Amplitude, Inc.

Previous wording

Amplitude is a leading Digital Analytics Platform that helps businesses access trusted data, understand their customers, and optimize their product and digital experiences. Our integrated and AI-powered platform enables teams to improve the metrics they care about most: acquisition, monetization, retention, and revenue growth. We work with more than 4,300 paying customers of various sizes and stages of digital maturity, across many industries, including the teams behind some of the most beloved digital products in the world. We have experienced steady growth in recent years, with approximately 800 employees in seven global offices.

Current wording

Amplitude is the leading Digital Analytics Platform that helps businesses access trusted data, understand their customers, and optimize their product and digital experiences. Our integrated and AI-powered platform enables teams to improve the metrics they care about most: acquisition, monetization, retention, and revenue growth. We work with more than 4,500 paying customers of various sizes and stages of digital maturity, across many industries, including the teams behind some of the most beloved digital products in the world. We have experienced steady growth in recent years, with approximately 800 employees in seven global offices.

Previous wording

Consistently ranked #1 in multiple categories by G2, Amplitude offers a comprehensive and easy-to-use platform, which includes Product and Marketing Analytics, Session Replay, Feature and Web Experimentation, Activation, and Guides and Surveys.

Current wording

Ranked #1 in multiple categories by Forrester and G2, Amplitude offers a comprehensive and easy-to-use platform, which includes Product and Marketing Analytics, Session Replay, Feature and Web Experimentation, Activation, and Guides and Surveys.

Previous wording

Historically, we have been successful at efficiently growing our customer base and number of customers who have entered into and grown into larger subscriptions with us as evidenced by the growth of our number of paying customers and number of customers that represent greater than $100,000 in annual recurring revenue (“ARR”). As of June 30, 2025 and 2024, we had 634 and 547 customers, respectively, that each represented greater than $100,000 in ARR, representing a 16% increase year-over-year. We believe our relationship with some of the world’s most beloved product-led companies has resulted in increased brand credibility and access to many attractive growth opportunities. As of June 30, 2025 and 2024, our dollar-based net retention rate for the trailing 12 months ("TTM") was 99% and 98%, respectively, for paying customers. Additionally, our ending dollar-based net retention rate for paying customers as of June 30, 2025 and 2024, was 104% and 96%, respectively.

Current wording

Historically, we have been successful at efficiently growing our customer base and number of customers who have entered into and grown into larger subscriptions with us as evidenced by the growth of our number of paying customers and number of customers that represent greater than $100,000 in annual recurring revenue (“ARR”). As of September 30, 2025 and 2024, we had 653 and 567 customers, respectively, that each represented greater than $100,000 in ARR, representing a 15% increase year-over-year. We believe our relationship with some of the world’s most beloved product-led companies has resulted in increased brand credibility and access to many attractive growth opportunities. As of September 30, 2025 and 2024, our dollar-based net retention rate for the trailing 12 months ("TTM") was 102% and 97%, respectively, for paying customers. Additionally, our ending dollar-based net retention rate for paying customers as of September 30, 2025 and 2024, was 104% and 98%, respectively.

Previous wording

We believe that our customers will demand additional features and capabilities beyond our current platform offerings to assist them in optimizing their digital products. We have a history of, and will continue to invest significantly in, developing and delivering innovative products, features, and functionality targeted at our core customer base. In addition, we may choose to add new products and offerings or enhance our platform capabilities through acquisitions. In recent years, we have acquired companies to improve and expand our platform capabilities. In October 2024, we acquired CommandAI to provide intuitive AI-powered user assistance to make complex software easier to adopt and navigate. In June 2025, we completed an asset acquisition of Inari to accelerate our AI roadmap, leveraging their team’s deep expertise in applied AI. Going forward, we may pursue both strategic partnerships and acquisitions that we believe will be complementary to our business, accelerate customer acquisition, increase usage of our platform, and/or expand our platform offerings in our core markets.

Current wording

We believe that our customers will demand additional features and capabilities beyond our current platform offerings to assist them in optimizing their digital products. We have a history of, and will continue to invest significantly in, developing and delivering innovative products, features, and functionality targeted at our core customer base. In addition, we may choose to add new products and offerings or enhance our platform capabilities through acquisitions. In recent years, we have acquired companies to improve and expand our platform capabilities. In October 2024, we acquired CommandAI to provide intuitive AI-powered user assistance to make complex software easier to adopt and navigate. In June 2025, we completed an asset acquisition of Inari to accelerate our AI roadmap, leveraging their team’s deep expertise in applied AI. In July 2025, we completed a talent acquisition of June.io, a startup focused on empowering early‑stage product teams, to contribute to our next generation of AI-driven analytics experiences. In July 2025, we completed the acquisition of Kraftful, integrating Kraftful's Voice of Customer Technology to unite quantitative user behavioral data and qualitative user feedback into Amplitude. Going forward, we may pursue both strategic partnerships and acquisitions that we believe will be complementary to our business, accelerate customer acquisition, increase usage of our platform, and/or expand our platform offerings in our core markets.

Previous wording

Our investment for growth encompasses multiple critical areas, including product expansion, our sales force, sales support, partner ecosystem, and our international presence. We continue to evolve our technology and platform to ensure that we are best serving our customers’ needs. For example, in June 2025, we introduced Amplitude AI Agents, which turn Amplitude into a team of specialized experts that work 24/7 to analyze user behavior, run experiments, and optimize digital experiences. In May 2025, we rolled out a suite of new marketing capabilities that give visibility into the entire customer journey, enabling marketers to increase conversion, improve ROI, and target audiences more precisely. In February 2025, following our acquisition of CommandAI, we rolled out Guides and Surveys to help organizations improve onboarding and user engagement. These product launches build on a record year for product innovation in 2024, including the launches of self-serve Web Experimentation for marketers, a radically simplified platform experience with Amplitude Made Easy, a warehouse-native experience with Snowflake, and Session Replay to visualize the user journey.

Current wording

Our investment for growth encompasses multiple critical areas, including product expansion, our sales force, sales support, partner ecosystem, and our international presence. We continue to evolve our technology and platform to ensure that we are best serving our customers’ needs. For example, in June 2025, we introduced Amplitude AI Agents, which turn Amplitude into a team of specialized experts that work 24/7 to analyze user behavior, run experiments, and optimize digital experiences. In May 2025, we rolled out a suite of new marketing capabilities that give visibility into the entire customer journey, enabling marketers to increase conversion, improve ROI, and target audiences more precisely. In February 2025, following our acquisition of Command AI, we rolled out Guides and Surveys to help organizations improve onboarding and user engagement. These product launches build on a record year for product innovation in 2024, including the launches of self-serve Web Experimentation for marketers, a radically simplified platform experience with Amplitude Made Easy, a warehouse-native experience with Snowflake, and Session Replay to visualize the user journey.

Previous wording

We will continue to make strategic investments in our sales efforts to pursue attractive growth opportunities and ensure customer success, particularly with larger enterprises where we have experienced significant traction to date. We also plan to invest in our channel partners, such as independent software vendors, and resellers, to extend our reach faster than we could do on our own. Although we previously experienced cost savings due to our restructuring, as we continue to invest in our sales efforts, we expect our sales and marketing expenses to increase in dollar amount over time. Over the longer term, we believe these expenses as a percentage of revenue will decrease, though these expenses as a percentage of revenue could increase in the short term.

Current wording

We will continue to make strategic investments in our sales efforts to pursue attractive growth opportunities and ensure customer success, particularly with larger enterprises where we have experienced significant traction to date. We also plan to invest in our channel partners, such as independent software vendors, and resellers, to extend our reach faster than we could do on our own. As we continue to invest in our sales efforts, we expect our sales and marketing expenses to increase in dollar amount over time. Over the longer term, we believe these expenses as a percentage of revenue will decrease, though these expenses as a percentage of revenue could increase in the short term.

Previous wording

Finally, we see opportunities to expand offices and headcount internationally to better serve targeted international markets where we believe we have a significant opportunity to accelerate existing traction and success. For the three and six months ended June 30, 2025, 39% of our revenue was generated outside the United States. As we seek to expand our business globally, we may be adversely affected by global economic and political instability. For example, as a result of the Russia-Ukraine War and related sanctions, we have terminated certain relationships with customers in Russia. Some of the businesses of our customers in the impacted regions have also experienced disruptions that have affected their ability to pay for our services. See “Risk Factors–Risks Related to Our Business and Industry–Our operations are international in scope, and we plan further geographical expansion, creating a variety of operational challenges.”

Current wording

Finally, we see opportunities to expand offices and headcount internationally to better serve targeted international markets where we believe we have a significant opportunity to accelerate existing traction and success. For the three and nine months ended September 30, 2025, 39% of our revenue was generated outside the United States. As we seek to expand our business globally, we may be adversely affected by global economic and political instability. For example, as a result of the Russia-Ukraine War and related sanctions, we have terminated certain relationships with customers in Russia. Some of the businesses of our customers in the impacted regions have also experienced disruptions that have affected their ability to pay for our services. See “Risk Factors–Risks Related to Our Business and Industry–Our operations are international in scope, and we plan further geographical expansion, creating a variety of operational challenges.”

Previous wording

Research and development expenses consist primarily of personnel and related expenses. These expenses also include product design costs prior to the application development stage, third-party services and consulting expenses, software subscriptions, and allocated overhead costs for overhead used in research and development activities. A substantial portion of our research and development efforts are focused on enhancing our software, including researching ways to add new features and functionality to our platform. We anticipate continuing to invest in innovation and technology development, and as a result, we expect research and development expenses to increase in dollar amount but to decrease as a percentage of revenue over the longer term, though the percentage may fluctuate from quarter to quarter depending on the extent and timing of product development initiatives. In the short term, research and development costs could increase as a percentage of revenue.

Current wording

Research and development expenses consist primarily of personnel and related expenses. These expenses also include third-party services and consulting expenses, software subscriptions, hosting expenses for research and development activities, product design costs prior to the application development stage, and allocated overhead costs for overhead used in research and development activities. A substantial portion of our research and development efforts are focused on enhancing our software, including researching ways to add new features and functionality to our platform. We anticipate continuing to invest in innovation and technology development, and as a result, we expect research and development expenses to increase in dollar amount but to decrease as a percentage of revenue over the longer term, though the percentage may fluctuate from quarter to quarter depending on the extent and timing of product development initiatives. In the short term, research and development costs could increase as a percentage of revenue.

Previous wording

We continue to make strategic investments in our sales and marketing organization, and we expect sales and marketing expenses to remain our largest operating expense in dollar amount. Although we previously experienced cost savings due to our restructuring, we expect our sales and marketing expenses to continue to increase in dollar amount but to decrease as a percentage of revenue over the longer term, though the percentage may fluctuate from quarter to quarter depending on the extent and timing of our marketing initiatives. In the short term, sales and marketing costs could increase as a percentage of revenue.

Current wording

We continue to make strategic investments in our sales and marketing organization, and we expect sales and marketing expenses to remain our largest operating expense in dollar amount. We expect our sales and marketing expenses to continue to increase in dollar amount but to decrease as a percentage of revenue over the longer term, though the percentage may fluctuate from quarter to quarter depending on the extent and timing of our marketing initiatives. In the short term, sales and marketing costs could increase as a percentage of revenue.

Previous wording

We have also incurred certain expenses as part of operating as a publicly-traded company, including professional fees and other expenses. As a public company, we expect to continue to incur costs associated with accounting, compliance, insurance, and investor relations which could fluctuate from period to period. Although we previously experienced cost savings due to our restructuring, we expect our general and administrative expenses to continue to increase in dollar amount over time but to generally decrease as a percentage of our revenue over the longer term, though the percentage may fluctuate from period to period depending on the timing and amount of our general and administrative expenses, including in the short term.

Current wording

We have also incurred certain expenses as part of operating as a publicly-traded company, including professional fees and other expenses. As a public company, we expect to continue to incur costs associated with accounting, compliance, insurance, and investor relations which could fluctuate from period to period. We expect our general and administrative expenses to continue to increase in dollar amount over time but to generally decrease as a percentage of our revenue over the longer term, though the percentage may fluctuate from period to period depending on the timing and amount of our general and administrative expenses, including in the short term.

Previous wording

The following tables set forth our results of operations for the periods presented and as a percentage of our revenue for those periods. The period-to-period comparison of financial results is not necessarily indicative of financial results to be achieved in future periods.

Current wording

The following tables set forth our results of operations for the periods presented. The period-to-period comparison of financial results is not necessarily indicative of financial results to be achieved in future periods.

Previous wording

Revenue increased by $10.0 million, or 14%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily driven by growth in our paying customer base, partially offset by partial and full customer churn, which slightly outpaced expansion within our existing customer accounts, as reflected in our NRR (TTM) of 99% as of June 30, 2025.

Current wording

Revenue increased $13.3 million, or 18%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily driven by growth in our paying customer base, partially offset by partial and full churn among existing customers which was lower than our expansion of existing customers as reflected by our NRR (TTM) of 102% as of September 30, 2025.

Previous wording

Cost of revenue increased $4.6 million, or 12%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily due to an increase of $1.9 million in third-party hosting costs as we increased capacity to support paying customer usage and growth of our paying customer base and $1.6 million in amortization of capitalized internal-use software development costs. The increase was also attributable to an increase of $1.4 million in personnel and subcontractor-related expenses, including an increase in allocated overhead costs.

Current wording

Cost of revenue increased $4.3 million, or 23%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily driven by a $2.2 million increase in third-party hosting costs as we increased capacity to support paying customer usage and growth of our paying customer base, a $1.2 million increase in personnel and subcontractor-related expenses, including higher allocated overhead costs, and a $1.1 million increase in amortization of capitalized internal-use software development costs.

Previous wording

Research and development expenses increased $2.9 million, or 14%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily driven by a $1.8 million increase in personnel-related expenses, including higher allocated overhead costs, and a $0.7 million decrease in capitalized personnel costs associated with internally developed software.

Current wording

Research and development expenses increased $7.6 million, or 40%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily driven by a $4.4 million increase in personnel-related expenses, a $2.3 million increase in stock-based compensation expenses and related payroll taxes, and a $0.5 million decrease in capitalized personnel costs associated with internally developed software projects.

Previous wording

Other income (expense), net decreased $1.0 million, or 25%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease was primarily due to lower interest income of $1.1 million due to a lower combined yield on investments and cash equivalents in the three months ended June 30, 2025.

Current wording

Other income (expense), net decreased $1.3 million, or (34)%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily due to lower interest income of $1.0 million driven by a lower combined yield on investments and cash equivalents in the three months ended September 30, 2025.

Previous wording

Provision for income taxes increased $0.3 million, or 170%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to increased foreign taxes during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Current wording

Provision for income taxes increased $0.2 million, or 25%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to increased foreign taxes during the three months ended September 30, 2025.

Previous wording

Revenue increased by $17.3 million, or 12%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily driven by growth in our paying customer base, partially offset by partial and full customer churn, which slightly outpaced expansion within our existing customer accounts, as reflected in our NRR (TTM) of 99% as of June 30, 2025

Current wording

Revenue increased $30.6 million, or 14%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in revenue was primarily due to growth of our paying customer base, partially offset by partial and full churn among existing customers which was lower than our expansion of existing customers as reflected by our NRR (TTM) of 102% as of September 30, 2025.

Previous wording

Cost of revenue increased $3.3 million, or 17%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily due to an increase of $1.5 million in third-party hosting costs as we increased capacity to support paying customer usage and growth of our paying customer base and $1.0 million in amortization of capitalized internal-use software development costs. The increase was also attributable to an increase of $0.9 million in personnel and subcontractor-related expenses, including an increase in allocated overhead costs.

Current wording

Cost of revenue increased $9.0 million, or 16%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily driven by a $4.1 million increase in third-party hosting costs as we increased capacity to support paying customer usage and growth of our paying customer base and a $2.6 million increase in amortization of capitalized internal-use software development costs. The increase was also attributable to an increase of $2.6 million in personnel and subcontractor-related expenses, including higher allocated overhead costs.

Previous wording

Other income (expense), net decreased $1.9 million, or 25%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was primarily due to lower interest income of $1.8 million due to a lower combined yield on investments and cash equivalents in the six months ended June 30, 2025.

Current wording

Other income (expense), net decreased $3.2 million, or (28)%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was primarily due to lower interest income of $2.8 million driven by a lower combined yield on investments and cash equivalents in the nine months ended September 30, 2025.

Previous wording

Provision for income taxes increased $0.7 million, or 111%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to increased foreign taxes during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Current wording

Provision for income taxes increased $0.9 million, or 65%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to increased foreign taxes during the nine months ended September 30, 2025.

Previous wording

Since inception, we have financed operations primarily through the net proceeds we have received from the sales of our preferred stock and common stock as well as cash generated from the sale of subscriptions to our platform. We have generated losses from our operations as reflected in our accumulated deficit of $504.7 million as of June 30, 2025. We generated positive cash flows from operating activities for the six months ended June 30, 2025 and have generated positive cash flows from operating activities during the years ended December 31, 2024 and 2023. Our future capital requirements will depend on many factors, including revenue growth and costs incurred to support our platform, including growth in our customer base and customer usage, increased research and development expenses to support the growth of our business and related infrastructure, and increased general and administrative expenses to support being a publicly-traded company.

Current wording

Since inception, we have financed operations primarily through the net proceeds we have received from the sales of our preferred stock and common stock as well as cash generated from the sale of subscriptions to our platform. We have generated losses from our operations as reflected in our accumulated deficit of $528.7 million as of September 30, 2025. We generated positive cash flows from operating activities for the nine months ended September 30, 2025 and have generated positive cash flows from operating activities during the years ended December 31, 2024 and 2023. Our future capital requirements will depend on many factors, including revenue growth and costs incurred to support our platform, including growth in our customer base and customer usage, increased research and development expenses to support the growth of our business and related infrastructure, and increased general and administrative expenses to support being a publicly-traded company.

Previous wording

As of June 30, 2025, our principal sources of liquidity were cash and cash equivalents of $119.7 million and restricted cash of $0.9 million. We also had $167.9 million in marketable securities that provide additional capital resources. Additionally, a substantial source of our cash provided by operating activities is our deferred revenue, which is included on our condensed consolidated balance sheets as a liability. Deferred revenue consists of the unearned portion of billed fees for our subscriptions, which is recorded as revenue over the term of the subscription agreement. As of June 30, 2025, we had $136.7 million of deferred revenue, all of which was recorded as a current liability. This deferred revenue will be recognized as revenue when or as the related performance obligations are met.

Current wording

As of September 30, 2025, our principal sources of liquidity were cash and cash equivalents of $82.2 million and restricted cash of $0.9 million. We also had $185.1 million in marketable securities that provide additional capital resources. Additionally, a substantial source of our cash provided by operating activities is our deferred revenue, which is included on our condensed consolidated balance sheets as a liability. Deferred revenue consists of the unearned portion of billed fees for our subscriptions, which is recorded as revenue over the term of the subscription agreement. As of September 30, 2025, we had $131.5 million of deferred revenue, all of which was recorded as a current liability. This deferred revenue will be recognized as revenue when or as the related performance obligations are met.

Previous wording

Net cash provided by operating activities of $12.0 million for the six months ended June 30, 2025 reflects our net loss of $46.9 million, adjusted by non-cash items such as stock-based compensation expense of $45.1 million, depreciation and amortization of $4.7 million, and non-cash operating lease costs of $2.3 million as well as net cash used in changes in our operating assets and liabilities of $6.2 million. The net cash provided by changes in operating assets and liabilities primarily consisted of collections outpacing revenue recognized as evidenced through the net increase in cash of $16.7 million from changes in accounts receivable and deferred revenue and a net increase in accrued expenses and accounts payable of $2.7 million. These changes were primarily offset by an increase in prepaid expenses and other current and noncurrent assets of $5.5 million, a $4.7 million increase related to additional payments for deferred commissions during the period, and a $3.0 million increase in operating lease liabilities.

Current wording

Net cash provided by operating activities of $17.0 million for the nine months ended September 30, 2025 reflects our net loss of $70.9 million, adjusted by non-cash items such as stock-based compensation expense of $70.2 million, depreciation and amortization of $7.1 million, non-cash operating lease costs of $3.3 million, and other non-cash expenses of $1.1 million, as well as net cash used in changes in our operating assets and liabilities of $6.0 million. The net cash provided by changes in operating assets and liabilities primarily consisted of collections outpacing revenue recognized as evidenced through the net increase in cash of $13.3 million from changes in accounts receivable and deferred revenue and a net increase in accrued expenses and accounts payable of $7.5 million. These changes were primarily offset by changes in prepaid expenses and other current and noncurrent assets of $3.7 million, $7.0 million additional payments related to deferred commissions, and a change in operating lease liabilities of $4.1 million during the period.

Previous wording

Net cash provided by operating activities of $9.2 million for the six months ended June 30, 2024 reflects our net loss of $44.9 million, adjusted by non-cash items such as stock-based compensation expense of $43.8 million, depreciation and amortization of $2.8 million, and non-cash operating lease costs of $2.0 million as well as net cash provided by changes in our operating assets and liabilities of $6.2 million. The net cash provided by changes in operating assets and liabilities primarily consisted of collections outpacing revenue recognized as evidenced through the net increase in cash of $16.3 million from changes in accounts receivable and deferred revenue and a net increase in accrued expenses and accounts payable of $2.1 million. These changes were primarily offset by an increase in prepaid expenses and other current and noncurrent assets of $10.0 million.

Current wording

Net cash provided by operating activities of $15.3 million for the nine months ended September 30, 2024 reflects our net loss of $61.7 million, adjusted by non-cash items such as stock-based compensation expense of $64.9 million, depreciation and amortization of $4.1 million, and non-cash operating lease costs of $2.9 million as well as net cash provided by changes in our operating assets and liabilities of $5.1 million. The net cash provided by changes in operating assets and liabilities primarily consisted of collections outpacing revenue recognized as evidenced through the net increase in cash of $11.6 million from changes in accounts receivable and deferred revenue. These changes were primarily offset by $2.2 million driven by additional payments related to deferred commissions during the period.

Previous wording

Net cash used in investing activities of $45.0 million for the six months ended June 30, 2025 consisted of $64.5 million of purchases of marketable securities, $2.1 million of capitalized internal-use software development costs, $1.0 million in purchases of property and equipment, and $0.4 million in cash paid for an acquisition. These decreases were partially offset by $23.0 million of cash received from the maturities of marketable securities.

Current wording

Net cash used in investing activities of $66.8 million for the nine months ended September 30, 2025 consisted of $100.3 million of purchases of marketable securities, $3.3 million of capitalized internal-use software development costs, $3.1 million in cash paid for an acquisition, and $1.4 million in purchases of property and equipment. These decreases were partially offset by $41.3 million of cash received from the maturities of marketable securities.

Previous wording

Net cash provided by investing activities of $35.7 million for the six months ended June 30, 2024 consisted of $57.5 million of cash received from the maturities of marketable securities, offset by $18.4 million of purchases of marketable securities, $2.5 million in capitalized internal-use software development costs, and $1.0 million in purchases of property and equipment.

Current wording

Net cash provided by investing activities of $67.7 million for the nine months ended September 30, 2024 consisted of $91.3 million of cash received from the maturities of marketable securities, offset by $18.4 million of purchases of marketable securities, $4.2 million in capitalized internal-use software development costs, and $1.0 million in purchases of property and equipment.

Previous wording

Net cash used in financing activities of $19.1 million for the six months ended June 30, 2025 consisted of $18.6 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, and $2.5 million in repurchases of common stock. These decreases were partially offset by $2.1 million in proceeds from the exercise of stock options.

Current wording

Net cash used in financing activities of $39.6 million for the nine months ended September 30, 2025 consisted of $29.3 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method and $14.3 million in repurchases of common stock. These decreases were partially offset by $4.0 million in proceeds from the exercise of stock options.

Previous wording

Net cash used in financing activities of $11.0 million for the six months ended June 30, 2024 consisted of $14.3 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, partially offset by $3.3 million in proceeds from the exercise of stock options.

Current wording

Net cash used in financing activities of $14.1 million for the nine months ended September 30, 2024 consisted of $19.7 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, partially offset by $5.6 million in proceeds from the exercise of stock options.

Previous wording

In April 2025, the Company entered into a new private pricing addendum with Amazon Web Services (“AWS”) for cloud computing infrastructure, which replaced the Company's prior agreement with AWS and terminated the remaining commitments under the prior agreement. Under the terms of the agreement, the Company has a minimum purchase commitment of $326.3 million in AWS services through March 2031. As of June 30, 2025, the Company had utilized $9.1 million of this commitment.

Current wording

In April 2025, the Company entered into a new private pricing addendum with Amazon Web Services (“AWS”) for cloud computing infrastructure, which replaced the Company's prior agreement with AWS and terminated the remaining commitments under the prior agreement. Under the terms of the agreement, the Company has a minimum purchase commitment of $326.3 million in AWS services through March 2031. As of September 30, 2025, the Company had utilized $25.1 million of this commitment.

Previous wording

During the six months ended June 30, 2025, there were no additional material changes in our contractual obligations and other commitments outside of those disclosed in the 2024 Form 10-K, other than an increase in our lease commitments. See Note 9 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on our commitments and contingencies.

Current wording

During the nine months ended September 30, 2025, there were no additional material changes in our contractual obligations and other commitments outside of those disclosed in the 2024 Form 10-K, other than an increase in our lease commitments. See Note 9 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on our commitments and contingencies.

Previous wording

Our unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. There have been no changes to our critical accounting policies and estimates, during the six months ended June 30, 2025 as compared to those disclosed in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2024 Form 10-K.

Current wording

Our unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. There have been no changes to our critical accounting policies and estimates, during the nine months ended September 30, 2025 as compared to those disclosed in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2024 Form 10-K.