Amplitude, Inc.

Previous 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.

Current wording

We believe that our AI-powered 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 June 30, 2026 and 2025, we had 824 and 634 customers, respectively, that each represented greater than $100,000 in ARR, representing a 30% 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, 2026 and 2025, our dollar-based net retention rate for the trailing 12 months ("TTM") was 105% and 99%, respectively, for paying customers. Additionally, our ending dollar-based net retention rate for paying customers as of June 30, 2026 and 2025, was 103% and 104%, 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, 2026 and 2025, we had 855 and 653 customers, respectively, that each represented greater than $100,000 in ARR, representing a 31% 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, 2026 and 2025, our dollar-based net retention rate for the trailing 12 months ("TTM") was 104% and 102%, respectively, for paying customers. Additionally, our ending dollar-based net retention rate for paying customers as of September 30, 2026 and 2025, was 103% and 104%, respectively.

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 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. In April 2026, we launched Amplitude AI Assistant, an embedded support agent that answers questions with behavioral data and user insights, guides users through tasks, and shows product teams whether problems are truly fixed. In May 2026, we launched the Amplitude AI plugin, which bundles the Amplitude MCP server with more than 25 reusable skills so external AI agents can analyze data, plan instrumentation, and monitor experiments directly. We also began a closed beta of Wave, our product agent that analyzes usage data and code to surface what to build next, orchestrate the work, and measure the impact. In June 2026, we launched Zoning Insights, which overlays conversion metrics directly on live pages so teams can see which elements drive engagement and revenue.

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. In April 2026, we launched Amplitude AI Assistant, an embedded support agent that answers questions with behavioral data and user insights, guides users through tasks, and shows product teams whether problems are truly fixed. In May 2026, we launched the Amplitude AI plugin, which bundles the Amplitude MCP server with more than 25 reusable skills so external AI agents can analyze data, plan instrumentation, and monitor experiments directly. We also began a closed beta of Wave, our product agent that analyzes usage data and code to surface what to build next, orchestrate the work, and measure the impact. In June 2026, we launched Zoning Insights, which overlays conversion metrics directly on live pages so teams can see which elements drive engagement and revenue. In June 2026, we made available Custom Agents, which enable customers to configure AI agents that automatically run recurring workflows on their product and customer data, together with Agent Connectors, which allow Amplitude agents to access and take action in third-party tools such as …

Excerpt shortened here; the source contains the full paragraph.

Previous wording

We believe the evolution of our technology and platform will lead to increased retention and positive customer referrals that will continue to generate expansion opportunities within our existing installed base and from new customers. We plan to continue to invest in our research and development organization to maintain and strengthen our market leadership position, and we believe that attracting the best engineering and AI talent will continue to be critical to our long-term success. As we continue to invest in our platform, we expect our research and development expenses, including those capitalized for internal-use software, to increase in dollar amounts 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 believe the evolution of our technology and platform will lead to increased retention and positive customer referrals that will continue to generate expansion opportunities within our existing installed base and from new customers. We plan to continue to invest in our research and development organization to maintain and strengthen our market leadership position, and attracting skilled engineering and AI talent will continue to be critical to our long-term success. As we continue to invest in our platform, we expect our research and development expenses, including those capitalized for internal-use software, to increase in dollar amounts 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, 2026, 40% 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

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, 2026, 40% 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

We calculate dollar-based net retention rate as of a period-end by starting with the ARR from the cohort of all customers as of 12 months prior to such period-end (the “Prior Period ARR”). We then calculate the ARR from these same customers as of the current period-end (the “Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers as well as any overage charges in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based net retention rate (“NRR”). We then calculate the average of the trailing 12-month dollar-based net retention rates, to arrive at the dollar-based net retention rate (“NRR (TTM)”).

Current wording

We calculate dollar-based net retention rate as of a period-end by starting with the ARR from the cohort of all customers as of 12 months prior to such period-end (the “Prior Period ARR”). We then calculate the ARR from these same customers as of the current period-end (the “Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers as well as any overage charges in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based net retention rate. We then calculate the average of the trailing 12-month dollar-based net retention rates, to arrive at the dollar-based net retention rate (“NRR (TTM)”).

Previous wording

We define non-GAAP gross profit and non-GAAP gross margin as U.S. GAAP gross profit and U.S. GAAP gross margin, respectively, excluding stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, acquisition-related cost, and non-recurring costs such as restructuring and other related charges. Non-GAAP gross margin is calculated as non-GAAP gross profit divided by total revenue.

Current wording

We define non-GAAP gross profit and non-GAAP gross margin as U.S. GAAP gross profit and U.S. GAAP gross margin, respectively, excluding stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, acquisition-related cost, and non-recurring costs such as impairment of capitalized software and restructuring and other related charges. Non-GAAP gross margin is calculated as non-GAAP gross profit divided by total revenue.

Previous wording

We define non-GAAP income (loss) from operations and non-GAAP income (loss) from operations margin as U.S. GAAP income (loss) from operations and U.S. GAAP loss from operations margin, respectively, excluding stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, acquisition-related cost, and non-recurring costs such as restructuring and other related charges. Non-GAAP income (loss) from operations margin is calculated as non-GAAP income (loss) from operations divided by total revenue.

Current wording

We define non-GAAP income (loss) from operations and non-GAAP income (loss) from operations margin as U.S. GAAP income (loss) from operations and U.S. GAAP loss from operations margin, respectively, excluding stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, acquisition-related cost, and non-recurring costs such as impairment of capitalized internal-use software and restructuring and other related charges. Non-GAAP income (loss) from operations margin is calculated as non-GAAP income (loss) from operations divided by total revenue.

Previous wording

We exclude stock-based compensation expense and related employer payroll taxes, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. We exclude amortization of intangible assets, which is a non-cash expense, related to business combinations from certain of our non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of our business. We exclude acquisition-related costs because they are directly attributable to the acquisition, are not reflective of our ongoing cost structure, and are inconsistent in amount and frequency with the operation of our business. Although we exclude these expenses from certain non-GAAP financial measures, the revenue from acquired companies subsequent to the date of acquisition is reflected in these measures and the acquired intangible assets contribute to our revenue generation. We exclude non-recurring costs from certain of our non-GAAP financial measures because such expenses do not repeat period over period and are not reflective of the ongoing operation of our business.

Current wording

We exclude stock-based compensation expense and related employer payroll tax expenses, from certain of our non-GAAP financial measures. We exclude stock-based compensation expense, which is a non-cash expense, because we believe its exclusion provides meaningful supplemental information regarding our operating performance. We exclude related employer payroll tax expenses, which are cash expenses, because such expenses depend on the price of the Company’s common stock and other factors beyond the Company's control and do not correlate to the operation of the Company's business. We exclude amortization of acquired intangible assets, which is a non-cash expense, associated with business combinations from certain of our non-GAAP financial measures because it has no direct correlation to the operation of our business. We exclude acquisition-related costs because they are directly attributable to the acquisition, are not reflective of our ongoing cost structure, and are inconsistent in amount and frequency with the operation of our business. Although we exclude these expenses from certain non-GAAP financial measures, the revenue from acquired companies subsequent to the date of acquisition is reflected in these measures and the acquired intangible assets contribute to our revenue generation. We exclude impairment charges related to capitalized internal-use software, which are non-cash expenses from certain of our non-GAAP financial measures because such expenses are not indicative of our ongoing operating performance. We exclude non-recurring costs from certain of our non-GAAP financial measures because such expenses do not repeat period over period and are not reflective of the ongoing operation of our business.

Previous wording

We use non-GAAP gross profit, non-GAAP gross margin and non-GAAP income (loss) from operations margin in conjunction with traditional U.S. GAAP measures to evaluate our financial performance. We believe that these measures provide our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.

Current wording

We use non-GAAP gross profit, non-GAAP gross margin and non-GAAP income (loss) from operations margin in conjunction with traditional U.S. GAAP measures to evaluate our financial performance. We believe these measures provide management and investors with consistency and comparability to our past financial performance and facilitate period-to-period comparisons.

Previous wording

We define free cash flow as net cash provided by (used in) operating activities, less cash used for purchases of property and equipment and capitalized internal-use software costs. Free cash flow margin is calculated as free cash flow divided by total revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors with information about our ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives.

Current wording

We define free cash flow as net cash provided by (used in) operating activities, less cash used for purchases of property and equipment and capitalized internal-use software costs. Free cash flow margin is calculated as free cash flow divided by total revenue. We believe free cash flow and free cash flow margin are useful indicators of liquidity that provide management and investors insight into our ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives.

Previous wording

We generate revenue primarily from sales of subscription services for customers to access our platform. Revenue is driven primarily by the number of paying customers and the level of subscription plan. We generally recognize revenue ratably over the related contractual term beginning on the date that the platform is made available to a customer. Revenue from professional services have primarily been attributed to implementation and training services. We recognize professional services revenue as services are delivered.

Current wording

We generate revenue primarily from sales of subscription services for customers to access our platform. Revenue is driven primarily by the number of paying customers and the level of subscription plan. We generally recognize revenue ratably over the related contractual term beginning on the date that the platform is made available to a customer. Revenue from professional services has primarily been attributed to implementation and training services. We recognize professional services revenue as services are delivered.

Previous wording

Cost of revenue consists primarily of the cost of providing our platform to our customers and consists of third-party hosting fees, personnel and related expenses for our operations and support personnel, and amortization of our capitalized internal-use software and acquired developed software. As we acquire new customers and existing customers increase their use of our platform, we expect that our cost of revenue will increase in dollar amounts.

Current wording

Cost of revenue consists primarily of the cost of providing our platform to our customers and consists of third-party hosting fees, inference cost, personnel and related expenses for our operations and support personnel, and amortization of our capitalized internal-use software and acquired developed software. As we acquire new customers and existing customers increase their use of our platform, we expect that our cost of revenue will increase in dollar amounts.

Previous wording

Six months ended June 30, 2026 amounts reflect a $0.8 million reclassification of restructuring expenses incurred in the first quarter of 2026 from Sales and Marketing and General and Administrative expenses to Restructuring and Other Related Charges.

Current wording

Nine months ended September 30, 2026 balance reflects a $0.8 million reclassification of restructuring expenses incurred in the first quarter of 2026 from Sales and Marketing and General and Administrative expenses to Restructuring and Other Related Charges.

Previous wording

Revenue increased by $17.6 million, or 21%, and $31.2 million, or 19%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively. The increases were primarily driven by growth in our paying customer base, including approximately $6.5 million of revenue contributed by customers from the Statsig asset acquisition during the three months ended June 30, 2026, as well as expansion within our existing 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 June 30, 2026.

Current wording

Revenue increased by $22.1 million, or 25%, and $53.2 million, or 21%, for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively. The increases were primarily driven by growth in our paying customer base, expansion within our existing customer base, and customer contracts acquired from Statsig; partially offset by customer churn which was lower than our expansion of existing customers as reflected by our NRR (TTM) of 104% as of September 30, 2026.

Previous wording

Cost of revenue increased $9.0 million, or 39%, and $14.0 million, or 32%, for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025. The increases were primarily driven by a $4.9 million and $6.4 million increase, respectively, in third-party hosting costs, as we increased capacity to support paying customer usage and growth in our paying customer base, including the customers acquired from Statsig; a $2.7 million and $3.4 million increase, respectively, in subscription software costs; and a $0.8 million and $2.4 million increase, respectively, in personnel and services-related costs.

Current wording

Cost of revenue increased $13.2 million, or 57%, and $27.2 million, or 41%, for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025. The increases were primarily driven by a $9.6 million and $18.9 million increase, respectively, in third-party hosting and inference costs, as we increased capacity to support paying customer usage and growth in our paying customer base, including the customers acquired from Statsig; a $2.2 million and $5.1 million increase, respectively, in personnel and services-related costs, a $0.8 million and $2.4 million increase, respectively, in amortization expense, and a $0.6 million increase in stock-based compensation expense for each respective period.

Previous wording

During the three months ended June 30, 2026, we completed the second phase of our restructuring plan initiated in the first quarter of 2026, which was undertaken to reduce our workforce and streamline operations. We recognized restructuring and other related charges of $2.1 million and $2.9 million for the three and six months ended June 30, 2026, respectively, consisting primarily of employee severance and related benefits costs. We do not expect to incur material additional charges related to this restructuring plan.

Current wording

We did not incur any restructuring and other related charges during the three months ended September 30, 2026. During the nine months ended September 30, 2026, we incurred $2.9 million of restructuring and other related charges, consisting primarily of employee severance and related benefits in connection with the 2026 Restructuring Program.

Previous wording

Other income (expense), net decreased $1.2 million, or 41%, and $2.0 million, or 35%, during the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025. The decreases were primarily driven by $1.2 million and $2.0 million decrease, respectively, in interest income driven by a lower average invested balances following the sales and maturities of investments during the period.

Current wording

Other income (expense), net decreased $1.4 million, or 53%, and $3.4 million, or 41%, for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025. The decreases were primarily driven by lower average invested balances following the sales and maturities of investments.

Previous wording

Provision for (benefit from) income taxes increased $0.7 million, or 118%, and $1.0 million, or 73%, for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025. The increases were primarily driven by an increase in foreign taxes.

Current wording

Provision for (benefit from) income taxes increased $0.2 million, or 20%, and $1.1 million, or 51%, for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025. The increases were primarily driven by an increase in foreign taxes.

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 $604.3 million as of June 30, 2026. We generated positive cash flows from operating activities for the six months ended June 30, 2026, and 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.

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 $628.8 million as of September 30, 2026. We generated positive cash flows from operating activities for the nine months ended September 30, 2026, and 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 June 30, 2026, our principal sources of liquidity were cash and cash equivalents of $73.8 million and restricted cash of $0.9 million. We also had $87.6 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, 2026, we had $163.5 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 September 30, 2026, our principal sources of liquidity were cash and cash equivalents of $58.9 million. We also had $95.4 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, 2026, we had $166.0 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 $14.0 million for the six months ended June 30, 2026 reflects our net loss of $57.9 million, adjusted by non-cash items of $57.0 million, consisting primarily of stock-based compensation expense of $46.8 million, depreciation and amortization of $6.1 million, non-cash operating lease costs of $2.2 million, and other non-cash adjustments of $2.0 million. Net cash provided by changes in our operating assets and liabilities was $14.9 million. The primary sources of cash from changes in operating assets and liabilities were a $23.4 million increase in deferred revenue driven by the timing of billings in excess of revenue recognized and, a $8.4 million increase in accrued expenses due to the timing of accruals. These sources were partially offset by a $5.5 million decrease in accounts payable due to the timing of payments, a $5.2 million increase in accounts receivable due to the timing of billings and collections, a $4.7 million increase in deferred commissions corresponding with new and renewed customer contracts, a $1.2 million decrease in operating lease liabilities, and a $0.5 million increase in prepaid expenses and other current assets.

Current wording

Net cash provided by operating activities of $21.1 million for the nine months ended September 30, 2026 reflects our net loss of $82.4 million, adjusted by non-cash items of $89.4 million, consisting primarily of stock-based compensation expense of $74.5 million, depreciation and amortization of $9.6 million, non-cash operating lease costs of $3.2 million, bad debt expense of $0.9 million, and other non-cash adjustments of $1.2 million. Operating assets and liabilities provided $14.1 million of net cash. The primary sources of cash were a $25.9 million increase in deferred revenue, a $7.8 million increase in accrued expenses, and a $1.8 million increase in accounts payable. These sources were partially offset by a $9.3 million increase in accounts receivable, an $8.1 million increase in deferred commissions, a $2.7 million increase in prepaid expenses and other current assets, and a $1.7 million decrease in operating lease liabilities.

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 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 $16.7 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 decrease 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 of $81.7 million, consisting primarily of 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 adjustments of $1.0 million. Operating assets and liabilities provided $6.2 million of net cash. The primary sources of cash were a $13.3 million net increase in cash from changes in accounts receivable and deferred revenue, reflecting collections outpacing revenue recognized, and a $7.5 million net increase in accrued expenses and accounts payable. These sources were partially offset by a $7.0 million increase in deferred commissions, a $4.1 million decrease in operating lease liabilities, and a $3.5 million increase in prepaid expenses and other current and noncurrent assets.

Previous wording

Net cash provided by investing activities of $79.2 million for the six months ended June 30, 2026 consisted of $56.8 million of cash received from sales of marketable securities and $36.2 million of cash received from the maturities of marketable securities. These proceeds were partially offset by $10.2 million of purchases of marketable securities, $1.7 million of capitalized internal-use software development costs, $1.7 million in purchases of property and equipment, and $0.2 million of bridge loan issuances.

Current wording

Net cash provided by investing activities of $69.6 million for the nine months ended September 30, 2026 consisted of $56.8 million of cash received from sales of marketable securities and $56.6 million of cash received from maturities of marketable securities. These proceeds were partially offset by $39.0 million of purchases of marketable securities, $2.5 million of capitalized internal-use software development costs, $2.2 million of purchases of property and equipment, and $0.2 million of bridge-loan issuances.

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 used in financing activities of $100.4 million for the six months ended June 30, 2026, primarily consisted of $89.5 million of repurchases of common stock under our share repurchase program, $11.7 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, and $0.1 million of cash paid for an acquisition holdback. These were partially offset by $0.9 million in proceeds from the exercise of stock options.

Current wording

Net cash used in financing activities of $112.9 million for the nine months ended September 30, 2026 primarily consisted of $89.5 million of common-stock repurchases, $25.7 million of net tax remittances on equity awards, $0.7 million of excise tax paid on share repurchases, and $0.4 million paid for acquisition holdbacks. These uses were partially offset by $3.3 million of proceeds from stock-option exercises.

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

Our RPO represents the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancellable contracted amounts that will be invoiced and recognized as revenue in future periods. RPO excludes performance obligations from overages. RPO is influenced by a number of factors, including the timing of renewals, the timing of purchases, average contract terms, and seasonality. Due to these factors, it is important to review RPO in conjunction with product revenue and other financial metrics disclosed elsewhere in this Quarterly Report on Form 10-Q.

Current wording

Our RPO represents the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancellable contracted amounts that will be invoiced and recognized as revenue in future periods. RPO excludes performance obligations from overages. RPO is influenced by a number of factors, including the timing of renewals, the timing of purchases, average contract terms, and seasonality. Due to these factors, it is important to review RPO in conjunction with revenue and other financial metrics disclosed elsewhere in this Quarterly Report on Form 10-Q.

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, 2026, the Company had utilized $59.1 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, 2026, the Company had utilized $78.2 million of this commitment.

Previous wording

During the six months ended June 30, 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.

Current wording

See Note 9 to our condensed consolidated financial statements included in the 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, 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.

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, 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.