Amplitude, Inc.

Previous 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.

Current wording

Amplitude is the leading AI Analytics Platform that helps businesses understand how people are using their products so they can build amazing digital experiences that increase acquisition, monetization and retention and drive revenue growth. We work with more than 4,900 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 818 employees in ten global offices.

Previous wording

At the core of our Digital Analytics Platform is our Behavioral Graph, a proprietary, purpose-built behavioral database that is the largest of its kind. Our Behavioral Graph instantly finds patterns, makes recommendations, and connects customer actions along their journeys to the right business outcomes, like engagement, growth, and loyalty. We have also re-architected Amplitude to be AI-led from the ground up. This transformation integrates AI across our platform to deliver intelligent insights, automate complex workflows, and enable adaptive experiences for our customers. With built-in AI agents and infrastructure—not bolted-on features—Amplitude helps teams reduce guesswork and drive durable business growth.

Current wording

At the core of our AI Analytics Platform is our Behavioral Graph, a proprietary, purpose-built behavioral database that is the largest of its kind. Our Behavioral Graph instantly finds patterns, makes recommendations, and connects customer actions along their journeys to the right business outcomes, like engagement, growth, and loyalty. We have also re-architected Amplitude to be AI-led from the ground up. This transformation integrates AI across our platform to deliver intelligent insights, automate complex workflows, and enable adaptive experiences for our customers. With built-in AI agents and infrastructure—not bolted-on features—Amplitude helps teams reduce guesswork and drive durable business growth. 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, Guides and Surveys, AI Agents, Amplitude Model Context Protocol ("MCP"), AI Visibility, AI Feedback, Automated Insights, Global Agent and Specialized Agent.

Previous wording

We believe that our Digital Analytics Platform can help businesses across industries, company size, and stages of digital maturity drive better business outcomes through optimizing the digital product experience of their customers. We are focused on continuing to acquire new customers and expanding our relationships with our existing installed base to support our long-term growth. We have invested, and expect to continue to invest, in our sales and marketing efforts to drive customer acquisition.

Current wording

We believe that our AI Analytics Platform can help businesses across industries, company size, and stages of digital maturity drive better business outcomes through optimizing the digital product experience of their customers. We are focused on continuing to acquire new customers and expanding our relationships with our existing installed base to support our long-term growth. We have invested, and expect to continue to invest, in our sales and marketing efforts to drive customer acquisition.

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 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.

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 March 31, 2026 and 2025, we had 727 and 617 customers, respectively, that each represented greater than $100,000 in ARR, representing an 18% 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 March 31, 2026 and 2025, our dollar-based net retention rate for the trailing 12 months ("TTM") was 105% and 98%, respectively, for paying customers. Additionally, our ending dollar-based net retention rate for paying customers as of March 31, 2026 and 2025, was 106% and 101%, 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. 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.

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. In January 2026, we completed the acquisition of InfiniGrow Ltd., an AI marketing analytics company that helps organizations measure, forecast, and optimize the impact of marketing on revenue. The acquisition reinforces the Company’s focus on making analytics actionable and helping marketers move faster, make smarter decisions, and drive business outcomes from a single platform. 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 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.

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 February 2025, following our acquisition of CommandAI, we rolled out Guides and Surveys to help organizations improve onboarding and user engagement. 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 June 2025, we introduced Amplitude AI Agents, which turned Amplitude into a team of specialized experts that works 24/7 to analyze user behavior, run experiments, and optimize digital experiences. In October 2025, we launched Amplitude MCP server that enables teams to analyze product data, experiments, and user behavior using conversational AI. In October 2025, we launched AI Visibility, a new capability that gives marketers unprecedented insight into how their brand shows up in AI search results, accompanied by recommendations on how to improve it based on a company’s actual data. In November 2025, we launched AI Feedback, a customer feedback engine with a proprietary LLM process that automatically turns raw input into prioritized, actionable insights. In December 2025, we launched Amplitude's Automated Insights that can replicate an expert's standard analysis process in a fraction of the time. In January 2026, we launched Global Agent, a fully automated AI Analyst. Global Agent is designed to do anything a human can do in Amplitude, from creating a cohort to deploying a guide in a few minutes. In the same month, we also launched Specialized Agents, including dashboard monitoring agent, feedback agent, website conversion agent, and session replay agent.

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 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.”

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 months ended March 31, 2026, 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

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.

Current wording

Revenue increased $13.5 million, or 17%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. 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 105% as of March 31, 2026.

Previous 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.

Current wording

Cost of revenue increased $5.0 million, or 25%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. 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 $2.1 million increase in personnel and subcontractor-related expenses, including higher allocated overhead costs, and a $0.7 million increase in amortization of capitalized internal-use software development costs.

Previous 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.

Current wording

Research and development expenses increased $1.8 million, or 8%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was primarily driven by a $2.8 million increase in personnel-related expenses and a $0.3 million increase in subscription software expenses, offset by a $1.3 million decrease in stock-based compensation expenses and related payroll taxes and a $0.4 million decrease in capitalized personnel costs associated with internally developed software projects.

Previous wording

Sales and marketing expenses increased $7.4 million, or 18%, 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 $1.7 million increase in stock-based compensation expenses and related payroll taxes, a $0.7 million increase in sales event expenses, and a $0.5 million increase in variable compensation tied to changes in our compensation plans.

Current wording

Sales and marketing expenses increased $6.7 million, or 15%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was primarily driven by a $4.2 million increase in personnel-related expenses, a $0.7 million increase in travel and entertainment expenses, a $0.6 million increase in sales event expenses, a $0.5 million increase in variable compensation, and a $0.3 million increase in stock-based compensation expenses and related payroll taxes.

Previous 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.

Current wording

Other income (expense), net decreased $0.8 million, or (29)%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease was primarily due to a $0.9 million lower interest income driven by a lower combined yield on investments and cash equivalents in the three months ended March 31, 2026.

Previous 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.

Current wording

Provision for (benefit from) income taxes increased $0.3 million, or 40%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to increased foreign taxes during the three months ended March 31, 2026.

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 $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.

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 $569.7 million as of March 31, 2026. We generated negative cash flows from operating activities for the three months ended March 31, 2026; however, we have generated positive cash flows from operating activities during the years ended December 31, 2025 and 2024. 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 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.

Current wording

As of March 31, 2026, our principal sources of liquidity were cash and cash equivalents of $86.6 million and restricted cash of $0.9 million. We also had $126.9 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 March 31, 2026, we had $133.4 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

Our largest source of operating cash is cash collection from sales of subscriptions to our paying customers. Our primary uses of cash from operating activities are for personnel and related expenses, marketing expenses, and third-party hosting-related and software expenses. For the current period we have generated positive cash flows from operating activities.

Current wording

Our largest source of operating cash is cash collection from sales of subscriptions to our paying customers. Our primary uses of cash from operating activities are for personnel and related expenses, marketing expenses, and third-party hosting-related and software expenses. For the years ended December 31, 2025 and 2024, we have generated positive cash flow from operating activities; however, for the current period, we generated negative cash flows from operating activities and have supplemented working capital requirements through net proceeds from the maturities and sales of marketable securities.

Previous 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.

Current wording

Net cash used in operating activities of $11.6 million for the three months ended March 31, 2026 reflects our net loss of $23.3 million, adjusted by non-cash items such as $20.0 million stock-based compensation expense, $2.8 million depreciation and amortization, $1.1 million non-cash operating lease costs, and $0.7 million other non-cash adjustments, as well as net cash used in changes in our operating assets and liabilities of $12.9 million. The net cash used in changes in operating assets and liabilities primarily consisted of $6.4 million net decrease in cash from changes in accounts receivable and deferred revenue driven by the timing of billings and collections, $5.2 million net decrease in accrued expenses and accounts payable due to timing of payments made, $1.7 million decrease in deferred commissions, and $0.6 million decrease in operating lease liabilities. These changes were primarily offset by $1.2 million decrease in prepaid expenses and other current assets.

Previous 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.

Current wording

Net cash used in operating activities of $8.0 million for the three months ended March 31, 2025 reflects our net loss of $22.2 million, adjusted by non-cash items such as $20.6 million stock-based compensation expense, $2.3 million depreciation and amortization, and $1.1 million non-cash operating lease costs as well as net cash used in changes in our operating assets and liabilities of $10.1 million. The net cash used in changes in operating assets and liabilities primarily consisted of a $15.4 million increase in accounts receivable due to timing of billings and collections partially offset by a $7.3 million increase in deferred revenue corresponding with our increased sales.

Previous 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.

Current wording

Net cash provided by investing activities of $42.1 million for the three months ended March 31, 2026 consisted of $26.0 million of cash received from the maturities of marketable securities and $22.1 million of sales of marketable securities. These increases were partially offset by $4.2 million of purchases of marketable securities, $1.1 million of capitalized internal-use software development costs, $0.4 million in purchases of property and equipment, and $0.2 million of bridge loan issuances.

Previous 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.

Current wording

Net cash used in investing activities of $26.4 million for the three months ended March 31, 2025 consisted of $33.7 million of purchases of marketable securities, $0.8 million of capitalized internal-use software development costs, and $0.4 million in purchases of property and equipment. These decreases were partially offset by $8.6 million of cash received from the maturities of marketable securities.

Previous 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.

Current wording

Net cash used in financing activities of $25.0 million for the three months ended March 31, 2026 consisted of $4.7 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method and $20.7 million in repurchases of common stock. These decreases were partially offset by $0.5 million in proceeds from the exercise of stock options.

Previous 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.

Current wording

Net cash used in financing activities of $6.1 million for the three months ended March 31, 2025 consisted of $7.6 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, partially offset by $1.5 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 September 30, 2025, the Company had utilized $25.1 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 March 31, 2026, the Company had utilized $53.1 million of this commitment.

Previous 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.

Current wording

During the three months ended March 31, 2026, there were no additional material changes in our contractual obligations and other commitments outside of those disclosed in the 2025 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 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.

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 three months ended March 31, 2026 as compared to those disclosed in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2025 Form 10-K.