CCC Intelligent Solutions Holdings Inc.

Previous wording

We have strong customer relationships in the end-markets we serve, and these relationships are a key component of our success given the long-term nature of our contracts and the interconnectedness of our network. We have customer agreements with more than 300 insurers (including carriers, self-insurers and other entities processing insurance claims), including 26 of the top 30 automotive insurance carriers in the U.S., based on DWP, and hundreds of regional carriers. We have more than 35,000 total customers, including more than 30,500 automotive collision repair facilities (including repairers and other entities that estimate damaged vehicles), more than 5,500 parts suppliers, 13 of the top 15 automotive manufacturers based on new vehicle sales, and numerous other companies that participate in the insurance economy.

Current wording

We have strong customer relationships in the end-markets we serve, and these relationships are a key component of our success given the long-term nature of our contracts and the interconnectedness of our network. We have customer agreements with more than 300 insurers (including carriers, self-insurers and other entities processing insurance claims), including 27 of the top 30 automotive insurance carriers in the U.S., based on DWP, and hundreds of regional carriers. We have more than 35,000 total customers, including more than 30,500 automotive collision repair facilities (including repairers and other entities that estimate damaged vehicles), more than 6,000 parts suppliers, 13 of the top 15 automotive manufacturers based on new vehicle sales, and numerous other companies that participate in the insurance economy.

Previous wording

As of the quarter ended March 31, 2025, our Software NDR calculation includes EvolutionIQ’s software revenue. The new calculation is a result of the acquisition of EvolutionIQ and not the result of a change in the methodology applicable to our pre-acquisition business. The calculation of Software NDR as of the quarter ended March 31, 2025 is consistent with the methodology described above, using Software NDR on a combined company basis for the prior year annualized software revenue to determine annualized revenue growth, and, with respect to EvolutionIQ’s software revenue, excludes (a) changes in estimates related to the timing of one-time revenue and other revenue, including professional services, and (b) annualized software revenue for smaller customers with annualized software revenue below the threshold of $100,000 for carriers (with shops not applicable to the EvolutionIQ business).

Current wording

Beginning with the quarter ended March 31, 2025, our Software NDR calculation includes EvolutionIQ’s software revenue. The new calculation is a result of the acquisition of EvolutionIQ and not the result of a change in the methodology applicable to our pre-acquisition business. The calculation of Software NDR as of and following the quarter ended March 31, 2025 is consistent with the methodology described above, using Software NDR on a combined company basis for the prior year annualized software revenue to determine annualized revenue growth, and, with respect to EvolutionIQ’s software revenue, excludes (a) changes in estimates related to the timing of one-time revenue and other revenue, including professional services, and (b) annualized software revenue for smaller customers with annualized software revenue below the threshold of $100,000 for carriers (with shops not applicable to the EvolutionIQ business).

Previous wording

As of the quarter ended March 31, 2025, our Software GDR calculation includes EvolutionIQ’s software revenue. The new calculation is a result of the acquisition of EvolutionIQ and not the result of a change in methodology applicable to our pre-acquisition business. The calculation of Software GDR as of the quarter ended March 31, 2025 is consistent with the methodology described above, using Software GDR on a combined company basis for the prior year annualized software revenue to determine annualized revenue growth, and, with respect to EvolutionIQ’s software revenue excludes (a) changes in estimates related to the timing of one-time revenue and other revenue, including professional services, and (b) annualized software revenue for smaller customers with annualized software revenue below the threshold of $100,000 for carriers (with shops not applicable to the EvolutionIQ business).

Current wording

Beginning with the quarter ended March 31, 2025, our Software GDR calculation includes EvolutionIQ’s software revenue. The new calculation is a result of the acquisition of EvolutionIQ and not the result of a change in methodology applicable to our pre-acquisition business. The calculation of Software GDR as of and following the quarter ended March 31, 2025 is consistent with the methodology described above, using Software GDR on a combined company basis for the prior year annualized software revenue to determine annualized revenue growth, and, with respect to EvolutionIQ’s software revenue excludes (a) changes in estimates related to the timing of one-time revenue and other revenue, including professional services, and (b) annualized software revenue for smaller customers with annualized software revenue below the threshold of $100,000 for carriers (with shops not applicable to the EvolutionIQ business).

Previous wording

Revenues increased by $24.3 million to $251.6 million, or 10.7%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The Company's software subscription revenues accounted for $242.5 million and $218.1 million, or 96% of total revenue, during the three months ended March 31, 2025 and 2024.

Current wording

Revenues increased by $27.8 million to $260.5 million, or 12.0%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The Company's software subscription revenues accounted for $250.6 million and $223.0 million, or 96% of total revenue, during the three months ended June 30, 2025 and 2024.

Previous wording

Cost of revenues, exclusive of amortization of acquired technologies, increased by $9.4 million to $62.2 million, or 17.8%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase was primarily due to a $3.8 million increase in depreciation expense related to additional investments in new and enhanced customer solutions and platform development, a $2.4 million increase in personnel-related costs, including stock-based compensation, partially due to the acquisition of EvolutionIQ in January 2025, a $2.1 million increase in third party fees and direct costs associated with our revenue growth and a $1.7 million increase in information technology ("IT") related costs.

Current wording

Cost of revenues, exclusive of amortization of acquired technologies, increased by $8.8 million to $62.1 million, or 16.6%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was primarily due to a $4.1 million increase in depreciation expense related to additional investments in new and enhanced customer solutions and platform development, a $3.5 million increase in personnel-related costs, including a $1.4 million increase in stock-based compensation, partially due to the acquisition of EvolutionIQ in January 2025, and a $1.3 million increase in third party fees and direct costs associated with our revenue growth.

Previous wording

Amortization of acquired technologies decreased $2.2 million to $4.4 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease was due to certain acquired technology intangible assets reaching the end of their useful life in April 2024, partially offset by the amortization of new acquired technology recognized as part of the acquisition of EvolutionIQ in January 2025.

Current wording

Amortization of acquired technologies increased $2.3 million to $4.4 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was due to the amortization of new acquired technology recognized as part of the acquisition of EvolutionIQ in January 2025.

Previous wording

Gross profit increased by $17.1 million to $185.0 million, or 10.2%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Our gross profit margin was 73.5% for the three months ended March 31, 2025, compared to 73.9% for the three months ended March 31, 2024. The increase in gross profit was due to increased software subscription revenues and economies of scale resulting from fixed cost arrangements, including the impacts from the acquisition of EvolutionIQ in January 2025.

Current wording

Gross profit increased by $16.7 million to $194.0 million, or 9.4%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Our gross profit margin was 74.5% for the three months ended June 30, 2025, compared to 76.2% for the three months ended June 30, 2024. The increase in gross profit was due to increased software subscription revenues and economies of scale resulting from fixed cost arrangements, including the impacts from the acquisition of EvolutionIQ in January 2025.

Previous wording

Selling and marketing expense increased by $12.7 million to $48.3 million, or 35.7%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase was due to a $12.3 million increase in personnel-related costs, including a $7.4 million increase in stock-based compensation. The increases were primarily the result of the acquisition of EvolutionIQ in January 2025.

Current wording

Selling and marketing expense increased by $7.2 million to $43.5 million, or 19.7%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was due to an $6.2 million increase in personnel-related costs, including a $5.7 million increase in stock-based compensation. The increases were primarily the result of the acquisition of EvolutionIQ in January 2025.

Previous wording

Interest expense increased by $0.5 million to $16.9 million, or 2.9%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase was due to the interest incurred on an additional $225.0 million term loan as part of the third amendment to the 2021 Credit Agreement, entered into in January 2025, partially offset by lower variable interest rates during the three months ended March 31, 2025.

Current wording

Interest expense increased by $1.2 million to $17.8 million, or 7.4%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was due to the additional interest incurred on the Promissory Note payable by CCC Cayman and its subsidiaries to a minority investor and the interest incurred on an additional $225.0 million term loan as part of the third amendment to the 2021 Credit Agreement, entered into in January 2025, partially offset by lower variable interest rates during the three months ended June 30, 2025.

Previous wording

Interest income decreased by $0.5 million to $1.9 million, or 21.0%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, due to lower average balances on interest earning deposits and money market funds during the three months ended March 31, 2025.

Current wording

Interest income decreased by $1.4 million to $1.2 million, or 53.5%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, mainly due to lower average balances on interest earning deposits and money market funds during the three months ended June 30, 2025.

Previous wording

Due to the redemption of all outstanding warrants in May 2024, the Company did not recognize any income or expense as a change in fair value of warrant liabilities during the three months ended March 31, 2025. We recognized an expense of $1.6 million for the three months ended March 31, 2024. The change in fair value of warrant liabilities during the three months ended March 31, 2024 was primarily due to changes in the price of the Company's common stock during the reporting period.

Current wording

Due to the redemption of all outstanding warrants in May 2024, the Company did not recognize any income or expense as a change in fair value of warrant liabilities during the three months ended June 30, 2025. We recognized income of $16.0 million for the three months ended June 30, 2024. The change in fair value of warrant liabilities during the three months ended June 30, 2024 was primarily due to changes in the price of the Company's common stock during the reporting period.

Previous wording

We recognized other expense—Net of $5.1 million for the three months ended March 31, 2025 compared to other income—Net of $2.9 million for the three months ended March 31, 2024. The expense recognized during the three months ended March 31, 2025 was primarily due to the decrease in the fair value of derivative instruments, driven by the fair value of the Company's three interest rate swap agreements entered into during the three months ended March 31, 2025.

Current wording

We recognized other expense—Net of $2.1 million for the three months ended June 30, 2025 compared to other income—Net of $1.3 million for the three months ended June 30, 2024. The expense recognized during the three months ended June 30, 2025 was primarily due to the decrease in the fair value of derivative instruments.

Previous wording

The Company recognized an income tax benefit of $13.4 million and $4.2 million for the three months ended March 31, 2025 and 2024, respectively. The income tax benefit during the three months ended March 31, 2025 was primarily due to the Company's pre-tax book loss. The income tax benefit for the three months ended March 31, 2024 was due to the tax benefit related to stock-based compensation.

Current wording

The Company recognized an income tax benefit of $7.2 million and an income tax provision of $4.3 million for the three months ended June 30, 2025 and 2024, respectively. The income tax benefit during the three months ended June 30, 2025 was primarily due to the Company's year-to-date pre-tax book loss.

Previous wording

Research and development expense increased by $12.3 million to $61.8 million, or 24.8%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase was primarily due to a $12.7 million increase in personnel and resource related costs, including a $6.5 million increase in stock-based compensation. The increases were primarily the result of the acquisition of EvolutionIQ in January 2025.

Current wording

Selling and marketing expense increased by $19.9 million to $91.8 million, or 27.6%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase was primarily due to a $18.5 million increase in personnel-related costs, including a $13.1 million increase in stock-based compensation. The increases were primarily the result of the acquisition of EvolutionIQ in January 2025.

Previous wording

General and administrative expense increased by $10.1 million to $67.1 million, or 17.6%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase was primarily due to an $8.7 million increase in professional service costs, mainly related to the Company's acquisition of EvolutionIQ and its long-term debt refinancing, and a $1.5 million increase in stock-based compensation.

Current wording

General and administrative expense increased by $6.4 million to $114.7 million, or 5.9%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase was primarily due to a $7.4 million increase in professional service costs, mainly due to the acquisition of EvolutionIQ in January 2025, and a $2.6 million increase in personal-related costs, partially offset by a $2.8 million decrease in stock-based compensation.

Previous wording

The following table reconciles Gross Profit to Adjusted Gross Profit for the three months ended March 31, 2025 and 2024:

Current wording

The following table reconciles Gross Profit to Adjusted Gross Profit for the three and six months ended June 30, 2025 and 2024:

Previous wording

We believe that Adjusted Operating Expenses, as defined below, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. Adjusted Operating Expenses is defined as operating expenses adjusted for amortization of intangible assets, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential mergers and acquisitions ("M&A"), litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters, debt refinancing costs and costs related to equity transactions, including secondary offerings.

Current wording

We believe that Adjusted Operating Expenses, as defined below, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. Adjusted Operating Expenses is defined as operating expenses adjusted for amortization of intangible assets, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential mergers and acquisitions

Previous wording

The following table reconciles operating expenses to Adjusted Operating Expenses for the three months ended March 31, 2025 and 2024:

Current wording

The following table reconciles operating expenses to Adjusted Operating Expenses for the three and six months ended June 30, 2025 and 2024:

Previous wording

We believe that Adjusted Operating Income, as defined below, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. Adjusted Operating Income is defined as operating (loss) income adjusted for amortization of intangible assets and acquired technologies, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential M&A, litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters, debt refinancing costs and costs related to equity transactions, including secondary offerings.

Current wording

We believe that Adjusted Operating Income, as defined below, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. Adjusted Operating Income is defined as operating income adjusted for amortization of intangible assets and acquired technologies, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential M&A, costs related to equity transactions, including secondary offerings, litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters and debt refinancing costs.

Previous wording

The following table reconciles operating income (loss) to Adjusted Operating Income for the three months ended March 31, 2025 and 2024:

Current wording

The following table reconciles operating income to Adjusted Operating Income for the three and six months ended June 30, 2025 and 2024:

Previous wording

We believe that Adjusted EBITDA, as defined below, is useful in evaluating our operational performance distinct and apart from financing costs, certain expenses and non-operational expenses. Adjusted EBITDA is defined as net loss adjusted for interest, taxes, amortization of intangible assets and acquired technologies, depreciation, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential M&A, litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters, debt refinancing costs, costs related to equity transactions, including secondary offerings, change in fair value of derivative instruments, income from derivative instruments and change in fair value of warrant liabilities. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenue.

Current wording

We believe that Adjusted EBITDA, as defined below, is useful in evaluating our operational performance distinct and apart from financing costs, certain expenses and non-operational expenses. Adjusted EBITDA is defined as net income (loss) adjusted for interest, taxes, amortization of intangible assets and acquired technologies, depreciation, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential M&A, costs related to equity transactions, including secondary offerings, litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters, debt refinancing costs, change in fair value of derivative instruments, income from derivative instruments and change in fair value of warrant liabilities. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenue.

Previous wording

The following table reconciles net loss to Adjusted EBITDA for the three months ended March 31, 2025 and 2024:

Current wording

The following table reconciles net income (loss) to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:

Previous wording

We believe that Adjusted Net Income, as defined below, and Adjusted Earnings Per Share are useful in evaluating our operational performance distinct and apart from financing costs, certain expenses and non-operational expenses. Adjusted Net Income is defined as net loss adjusted for the after-tax effects of amortization of intangible assets and acquired technologies, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential M&A, litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters, debt refinancing costs, costs related to equity transactions, including secondary offerings, change in fair value of derivative instruments, and change in fair value of warrant liabilities.

Current wording

We believe that Adjusted Net Income, as defined below, and Adjusted Earnings Per Share are useful in evaluating our operational performance distinct and apart from financing costs, certain expenses and non-operational expenses. Adjusted Net Income is defined as net income (loss) adjusted for the after-tax effects of amortization of intangible assets and acquired technologies, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential M&A, costs related to equity transactions, including secondary offerings, litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters, debt refinancing costs, change in fair value of derivative instruments, and change in fair value of warrant liabilities.

Previous wording

The following table reconciles net loss to Adjusted Net Income and Adjusted Earnings per Share for the three months ended March 31, 2025 and 2024:

Current wording

The following table reconciles net income (loss) to Adjusted Net Income and Adjusted Earnings Per Share for the three and six months ended June 30, 2025 and 2024:

Previous wording

The following table reconciles net cash provided by operating activities to Free Cash Flow for the three months ended March 31, 2025 and 2024:

Current wording

The following table reconciles net cash provided by operating activities to Free Cash Flow for the three and six months ended June 30, 2025 and 2024:

Previous wording

We have financed our operations with cash flows from operations. The Company generated $58.5 million of cash flows from operating activities during the three months ended March 31, 2025. As of March 31, 2025, the Company had cash and cash equivalents of $130.3 million, a working capital surplus of $104.1 million and an accumulated deficit totaling $1,184.9 million. As of March 31, 2025, the Company had $998.5 million aggregate principal outstanding on its term loan.

Current wording

We have financed our operations with cash flows from operations. The Company generated $101.5 million of cash flows from operating activities during the six months ended June 30, 2025. As of June 30, 2025, the Company had cash and cash equivalents of $55.1 million, a working capital surplus of $77.2 million and an accumulated deficit totaling $1,272.2 million. As of June 30, 2025, the Company had $996.0 million aggregate principal outstanding on its term loan.

Previous wording

On January 6, 2025, in conjunction with the acquisition of EvolutionIQ, the Company entered into the third amendment to the 2021 Credit Agreement (the “Third Amendment”) that provided the Company with incremental term loans in an aggregate principal amount of $225 million (the "Incremental Term Loans"). Prior to the Fourth Amendment (as defined below) the Incremental Term Loans were repayable in quarterly installments in an amount equal to 0.25% of the original principal amount, with the balance payable at maturity, September 21, 2028.

Current wording

On January 6, 2025, in conjunction with the acquisition of EvolutionIQ, the Company entered into the third amendment to the 2021 Credit Agreement (the “Third Amendment”) that provided the Company with incremental term loans in an aggregate principal amount of $225.0 million (the "Incremental Term Loans"). Prior to the Fourth Amendment (as defined below) the Incremental Term Loans were repayable in quarterly installments in an amount equal to 0.25% of the original principal amount, with the balance payable at maturity, September 21, 2028.

Previous wording

Upon execution of the Fourth Amendment, the Company had outstanding borrowings under a term loan of $1,001 million (the “Term Loan”) and a revolving credit facility for an aggregate principal amount of $250.0 million (the “2021 Revolving Credit Facility” and together with the Term Loan, the “2021 Credit Facilities”).

Current wording

Upon execution of the Fourth Amendment, the Company had outstanding borrowings under a term loan of $1,001.0 million (the “Term Loan”) and a revolving credit facility for an aggregate principal amount of $250.0 million (the “2021 Revolving Credit Facility” and together with the Term Loan, the “2021 Credit Facilities”).

Previous wording

As of March 31, 2025, the amount outstanding on the Term Loan was $998.5 million, of which, $10.0 million is classified as current.

Current wording

As of June 30, 2025, the amount outstanding on the Term Loan was $996.0 million, of which, $10.0 million is classified as current.

Previous wording

During the three months ended March 31, 2025 and 2024, the weighted-average interest rate on the outstanding borrowings under the Term Loan was 6.1% and 7.8%, respectively.

Current wording

During the three months ended June 30, 2025 and 2024, the weighted-average interest rate on the outstanding borrowings under the Term Loan was 6.4% and 7.8%, respectively.

Previous wording

The Company has outstanding standby letters of credit for $0.8 million which reduces the amount available to be borrowed under the 2021 Revolving Credit Facility. As of March 31, 2025, $249.2 million was available to be borrowed under the 2021 Revolving Credit Facility.

Current wording

The Company has outstanding standby letters of credit for $1.1 million which reduces the amount available to be borrowed under the 2021 Revolving Credit Facility. As of June 30, 2025, $248.9 million was available to be borrowed under the 2021 Revolving Credit Facility.

Previous wording

The following table provides a summary of cash flow data for the three months ended March 31, 2025 and 2024:

Current wording

The following table provides a summary of cash flow data for the six months ended June 30, 2025 and 2024:

Previous wording

Net cash provided by operating activities was $58.5 million for the three months ended March 31, 2025. Net cash provided by operating activities consists of a net loss of $17.4 million, adjusted for $90.4 million of non-cash items, ($11.1) million for changes in working capital and ($3.5) million for the effect of changes in other operating assets and liabilities. Significant non-cash adjustments include stock-based compensation expense of $61.0 million and depreciation and amortization of $36.5 million, partially offset by deferred income taxes of $13.4 million, and a change in fair value of derivative instruments of $5.7 million. The change in working capital was primarily a result of a decrease in accrued expenses of $21.0 million due to employee incentive plan payments, partially offset by a decrease in accounts receivable of $7.4 million due to timing of cash receipts from customers and a decrease in accounts payable of $5.0 million due to timing of payments to suppliers.

Current wording

Net cash provided by operating activities was $101.5 million for the six months ended June 30, 2025. Net cash provided by operating activities consists of a net loss of $4.5 million, adjusted for $169.8 million of non-cash items, ($57.2) million for changes in working capital and ($6.5) million for the effect of changes in other operating assets and liabilities. Significant non-cash adjustments include stock-based compensation expense of $107.0 million, depreciation and amortization of $73.1 million and a change in fair value of derivative instruments of $8.4 million, partially offset by deferred income taxes of $20.5 million. The change in working capital was primarily the result of a change in income taxes of $27.8 million due to timing of payments, an increase in accounts receivable of $25.5 million, and a decrease in accrued expenses of $9.2 million due to employee incentive plan payments, partially offset by an increase in deferred revenue of $4.8 million.

Previous wording

Net cash used in investing activities was $430.0 million for the three months ended March 31, 2025. Net cash used in investing activities was due to $415.1 million used for the acquisition of EvolutionIQ and $14.8 million of capitalized internally developed software projects and purchases of software, equipment, and property.

Current wording

Net cash used in investing activities was $445.7 million for the six months ended June 30, 2025. Net cash used in investing activities was due to $415.1 million used for the acquisition of EvolutionIQ and $30.5 million of capitalized internally developed software projects and purchases of software, equipment, and property.

Previous wording

Net cash used in financing activities was $102.8 million for the three months ended March 31, 2025. Net cash used in financing activities was primarily due to $72.3 million for a repurchase of common stock, $43.5 million of payments for employee tax liabilities related to the net share settlement of employee equity awards, $6.6 million of payments for fees associated with a debt modification and $2.5 million of principal payments of long-term debt, partially offset by $225.0 million of an incremental term loan used for the acquisition of EvolutionIQ.

Current wording

Net cash provided by financing activities was $0.2 million for the six months ended June 30, 2025. Net cash provided by financing activities was primarily due $225.0 million of an incremental term loan used for the acquisition of EvolutionIQ, partially offset by $172.5 million for a repurchase of common stock, $44.4 million of payments for employee tax liabilities related to the net share settlement of employee equity awards, $6.6 million of payments for fees associated with a debt modification and $5.0 million of principal payments of long-term debt.