Q2 Holdings, Inc.

Previous wording

We define a Registered User as an individual associated with an account holder of a customer with an active consumer digital banking solution who has registered to use one or more of our digital banking solutions and has current access to use those solutions as of the last day of the reporting period presented. Growth in Registered Users is driven by expansion within existing customer relationships, increased adoption of digital banking services by end users and the addition of new customers.

Current wording

We define a Registered User as an individual associated with an account holder of a customer with an active consumer digital banking solution who has registered to use one or more of our digital banking solutions and has current access to use those solutions as of the last day of the reporting period presented. Growth in Registered Users is driven by expansion within existing customer relationships, increased adoption of digital banking services by end users and the addition of new customers. Over time, we expect the number of Registered Users to grow at a faster rate than the number of related Customer Accounts as customers increase penetration across their user bases, although growth may fluctuate from period to period. Our customers had approximately 27.3 million, 24.7 million and 22.0 million Registered Users as of December 31, 2025, 2024 and 2023, respectively. Registered Users as of June 30, 2026 were 27.8 million compared to 26.2 million as of June 30, 2025.

Previous wording

We believe that our ability to retain our customers and expand their use of our products and services over time is an indicator of the stability of our revenue base and the long-term value of our customer relationships. One of the ways we assess our performance in this area is through our net revenue retention rate and subscription net revenue retention rate, or collectively our net revenue retention rates. We calculate our net revenue retention rate as the total revenues in a calendar year, excluding any revenues from acquired customers during such year, from customers who were implemented on any of our solutions as of December 31 of the prior year, expressed as a percentage of the total revenues during the prior year from the same group of customers. Similarly, we calculate our subscription net revenue retention rate as total subscription revenues in a calendar year from customers who were implemented on any of our solutions as of December 31 of the prior year, expressed as a percentage of total subscription revenues for the prior year from the same group of customers. Our net revenue retention rates provide insight into the impact on current year revenues of: the number of new customers implemented on any of our solutions during the prior year; the timing of our implementation of those new customers in the prior year; growth in the number of End Users on such solutions and changes in their usage of such solutions; and sales of new products and services to our existing customers during the current year, excluding any products or services resulting from businesses acquired during such year and customer attrition. The most significant drivers of changes in our net revenue retention rates each year have historically been the number of new customers in the prior year and the timing of our implementation of those new customers. The timing of our implementation of new customers in the prior year is significant because we do not start recognizing revenues from new customers until they are implemented. As an example, if implementations are weighted more heavily in the first or second half of the prior year, both our net revenue retention rate and subscription net revenue retention rate will be lower or higher, respectively, in the subsequent year. Our use of net revenue retention rate and subscription net revenue retention rate have limitations as analytical tools, and investors should not consider them in isolation. Other companies in our industry may calculate net revenue retention rates differently, which reduces their usefulness as a comparative measure. Our net revenue retention rate was 113%, 109% and 108% for the years ended December 31, 2025, 2024 and 2023, respectively, and our subscription net revenue retention rate was 115%, 114% and 112% for the years ended December 31, 2025, 2024 and 2023, respectively.

Current wording

We believe that our ability to retain our customers and expand their use of our products and services over time is an indicator of the stability of our revenue base and the long-term value of our customer relationships. One of the ways we assess our performance in this area is through our net revenue retention rate and subscription net revenue retention rate, which we refer to collectively as our net revenue retention rates. We calculate our net revenue retention rate as the total revenues in a calendar year, excluding any revenues from acquired customers during such year, from customers who were implemented on any of our solutions as of December 31 of the prior year, expressed as a percentage of the total revenues during the prior year from the same group of customers. Similarly, we calculate our subscription net revenue retention rate as total subscription revenues in a calendar year from customers who were implemented on any of our solutions as of December 31 of the prior year, expressed as a percentage of total subscription revenues for the prior year from the same group of customers. Our net revenue retention rates provide insight into the impact on current year revenues of: the number of new customers implemented on any of our solutions during the prior year; the timing of our implementation of those new customers in the prior year; growth in the number of End Users on such solutions and changes in their usage of such solutions; and sales of new products and services to our existing customers during the current year, excluding any products or services resulting from businesses acquired during such year and customer attrition. The most significant drivers of changes in our net revenue retention rates each year have historically been the number of new customers in the prior year and the timing of our implementation of those new customers. The timing of our implementation of new customers in the prior year is significant because we do not start recognizing revenues from new customers until they are implemented. As an example, if implementations are weighted more heavily in the first or second half of the prior year, both our net revenue retention rate and subscription net revenue retention rate will be lower or higher, respectively, in the subsequent year. Our use of net revenue retention rate and subscription net revenue retention rate have limitations as analytical tools, and investors should not consider them in isolation. Other companies in our industry may calculate net revenue retention rates differently, which reduces their usefulness as a comparative measure. Our net revenue retention rate was 113%, 109% and 108% for the years ended December 31, 2025, 2024 and 2023, respectively, and our subscription net revenue retention rate was 115%, 114% and 112% for the years ended December 31, 2025, 2024 and 2023, respectively.

Previous wording

Our Subscription ARR was $780.1 million, $681.9 million and $593.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. Subscription ARR as of March 31, 2026 was $802.3 million compared to $702.4 million as of March 31, 2025. Our Total ARR was $921.4 million, $824.2 million and $734.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. Total ARR as of March 31, 2026 was $944.9 million compared to $846.6 million as of March 31, 2025.

Current wording

Our Subscription ARR was $780.1 million, $681.9 million and $593.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. Subscription ARR as of June 30, 2026 was $825.5 million compared to $716.0 million as of June 30, 2025. Our Total ARR was $921.4 million, $824.2 million and $734.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. Total ARR as of June 30, 2026 was $970.8 million compared to $860.6 million as of June 30, 2025.

Previous wording

We define adjusted EBITDA as net income before stock-based compensation, transaction-related costs, depreciation, amortization, lease and other restructuring charges, non-recurring legal settlements, provision for income taxes and interest and other income, net. We believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results for the following reasons:

Current wording

We define adjusted EBITDA as net income before stock-based compensation, transaction-related costs, depreciation and amortization, lease and other restructuring charges, non-recurring legal settlements, provision for income taxes and interest and other income, net. We believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results for the following reasons:

Previous wording

Cost of revenues is comprised primarily of salaries and other personnel-related costs, including employee benefits, bonuses and stock-based compensation, for employees providing services to our customers. This includes the costs of our personnel performing implementations and customer support. Cost of revenues also includes third-party public cloud service providers, the direct costs of bill-pay and other third-party intellectual property included in our solutions, amortization of deferred solution and services costs, amortization of certain software development costs, debit card related pass-through fees, an allocation of general overhead costs, the amortization of acquired technology intangibles, referral fees, co-location facility costs and depreciation of our data center assets. We allocate general overhead expenses to all departments based on the number of employees in each department, which we consider to be a fair and representative means of allocation.

Current wording

Cost of revenues is comprised primarily of salaries and other personnel-related costs, including employee benefits, bonuses and stock-based compensation, for employees providing services to our customers. This includes the costs of our personnel performing implementations and customer support. Cost of revenues also includes third-party public cloud service providers, the direct costs of bill-pay and other third-party intellectual property included in our solutions, amortization of deferred solution and services costs, amortization of certain software development costs, debit card related pass-through fees, an allocation of general overhead costs, including access to AI-powered productivity and development tools for our employees, the amortization of acquired technology intangibles, referral fees, co-location facility costs and depreciation of our data center assets. We allocate general overhead expenses to all departments based on the number of employees in each department, which we consider to be a fair and representative means of allocation.

Previous wording

Operating expenses primarily consist of sales and marketing, research and development and general and administrative expenses. They also include costs related to our acquisitions and the resulting amortization of acquired intangible assets from those acquisitions. Over the long term, we intend to continue to hire new employees and make other investments to support our anticipated growth, and as a result, we expect our operating expenses to increase in absolute dollars but to decrease as a percentage of revenues over the long term as we grow our business.

Current wording

Operating expenses primarily consist of sales and marketing, research and development and general and administrative expenses. They also include costs related to our acquisitions and the resulting amortization of acquired intangible assets from those acquisitions. Over the long term, we intend to continue to hire new employees and make other investments to support our anticipated growth, including access to AI-powered productivity and development tools for our employees, and as a result, we expect our operating expenses to increase in absolute dollars but to decrease as a percentage of revenues over the long term as we grow our business.

Previous wording

(1)Includes amortization of acquired technology of $4.3 million and $5.5 million for the three months ended March 31, 2026 and 2025, respectively.

Current wording

(1)Includes amortization of acquired technology of $4.3 million and $5.5 million for the three months ended June 30, 2026 and 2025, respectively, and $8.7 million and $11.0 million for each of the six months ended June 30, 2026 and 2025, respectively.

Previous wording

(1)Includes amortization of acquired technology of 2.0% and 2.9% for the three months ended March 31, 2026 and 2025, respectively.

Current wording

(1)Includes amortization of acquired technology of 2.0% and 2.8% for the three months ended June 30, 2026 and 2025, respectively, and 2.0% and 2.9% for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Comparison of the Three Months Ended March 31, 2026 and 2025

Current wording

Comparison of the Three and Six Months Ended June 30, 2026 and 2025

Previous wording

The increase in revenue was primarily attributable to a $25.6 million increase in subscription revenue from the sale of additional solutions to new and existing customers and growth in expansions with existing customers and a $2.0 million increase in services and other revenue, partially offset by a $0.8 million decrease in transactional revenue.

Current wording

During the three months ended June 30, 2026, the increase in revenues was primarily attributable to a $24.4 million increase in subscription revenue from the sale of additional solutions to new and existing customers and growth in expansions with existing customers and a $1.2 million increase in transactional revenue, partially offset by a $0.9 million decrease in services and other revenue.

Previous wording

We have observed improved subscription bookings and associated revenue primarily from our digital banking solutions from both initial bookings with new customers and expansions with existing customers. For the three months ended March 31, 2026, our subscription revenue growth was 17% as compared to the prior year period, and we expect subscription revenue will continue to increase as a percentage of total revenue.

Current wording

We have observed improved subscription bookings and associated revenue primarily from our digital banking solutions from both initial bookings with new customers and expansions with existing customers. For the three and six months ended June 30, 2026, our subscription revenue growth was 15% and 16%, respectively, as compared to the prior year period, and we expect subscription revenue will continue to increase as a percentage of total revenue.

Previous wording

The decrease in cost of revenues was primarily attributable to a $1.6 million decrease as a result of higher capitalized implementation costs, a $1.2 million decrease in amortization of acquired technology that was fully amortized during the prior year and a $0.4 million net decrease in personnel costs, largely from stock-based compensation, significantly offset by a $1.9 million increase from the amortization of capitalized software development and capitalized implementation services, a $0.6 million increase in overhead costs and a $0.5 million net increase in third-party public cloud service provider costs and software costs resulting from the increased infrastructure necessary to support growing customer activity and migration to third-party public cloud service providers.

Current wording

During the three months ended June 30, 2026, the decrease in cost of revenues was primarily attributable to a $1.7 million decrease in depreciation of our data center assets resulting from our migration to third-party public cloud service providers, a $1.3 million decrease as a result of higher capitalized implementation costs and a $1.2 million decrease in amortization of acquired technology that was fully amortized during the prior year, partially offset by a $1.3 million increase from the amortization of capitalized software development and capitalized implementation services, a $1.2 million increase in third-party public cloud service provider costs and software costs necessary to support growing customer activity and a $0.7 million increase in allocated overhead costs, which includes AI-related usage costs and facilities costs.

Previous wording

The decrease in sales and marketing was primarily attributable to a $0.4 million decrease in personnel costs, largely from stock-based compensation and a $0.4 million decrease in other discretionary expenses.

Current wording

During the six months ended June 30, 2026, the decrease in sales and marketing was primarily attributable to a $2.2 million decrease in personnel costs, largely from stock-based compensation and a $0.4 million decrease in other discretionary expenses, partially offset by a $0.7 million increase in allocated overhead, which includes AI-related usage costs and facilities costs.

Previous wording

The increase in research and development was primarily attributable to a $4.4 million increase in personnel costs as a result of the growth in our research and development organization to support continued enhancements to our solutions, an $0.8 million increase in overhead costs and a $0.4 million increase in software and other discretionary expenses, partially offset by a $1.6 million decrease from higher capitalization of software development costs.

Current wording

During the six months ended June 30, 2026, the increase in research and development was primarily attributable to an $8.2 million increase in personnel costs as a result of the growth in our research and development organization to support continued enhancements to our solutions, a $1.9 million increase in allocated overhead costs, which includes AI-related usage costs and facilities costs and a $1.2 million increase in software and other discretionary expenses, partially offset by a $3.1 million decrease from higher capitalization of software development costs.

Previous wording

We intend to continue our investments in our software development teams and the associated technology in order to serve our customers and support our growth. We anticipate that research and development expenses will increase in absolute dollars in the future as we continue to support and expand our platform and enhance our existing solutions, as we believe existing customers will have an increased focus on maintaining and improving their digital offerings. While research and development expenses as a percentage of revenue may fluctuate on a near-term basis, we expect such expenses to decline as a percentage of our revenues over the long term as our revenues grow and we realize cost efficiencies in the business.

Current wording

We intend to continue our investments in our software development teams and the associated technology, including AI-related usage, in order to serve our customers and support our growth. We anticipate that research and development expenses will increase in absolute dollars in the future as we continue to support and expand our platform and enhance our existing solutions, as we believe existing customers will have an increased focus on maintaining and improving their digital offerings. While research and development expenses as a percentage of revenue may fluctuate on a near-term basis, we expect such expenses to decline as a percentage of our revenues over the long term as our revenues grow and we realize cost efficiencies in the business.

Previous wording

The decrease in general and administrative expenses was primarily attributable to a $1.8 million non-recurring legal settlement charge in the prior year related to certain litigation, significantly offset by a $1.4 million increase in personnel costs, including stock-based compensation, to support the growth of our business and a $0.3 million net increase in other discretionary expenses.

Current wording

During the six months ended June 30, 2026, the increase in general and administrative expenses was primarily attributable to a $1.3 million increase in personnel costs, including stock-based compensation, to support the growth of our business, a $1.2 million increase in professional services, a $0.7 million net increase in other discretionary expenses and a $0.4 million net increase in allocated overhead, which includes AI-related usage costs and facilities costs, partially offset by a $1.8 million non-recurring legal settlement charge in the prior year related to certain litigation.

Previous wording

Transaction-related costs are related to various legal and professional expenses incurred in connection with mergers, acquisition, divestitures and other corporate transactions.

Current wording

Transaction-related costs are related to various legal and professional expenses incurred in connection with mergers, acquisitions, divestitures and other corporate transactions.

Previous wording

The net decrease in lease and other restructuring charges was primarily attributable to a $1.2 million reduction in severance charges associated with restructuring or eliminating certain positions and a $0.5 million decrease related to updated assessments and ongoing expenses of previously vacated facilities.

Current wording

During the three months ended June 30, 2026, the net increase in lease and other restructuring charges was primarily attributable to a $0.6 million increase in severance charges associated with restructuring or eliminating certain positions and a $0.3 million increase related to updated assessments and ongoing expenses of previously vacated facilities.

Previous wording

The decrease in other income, net was primarily attributable to lower interest income due to lower cash investible balances resulting from the repayment of convertible notes at maturity in the prior year.

Current wording

During the three months ended June 30, 2026, the decrease in other income, net was primarily attributable to a $2.5 million decrease in interest income due to lower cash investible balances resulting from the repayment of convertible notes at maturity in the prior year and current period, partially offset by a $0.9 million realized gain on the sale of fixed assets recognized during the current period and a $0.5 million increase for decreased interest expense due to the maturities of our convertible notes.

Previous wording

The increase in provision for income taxes was primarily driven by a $1.2 million increase in state income taxes, a $0.9 million increase in federal income taxes and a $0.5 million increase in foreign income taxes.

Current wording

During the three months ended June 30, 2026, the increase in provision for income taxes was primarily driven by a $0.7 million increase in state income taxes and a $0.5 million increase in foreign income taxes, offset by a $1.1 million decrease in federal income taxes.

Previous wording

As of March 31, 2026, our principal sources of liquidity were cash, cash equivalents and investments of $378.9 million. Based upon our current levels of operations, we believe that our cash flow from operations along with our other sources of liquidity, including our ability to access capital markets and available borrowings under our $125.0 million Revolving Credit Agreement, are adequate to meet our cash requirements for the next twelve months, including the repayment of our 2026 Notes upon maturity. We also believe that our longer-term working capital, planned capital expenditures, repurchases of common stock under our share repurchase program, or the Repurchase Program, and other general corporate funding requirements will be satisfied through cash flows from operations and, to the extent necessary, from our borrowing facilities. However, if we determine a need for additional short-term or long-term liquidity, there is no assurance that such financing, if pursued, would be adequate or available on terms acceptable to us.

Current wording

As of June 30, 2026, our principal sources of liquidity were cash, cash equivalents and investments of $106.4 million. Based upon our current levels of operations, we believe that our cash flow from operations along with our other sources of liquidity, including our ability to access capital markets and available borrowings under our $125.0 million Revolving Credit Agreement, are adequate to meet our cash requirements for the next twelve months. We also believe that our longer-term working capital, planned capital expenditures, repurchases of common stock under our share repurchase program, or the Repurchase Program, and other general corporate funding requirements will be satisfied through cash flows from operations and, to the extent necessary, from our borrowing facility. However, if we determine a need for additional short-term or long-term liquidity, there is no assurance that such financing, if pursued, would be adequate or available on terms acceptable to us.

Previous wording

For the three months ended March 31, 2026, our net cash and cash equivalents provided by operating activities was $56.3 million, which consisted of net income of $26.6 million and non-cash adjustments of $40.7 million, partially offset by cash outflows from changes in operating assets and liabilities of $11.0 million. The primary drivers of cash outflows in operating assets and liabilities were a $22.8 million cash outflow resulting from an increase in accounts receivable, primarily due to the timing of annual billings, an $18.9 million cash outflow resulting from a gross increase in deferred solution costs primarily from annual commission payments and deferred implementation costs from both new customers and existing customer expansions and a $11.0 million cash outflow resulting from a decrease in accrued liabilities primarily driven by our annual bonus payout. Cash outflows were partially offset by a $45.5 million cash inflow resulting from an increase in deferred revenue due to the timing of annual billings and deposits received from customers prior to the recognition of revenue from those related payments. Non-cash adjustments primarily consisted of stock-based compensation, depreciation and amortization, amortization of deferred implementation and deferred solution and other costs, amortization of debt issuance costs, deferred income taxes and lease restructuring and impairments, partially offset by amortization of premiums and discounts on investments.

Current wording

For the six months ended June 30, 2026, our net cash and cash equivalents provided by operating activities was $117.0 million, which consisted of net income of $56.5 million and non-cash adjustments of $79.8 million, partially offset by cash outflows from changes in operating assets and liabilities of $19.3 million. The primary drivers of cash outflows in operating assets and liabilities were a $24.0 million cash outflow resulting from a gross increase in deferred solution costs primarily from annual commission payments in the prior period and deferred implementation costs from both new customers and existing customer expansion and a $19.0 million cash outflow resulting from an increase in accounts receivable, primarily due to the timing and collection of billings. Cash outflows were partially offset by a $29.2 million cash inflow resulting from an increase in deferred revenue due to the timing of annual billings and deposits received from customers prior to the recognition of revenue from those related payments. Non-cash adjustments primarily consisted of stock-based compensation, depreciation and amortization, amortization of deferred implementation and deferred solution and other costs, amortization of debt issuance costs and lease restructuring and impairments.

Previous wording

For the three months ended March 31, 2025, our net cash and cash equivalents provided by operating activities was $43.5 million, which consisted of net income of $4.8 million and non-cash adjustments of $40.4 million, partially offset by cash outflows from changes in operating assets and liabilities of $1.6 million. The primary drivers of cash outflows in operating assets and liabilities were a $20.5 million cash outflow resulting from an increase in accounts receivable, primarily due to the timing of annual billings, a $11.7 million cash outflow resulting from a net increase in deferred solution costs primarily from annual commission payments and deferred implementation costs and a $8.5 million cash outflow resulting from a decrease in accrued liabilities primarily driven by our annual bonus payout. Cash outflows were partially offset by a $36.1 million cash inflow resulting from an increase in deferred revenue due to the increase in billings for services to be provided in future periods and deposits received from customers in advance of service delivery and a $5.4 million cash inflow resulting from an increase in accounts payable primarily driven by the timing of payments. Non-cash adjustments primarily consisted of stock-based compensation, depreciation and amortization, amortization of deferred implementation and deferred solution and other costs, amortization of debt issuance costs, deferred income taxes and lease impairments, partially offset by amortization of premiums and discounts on investments.

Current wording

For the six months ended June 30, 2025, our net cash and cash equivalents provided by operating activities was $92.2 million, which consisted of net income of $16.5 million and non-cash adjustments of $84.4 million, partially offset by cash outflows from changes in operating assets and liabilities of $8.8 million. The primary drivers of cash outflows in operating assets and liabilities were a $18.2 million cash outflow resulting from an increase in accounts receivable, primarily due to the timing of annual billings, a $16.0 million cash outflow resulting from a net increase in deferred solution costs primarily from annual commission payments and deferred implementation costs and a $12.8 million cash outflow resulting from a decrease in accounts payable and accrued liabilities due to timing of payments and payment of annual bonuses during the first quarter. Cash outflows were partially offset by a $39.7 million cash inflow resulting from an increase in deferred revenue due to the increase in billings for services to be provided in future periods and deposits received from customers in advance of service delivery. Non-cash adjustments primarily consisted of stock-based compensation, depreciation and amortization, amortization of deferred implementation and deferred solution and other costs and amortization of debt issuance costs, partially offset by a decrease in deferred income taxes.

Previous wording

For the three months ended March 31, 2026, our net cash provided by investing activities was $16.4 million, consisting of $28.5 million received from the maturities of investments, partially offset by $6.6 million for the purchase of property and equipment and $5.5 million for capitalized software development costs.

Current wording

For the six months ended June 30, 2026, our net cash provided by investing activities was $36.9 million, consisting of $58.7 million received from the maturities of investments, partially offset by $13.5 million for capitalized software development costs and $8.3 million for the purchase of property and equipment.

Previous wording

For the three months ended March 31, 2025, our net cash used in investing activities was $19.5 million, consisting of $34.0 million for purchases of investments, $4.9 million for capitalized software development costs and $0.8 million for the purchase of property and equipment, partially offset by $20.2 million received from the maturities of investments.

Current wording

For the six months ended June 30, 2025, our net cash used in investing activities was $41.6 million, consisting of $66.2 million for purchases of investments, $10.5 million for capitalized software development costs and $2.1 million for the purchase of property and equipment, partially offset by $37.2 million received from the maturities of investments.

Previous wording

For the three months ended March 31, 2026, our net cash used in financing activities was $97.2 million for share repurchases under the Repurchase Program.

Current wording

For the six months ended June 30, 2026, our net cash used in financing activities was $420.5 million, consisting of $304.0 million for repayment of the 2026 Notes and $120.1 million for share repurchases under the Repurchase Program, partially offset by $3.6 million received from contributions to our ESPP to purchase our common stock.

Previous wording

For the three months ended March 31, 2025, our net cash provided by financing activities was $0.5 million, attributable to cash received from exercises of stock options.

Current wording

For the six months ended June 30, 2025, our net cash provided by financing activities was $4.2 million, attributable to cash received from exercises of stock options and contributions to our ESPP to purchase our common stock.

Previous wording

Our principal commitments consist of the 2026 Notes, non-cancelable operating leases primarily related to our facilities, minimum purchase commitments for third-party products, stadium sponsorship costs, commitment fees associated with our Revolving Credit Agreement, third-party public cloud service provider fees and other product costs. Our obligations under the 2026 Notes and Revolving Credit agreement are described in Note 9 to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. Information regarding our non-cancellable leases, non-recurring legal settlements and other purchase commitments as of March 31, 2026 can be found in Note 7 and Note 8 to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

Current wording

Our principal commitments consist of non-cancelable operating leases primarily related to our facilities, minimum purchase commitments for third-party products, stadium sponsorship costs, commitment fees associated with our Revolving Credit Agreement, third-party public cloud service provider fees and other product costs. Our obligations under the Revolving Credit agreement are described in Note 9 to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. Information regarding our non-cancellable leases and other purchase commitments as of June 30, 2026 can be found in Note 7 and Note 8 to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.