DoubleVerify Holdings, Inc.
For the period ended Mar 31, 2026. Filed May 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
DV$13.56+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001104659-25-108136
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001104659-26-056250
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 82 previous paragraphs and 82 current paragraphs.
48 unchanged; 27 reworded; 7 added; 7 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 14 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Total revenue increased by $15.8 million, or 10%, from $165.1 million in the three months ended March 31, 2025 to $180.8 million in the three months ended March 31, 2026.
Current report
Product development expenses increased by $0.7 million, or 1%, from $44.7 million in the three months ended March 31, 2025 to $45.4 million in the three months ended March 31, 2026. The increase was due primarily to an increase in personnel costs, including stock-based compensation, of $1.1 million, partially offset by lower travel and entertainment and other costs to support our product development efforts.
Current report
General and administrative expenses decreased by $0.8 million, or 3%, from $26.5 million in the three months ended March 31, 2025 to $25.7 million in the three months ended March 31, 2026. The decrease was due primarily to a $1.2 million decrease in acquisition-related transaction costs for Rockerbox, partially offset by an increase in personnel costs, including stock-based compensation of $0.5 million.
Current report
Depreciation and amortization increased by $3.0 million, or 24%, from $12.4 million in the three months ended March 31, 2025, to $15.3 million in the three months ended March 31, 2026. The increase was due primarily to higher amortization of internally developed software.
Current report
Interest expense was materially unchanged at $0.4 million in each of the three months ended March 31, 2025 and March 31, 2026, respectively.
Current report
Income tax expense increased by $0.7 million from $7.2 million in the three months ended March 31, 2025, to $7.8 million in the three months ended March 31, 2026. The increase was due primarily to higher pre-tax earnings and unfavorable effects from certain stock compensation costs. These factors were partially offset by a more favorable estimated operating effective tax rate for the year.
Current report
In connection with the Board’s approval of the February 2026 Repurchase Program, the Board determined to discontinue the November 2024 Repurchase Program. Accordingly, going forward, any and all repurchases will be made pursuant to the February 2026 Repurchase Program.
Removed paragraphs (7)
Previous report
Total revenue increased by $19.1 million, or 11%, from $169.6 million in the three months ended September 30, 2024 to $188.6 million in the three months ended September 30, 2025. Total revenue increased by $76.5 million, or 16%, from $466.2 million in the nine months ended September 30, 2024 to $542.7 million in the nine months ended September 30, 2025.
Previous report
Product development expenses increased by $5.5 million, or 14%, from $39.3 million in the three months ended September 30, 2024 to $44.8 million in the three months ended September 30, 2025. The increase was due primarily to an increase in personnel costs, including stock-based compensation, of $4.3 million and an increase in third party software costs and outsourced consulting and engineering services of $0.5 million to support our product development efforts. Product development expenses increased by $21.3 million, or 18%, from $115.5 million in the nine months ended September 30, 2024 to $136.8 million in the nine months ended September 30, 2025. The increase was due primarily to an increase in personnel costs, including stock-based compensation, of $16.8 million and an increase in third party software costs and outsourced consulting and engineering services of $2.6 million to support our product development efforts.
Previous report
General and administrative expenses increased by $4.0 million, or 17%, from $23.0 million in the three months ended September 30, 2024 to $27.0 million in the three months ended September 30, 2025. The increase was due primarily to a $4.1 million increase in personnel costs, including stock-based compensation, $2.2 million in third party legal fees related to litigation and regulatory matters outside of the ordinary course, partially offset by a $0.4 million decrease in third party professional fees and a $1.7 million decrease in bad debt expenses related to collection activities. General and administrative expenses increased by $14.9 million, or 22%, from $68.2 million in the nine months ended September 30, 2024 to $83.1 million in the nine months ended September 30, 2025. The increase was largely attributable to a $9.0 million increase in personnel costs, including stock-based compensation, a $2.9 million increase in third party professional fees, $1.7 million of third party professional services related to the acquisition of Rockerbox and our broader acquisition strategy, and $3.3 million of third party legal fees related to litigation and regulatory matters outside of the ordinary course, partially offset by a $1.6 million decrease in bad debt expenses related to collection activities.
Previous report
Depreciation and amortization increased by $3.7 million, or 32%, from $11.5 million in the three months ended September 30, 2024, to $15.2 million in the three months ended September 30, 2025. The increase was due primarily to higher amortization of internally developed software and amortization of acquired intangibles from Rockerbox. Depreciation and amortization increased by $8.9 million, or 27%, from $33.4 million in the nine months ended September 30, 2024, to $42.3 million in the nine months ended September 30, 2025, driven by the same factors.
Previous report
Interest expense increased by $0.1 million, from $0.4 million in the three months ended September 30, 2024, to $0.5 million in the three months ended September 30, 2025. Interest expense increased by $0.5 million, from $0.8 million in the nine months ended September 30, 2024, to $1.3 million in the nine months ended September 30, 2025.
Previous report
Income tax expense decreased by $1.1 million from $11.4 million in the three months ended September 30, 2024, to $10.3 million in the three months ended September 30, 2025. The decrease was due primarily to reduced pre-tax earnings in the three months ended September 30, 2025, partially offset by increased unfavorable permanent tax adjustments, including non-deductible executive compensation and stock-based compensation. Income tax expense increased by $5.4 million from $18.6 million in the nine months ended September 30, 2024, to $23.9 million in the nine months ended September 30, 2025. The increase was due primarily to an increase in unfavorable permanent tax adjustments, including non-deductible executive compensation and stock-based compensation.
Previous report
Repurchases under the New Repurchase Program commenced in March 2025. During the three months ended March 31, 2025, the Company repurchased 4.0 million shares of its common stock for an aggregate repurchase amount of $60.0 million under the New Repurchase Program. During the three months ended September 30, 2025, the Company repurchased 3.3 million shares of its common stock for an aggregate repurchase amount of $50.1 million under the New Repurchase Program.
Reworded paragraphs (27)
Previous wording
Our software platform is integrated across the entire digital advertising ecosystem, including programmatic platforms, social media channels, and digital publishers. We deliver unique data analytics through our customer interface, DV Pinnacle, to provide detailed insights into our customers’ media performance on both direct and programmatic media buying platforms and across all key digital media channels, formats, and devices. In 2024, our coverage spanned 110 countries where our customers activate our solutions. Our customers include many of the largest global advertisers and digital ad platforms and publishers. We provide a consistent, cross-platform measurement standard across all major forms of digital media, making it easier for advertisers and supply-side customers to benchmark performance across all of their digital ads and optimize business outcomes in real-time.
Current wording
Our solutions are integrated across the entire digital advertising ecosystem, including programmatic platforms, social media channels, and digital publishers. We deliver unique data analytics through our customer interface, DV Pinnacle, to provide detailed insights into our customers’ media performance on both direct and programmatic media buying platforms and across all key digital media channels, formats, and devices. In 2025, our coverage spanned 110 countries where our customers activate our solutions. Our customers include many of the largest global advertisers and digital ad platforms and publishers. We provide a consistent, cross-platform measurement standard across all major forms of digital media, making it easier for advertisers and supply-side customers to assess performance across all of their digital ads and optimize business outcomes in real-time.
Previous wording
We derive revenue primarily from our advertiser customers based on the volume of media transactions, or ads, that our software platform measures (“Media Transactions Measured”). Advertisers utilize the DV Authentic Ad, our definitive metric of digital media quality, to evaluate the existence of fraud, brand safety, viewability and geography for each digital ad. Advertisers pay us an analysis fee (“Measured Transaction Fee”) per thousand impressions based on the volume of Media Transactions Measured on their behalf. The price of most of our solutions is fixed. On platforms that charge based on percent of media spend, our pricing includes caps which effectively mirror our standard fixed fees. We maintain an expansive set of direct integrations across the entire digital advertising ecosystem, including with leading programmatic, CTV, and social platforms, which enable us to deliver our metrics to the platforms where our customers buy ads. Further, our solutions are not reliant on any single source of impressions and we can service our customers as their digital advertising needs change.
Current wording
We derive revenue primarily from our advertiser customers based on the volume of media transactions, or ads, that our solutions measure (“Media Transactions Measured”). Advertisers utilize the DV Authentic Ad, our definitive metric of digital media quality, to evaluate the existence of fraud, brand suitability, viewability and geography for each digital ad. Advertisers pay us an analysis fee (“Measured Transaction Fee”) per thousand impressions based on the volume of Media Transactions Measured on their behalf. The price of most of our solutions is fixed. On platforms that charge based on percent of media spend, our pricing includes caps which effectively mirror our standard fixed fees. We maintain an expansive set of direct integrations across the entire digital advertising ecosystem, including with leading programmatic, CTV, and social platforms, which enable us to deliver our metrics to the platforms where our customers buy ads. Further, our solutions are not reliant on any single source of impressions and we can service our customers as their digital advertising needs change.
Previous wording
Our customers use our solutions to measure the effectiveness of their digital advertisements. We generate revenue from our advertising customers based primarily on the volume of Media Transactions Measured on our software platform, and for supply-side customers, based on contracts with minimum guarantees or contracts that have tiered pricing after minimum guarantees are achieved. Our existing customer base has remained largely stable, and our gross revenue retention rate was over 95% for the three months ended September 30, 2025. We define our gross revenue retention rate as the total prior period revenue earned from advertiser customers, less the portion of prior period revenue attributable to lost advertiser customers, divided by the total prior period revenue from advertiser customers, excluding a portion of our revenues that cannot be allocated to specific advertiser customers.
Current wording
Our customers use our solutions to measure the effectiveness of their digital advertisements. We generate revenue from our advertising customers based primarily on the volume of Media Transactions Measured by our solutions, and for supply-side customers, based on contracts with minimum guarantees or contracts that have tiered pricing after minimum guarantees are achieved. Our existing customer base has remained largely stable, and our gross revenue retention rate was over 95% for the three months ended March 31, 2026. We define our gross revenue retention rate as the total prior period revenue earned from advertiser customers, less the portion of prior period revenue attributable to lost advertiser customers, divided by the total prior period revenue from advertiser customers, excluding a portion of our revenues that cannot be allocated to specific advertiser customers.
Previous wording
For the three months ended September 30, 2025 and September 30, 2024, we generated 90% and 92% of our revenue, respectively, from advertiser customers. For the nine months ended September 30, 2025 and September 30, 2024, we generated 90% and 91% of our revenue, respectively, from advertiser customers. Advertisers can purchase our solutions through programmatic, social media and CTV platforms to evaluate the quality of ad inventories before they are purchased, which we track as Activation revenue. Advertisers can also purchase our solutions to measure the quality and performance of ads after they are purchased directly or programmatically from digital properties, including publishers, social media and CTV platforms, which we track as Measurement revenue. We generate the majority of our revenue from advertisers by charging a Measured Transaction Fee based on the volume of Media Transactions Measured on behalf of our customers. We recognize revenue from advertisers in the period in which we provide our measurement and activation solutions.
Current wording
For each of the three months ended March 31, 2026 and March 31, 2025, we generated 90% of our revenue from advertiser customers. Advertisers can purchase our solutions through programmatic, social media and CTV platforms to evaluate the quality and optimize the efficiency of ad inventories before they are purchased, which we track as Activation revenue. Advertisers can also purchase our solutions to measure the quality and performance of ads after they are purchased directly or programmatically from digital properties, including publishers, social media and CTV platforms, which we track as Measurement revenue. We generate the majority of our revenue from advertisers by charging a Measured Transaction Fee based on the volume of Media Transactions Measured on behalf of our customers. We recognize revenue from advertisers in the period in which we provide our measurement and activation solutions.
Previous wording
For the three months ended September 30, 2025 and September 30, 2024, we generated 10% and 8% of our revenue, respectively, from supply-side customers who use our data analytics to validate the quality of their ad inventory and provide data to their customers to facilitate targeting and purchasing of digital ads, which we refer to as Supply-side revenue. For the nine months ended September 30, 2025 and September 30, 2024, Supply-side revenue comprised 10% and 9% of our revenue, respectively. We generate revenue for certain supply-side arrangements that include minimum guaranteed fees that reset monthly and are recognized on a straight-line basis over the access period, which is usually twelve months. For contracts that contain overages, once the minimum guaranteed amount is achieved, overages are recognized as earned over time based on a tiered pricing structure.
Current wording
For each of the three months ended March 31, 2026 and March 31, 2025, we generated 10% of our revenue from supply-side customers who use our data analytics to validate the quality of their ad inventory and provide data to their customers to facilitate targeting and purchasing of digital ads, which we refer to as Supply-side revenue. We generate revenue for certain supply-side arrangements that include minimum guaranteed fees that reset monthly and are recognized on a straight-line basis over the access period, which is usually one to two years. For contracts that contain overages, once the minimum guaranteed amount is achieved, overages are recognized as earned over time based on a tiered pricing structure.
Previous wording
The following table disaggregates revenue between advertiser customers, where revenue is primarily generated based on the number of ads measured and purchased for Activation or measured for Measurement, and Supply-side, where revenue is generated based on contracts with minimum guarantees or contracts that contain overages after minimum guarantees are achieved.
Current wording
The following table disaggregates revenue between advertiser customers, where revenue is primarily generated based on the number of ads measured and purchased for Activation or measured for Measurement, and Supply-side.
Previous wording
Cost of revenue. Cost of revenue consists primarily of costs from revenue-sharing arrangements with our partners, platform hosting fees, data center costs, software and other technology expenses, other costs directly associated with data infrastructure, and personnel costs, including salaries, bonuses, stock-based compensation and benefits, directly associated with the support and delivery of our software platform and data solutions.
Current wording
Cost of revenue. Cost of revenue consists primarily of costs from revenue-sharing arrangements with our partners, platform hosting fees, data center costs, software and other technology expenses, other costs directly associated with data infrastructure, and personnel costs, including salaries, bonuses, stock-based compensation and benefits, directly associated with the support and delivery of our customer interface, DV Pinnacle, and solutions.
Previous wording
Interest expense. Interest expense consists primarily of the amortization of debt issuance costs, commitment fees associated with the unused portion of the New Revolving Credit Facility and Prior Revolving Credit Facility and interest on finance leases. The New Revolving Credit Facility bears interest at an option of SOFR or ABR plus an applicable margin per annum. See “Liquidity and Capital Resources—Debt Obligations.”
Current wording
Interest expense. Interest expense consists primarily of the amortization of debt issuance costs, commitment fees associated with the unused portion of the New Revolving Credit Facility and interest on finance leases. The New Revolving Credit Facility bears interest at either SOFR or ABR plus an applicable margin per annum. See “Liquidity and Capital Resources—Debt Obligations” and Note 9 to our Condensed Consolidated Financial Statements.
Previous wording
Comparison of the Three and Nine Months Ended September 30, 2025 and September 30, 2024
Current wording
Comparison of the Three Months Ended March 31, 2026 and March 31, 2025
Previous wording
Total Advertiser revenue increased by $15.3 million, or 10%, in the three months ended September 30, 2025 as compared to the same period in 2024. The growth was driven primarily by an 12% increase in Media Transactions Measured, partially offset by a 4% decrease in Measured Transaction Fees, excluding the impact of an introductory fixed fee deal for one large customer. For the nine months ended September 30, 2025, total Advertiser revenue increased by $64.8 million, or 15%, compared to the same period in 2024. The growth was driven primarily by a 17% increase in Media Transactions Measured, partially offset by a 3% decrease in Measured Transaction Fees, excluding the impact of an introductory fixed fee deal for one large customer.
Current wording
Total Advertiser revenue increased by $13.7 million, or 9%, in the three months ended March 31, 2026 as compared to the same period in 2025. The growth was driven primarily by an 12% increase in Media Transactions Measured, partially offset by a 4% decrease in Measured Transaction Fees.
Previous wording
Activation revenue increased by $9.9 million, or 10%, in the three months ended September 30, 2025, as compared to the same period in 2024. The increase was driven by greater adoption of Authentic Brand Suitability, core programmatic solutions and social media solutions. For the nine months ended September 30, 2025, Activation revenue increased by $47.2 million, or 18%, compared to the same period in 2024, driven by the same factors.
Current wording
Activation revenue increased by $5.4 million, or 6%, in the three months ended March 31, 2026, as compared to the same period in 2025. The increase was driven by greater adoption of social media solutions, Authentic Brand Suitability, and Scibids AI.
Previous wording
Measurement revenue increased $5.4 million, or 9%, in the three months ended September 30, 2025, as compared to the same period in 2024, driven primarily by greater adoption of social and CTV solutions, as well as the addition of Rockerbox, Inc. (“Rockerbox”). For the nine months ended September 30, 2025, Measurement revenue increased by $17.6 million, or 11%, compared to the same period in 2024, driven by the same factors.
Current wording
Measurement revenue increased $8.4 million, or 16%, in the three months ended March 31, 2026, as compared to the same period in 2025, driven primarily by greater adoption of social and CTV solutions, as well as the addition of Rockerbox, Inc. (“Rockerbox”).
Previous wording
Supply-side revenue increased $3.8 million, or 27%, in the three months ended September 30, 2025, as compared to the same period in 2024, driven primarily by growth from both existing and new platform customers, as well as the addition of new publisher customers. For the nine months ended September 30, 2025, Supply-side revenue increased by $11.7 million, or 29%, compared to the same period in 2024, driven by the same factors.
Current wording
Supply-side revenue increased $2.0 million, or 12%, in the three months ended March 31, 2026, as compared to the same period in 2025, driven primarily by growth from both existing and new platform and publisher customers.
Previous wording
Cost of revenue increased by $4.0 million, or 14%, from $29.5 million in the three months ended September 30, 2024 to $33.5 million in the three months ended September 30, 2025. The increase was due primarily to growth in Activation revenue which led to increased partner costs from revenue-sharing arrangements, as well as higher data services and hosting expenses due to increased volume. Cost of revenue increased by $15.4 million, or 19%, from $82.2 million in the nine months ended September 30, 2024, to $97.6 million in the nine months ended September 30, 2025, driven by the same factors.
Current wording
Cost of revenue increased by $2.2 million, or 7%, from $31.0 million in the three months ended March 31, 2025 to $33.2 million in the three months ended March 31, 2026. The increase was due primarily to higher data services and hosting expenses due to increased volume, as well as growth in Activation revenue which led to increased partner costs from revenue-sharing arrangements.
Previous wording
Sales, marketing and customer support expenses increased by $6.5 million, or 16%, from $40.5 million in the three months ended September 30, 2024 to $47.0 million in the three months ended September 30, 2025. The increase was due primarily to an increase in personnel costs, including stock-based compensation and sales commissions, of $4.7 million, and an increase in third party professional fees to support marketing and sales activities of $0.3 million. Sales, marketing and customer support expenses increased by $18.3 million, or 15%, from $123.3 million in the nine months ended September 30, 2024 to $141.6 million in the nine months ended September 30, 2025. The increase was due primarily to an increase in personnel costs, including stock-based compensation and sales commissions, of $15.4 million, and an increase in third party professional fees to support marketing and sales activities of $1.2 million.
Current wording
Sales, marketing and customer support expenses increased by $1.9 million, or 4%, from $43.7 million in the three months ended March 31, 2025 to $45.6 million in the three months ended March 31, 2026. The increase was due primarily to an increase in travel and entertainment and third party professional fees to support marketing and sales activities of $1.2 million, and an increase in personnel costs, including stock-based compensation and sales commissions, of $0.7 million.
Previous wording
Other expense (income), net changed by $4.3 million, from income of $4.2 million in the three months ended September 30, 2024 to expense of $0.1 million in the three months ended September 30, 2025. The change was due primarily to a decrease in interest earned on interest-bearing monetary assets, and to losses from changes in foreign exchange rates. Other expense (income), net changed by $3.4 million, from income of $8.6 million in the nine months ended September 30, 2024 to income of $5.2 million in the nine months ended September 30, 2025. The change was due primarily to a decrease in interest earned on interest-bearing monetary assets, partially offset by gains from changes in foreign exchange rates.
Current wording
Other expense (income), net changed by $4.2 million, from income of $3.2 million in the three months ended March 31, 2025 to expense of $1.0 million in the three months ended March 31, 2026. The change was due primarily to a decrease in interest earned on interest-bearing monetary assets, and to losses from changes in foreign exchange rates.
Previous wording
Our operations are financed primarily through cash generated from operations. As of September 30, 2025, we had cash and cash equivalents of $200.7 million and net working capital, consisting of current assets (excluding cash and cash equivalents) less current liabilities, of $156.3 million.
Current wording
Our operations are financed primarily through cash generated from operations. As of March 31, 2026, the Company had cash and cash equivalents of $173.8 million and net working capital, consisting of current assets (excluding cash and cash equivalents) less current liabilities, of $183.0 million.
Previous wording
On August 12, 2024, the Company entered into the Credit Agreement providing for the New Revolving Credit Facility with available borrowings of $200.0 million, which matures on the Revolving Termination Date. Subject to certain terms and conditions, the Company is entitled to request incremental facilities (including term, revolving and/or letter of credit facilities). The New Revolving Credit Facility replaces in full the Company’s Prior Revolving Credit Facility.
Current wording
On August 12, 2024, the Company entered into the Credit Agreement providing for the New Revolving Credit Facility with available borrowings of $200.0 million, which matures on the Revolving Termination Date. Subject to certain terms and conditions, the Company is entitled to request incremental facilities (including term, revolving and/or letter of credit facilities). The New Revolving Credit Facility replaced in full the Company’s Prior Revolving Credit Facility.
Previous wording
The New Revolving Credit Facility also requires us to remain in compliance with certain financial ratios. The Borrower was in compliance with all covenants under the New Revolving Credit Facility as of September 30, 2025.
Current wording
The New Revolving Credit Facility also requires us to remain in compliance with certain financial ratios. DoubleVerify, Inc. was in compliance with all covenants under the New Revolving Credit Facility as of March 31, 2026.
Previous wording
On May 16, 2024, the Company announced that its Board of Directors authorized the repurchase of up to $150.0 million of the Company’s outstanding common stock (the “Repurchase Program”). On November 6, 2024, the Company announced that the Board authorized the repurchase of up to an additional $200.0 million of the Company’s outstanding common stock (the “New Repurchase Program”). Both programs allow the Company to repurchase for cash from time to time shares of its common stock through open market purchases pursuant to Rule 10b-18 and/or Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. Neither program obligates the Company to repurchase any specific number of shares, has no time limit, and may be modified, suspended, or discontinued at any time at the Company’s discretion.
Current wording
On February 18, 2026, the Company’s Board authorized the repurchase of up to $300.0 million of the Company’s outstanding common stock under the February 2026 Repurchase Program. The Company may repurchase for cash from time to time shares of its common stock through open market purchases pursuant to Rule 10b-18 and/or Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. The February 2026 Repurchase Program does not obligate the Company to repurchase any specific number of shares, has no time limit, and may be modified, suspended, or discontinued at any time at the Company’s discretion.
Previous wording
Repurchases under the Repurchase Program commenced in June 2024. During the year ended December 31, 2024, the Company repurchased 6.8 million shares of its common stock for an aggregate repurchase amount of $128.0 million under the Repurchase Program. During the three months ended March 31, 2025, the Company repurchased an additional 1.1 million shares for $22.2 million, utilizing the remaining authorization under the Repurchase Program.
Current wording
Repurchases under the February 2026 Repurchase Program commenced in March 2026. During the three months ended March 31, 2026, the Company repurchased 7.3 million shares of its common stock for an aggregate repurchase amount of $75.1 million under the February 2026 Repurchase Program. As of March 31, 2026, $225.0 million remained available and authorized for repurchase under the February 2026 Repurchase Program.
Previous wording
During the nine months ended September 30, 2025, the Company repurchased a total of 8.4 million shares of its common stock for an aggregate repurchase amount of $132.3 million under both repurchase programs. As of September 30, 2025, $90.0 million remained available and authorized for repurchase under the New Repurchase Program.
Current wording
In April 2026, the Company repurchased 2.5 million shares of its common stock for an aggregate repurchase amount of $25.0 million. As of May 6, 2026, $200.0 million remained available and authorized for repurchase under the February 2026 Repurchase Program.
Previous wording
Our cash flows from operating activities are primarily influenced by growth in our operations and by changes in our working capital. In particular, trade receivables increase in conjunction with our rapid growth in sales and decrease based on timing of cash receipts from our customers. The timing of payments of trade payables also impacts our cash flows from operating activities. We typically pay suppliers in advance of collections from our customers. Our collection and payment cycles can vary from period to period.
Current wording
Our cash flows from operating activities are influenced primarily by growth in our operations and by changes in our working capital. In particular, trade receivables increase in conjunction with our growth in sales and decrease based on timing of cash receipts from our customers. The timing of payments of trade payables also impacts our cash flows from operating activities. We typically pay suppliers in advance of collections from our customers. Our collection and payment cycles can vary from period to period.
Previous wording
For the nine months ended September 30, 2025, cash provided by operating activities was $138.5 million, attributable to net income of $21.3 million, adjusted for non-cash charges of $147.4 million and $30.2 million use of cash from changes in operating assets and liabilities. Non-cash charges primarily consisted of $42.3 million in depreciation and amortization and $78.7 million in stock-based compensation. The main drivers of the changes in operating assets and liabilities were a $11.6 million decrease in trade receivables, offset by an increase in prepaid expenses and other assets of $36.8 million due mainly to increases in prepayments, and a $5.0 million decrease in trade payables, accrued expenses and other liabilities primarily related to the timing of income tax payments.
Current wording
For the three months ended March 31, 2026, cash provided by operating activities was $4.2 million, attributable to net income of $6.4 million, adjusted for non-cash charges of $45.9 million and $48.1 million use of cash from changes in operating assets and liabilities. Non-cash charges primarily consisted of $15.3 million in depreciation and amortization and $24.2 million in stock-based compensation. The main drivers of the changes in operating assets and liabilities were a $20.0 million increase in trade receivables, prepaid expenses and other assets primarily related to increases in prepayments, and a $28.1 million decrease in trade payables, accrued expenses and other liabilities primarily related to the timing of payments for accrued expenses.
Previous wording
For the nine months ended September 30, 2024, cash provided by operating activities was $122.3 million, attributable to net income of $32.8 million, adjusted for non-cash charges of $93.8 million and $4.3 million use of cash from changes in operating assets and liabilities. Non-cash charges primarily consisted of $33.4 million in depreciation and amortization and $67.9 million in stock-based compensation, offset by $17.3 million in deferred taxes. The main drivers of the changes in operating assets and liabilities were a $12.6 million increase in prepaid expenses and other assets due mainly to increases in prepayments, offset by a decrease in trade receivables of $10.3 million, and a $2.1 million decrease in trade payables, accrued expenses and other liabilities primarily related to the timing of income tax payments.
Current wording
For the three months ended March 31, 2025, cash provided by operating activities was $37.7 million, attributable to net income of $2.4 million, adjusted for non-cash charges of $36.0 million and $0.7 million use of cash from changes in operating assets and liabilities. Non-cash charges primarily consisted of $12.4 million in depreciation and amortization and $24.3 million in stock-based compensation, offset by $3.4 million in deferred taxes. The main drivers of the changes in operating assets and liabilities were a $4.2 million decrease in trade receivables, prepaid assets and other assets, and a $4.9 million decrease in trade payables, accrued expenses and other liabilities primarily related to the timing of payments for accrued expenses.
Previous wording
For the nine months ended September 30, 2025, cash used in investing activities was $93.8 million, including $82.6 million attributable to the acquisition of Rockerbox, $28.0 million attributable to purchases of property, plant and equipment, and capitalized software development costs, partially offset by $17.8 million attributable to proceeds from maturities of short-term financial instruments. For the nine months ended September 30, 2024, cash used in investing activities was $69.5 million, including $81.9 million attributable to investments in short-term financial instruments and $19.8 million attributable to purchases of property, plant and equipment, and capitalized software development costs, partially offset by $32.2 million attributable to proceeds from the maturity of short-term financial instruments.
Current wording
For the three months ended March 31, 2026, cash used in investing activities of $10.5 million was attributable to purchases of property, plant and equipment, and capitalized software development costs. For the three months ended March 31, 2025, cash used in investing activities was $89.9 million, including $82.6 million attributable to the acquisition of Rockerbox and $6.3 million attributable to purchases of property, plant and equipment, and capitalized software development costs.
Previous wording
For the nine months ended September 30, 2025, cash used in financing activities of $140.8 million was due primarily to $132.3 million related to shares repurchased under the Repurchase Program and New Repurchase Program and $7.1 million related to shares repurchased for settlement of employee tax withholding. For the nine months ended September 30, 2024, cash used in financing activities of $50.3 million was primarily due to $50.1 million related to shares repurchased under the Repurchase Program.
Current wording
For the three months ended March 31, 2026, cash used in financing activities of $78.1 million was due primarily to $75.1 million related to shares repurchased under the February 2026 Repurchase Program and $1.4 million related to shares repurchased for settlement of employee tax withholding. For the three months ended March 31, 2025, cash used in financing activities of $85.8 million was due primarily to $82.2 million related to shares repurchased under the repurchase programs authorized in 2024 and $3.2 million related to shares repurchased for settlement of employee tax withholding.