording

Our Board of Directors has authorized a share repurchase plan to opportunistically repurchase shares of our outstanding Class A common stock in open market transactions and on March 4, 2025, we announced that our Board of Directors authorized the repurchase of an additional $150 million shares of our Class A common stock. During the three months ended July 31, 2025, we repurchased 1.2 million shares at a weighted average price of $32.48 per share for a total amount of $40.2 million. During the six months ended July 31, 2025, we repurchased 2.8 million shares at a weighted average price of $31.81 per share for a total amount of $89.8 million. As of July 31, 2025, $112.1 million remained authorized and available for additional repurchases.

Previous wording

There have been no material changes to our critical accounting estimates during the three months ended April 30, 2025 from those disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended January 31, 2025.

Current wording

There have been no material changes to our critical accounting estimates during the six months ended July 31, 2025 from those disclosed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended January 31, 2025.