WORKIVA INC

Previous wording

The Workiva platform ensures transparency, accountability, and trust. Finance, accounting, sustainability, risk, and audit teams from more than 6,400 organizations worldwide, including more than 80% of FORTUNE® 1,000 companies, depend on Workiva for their mission-critical work. We build solutions that streamline processes, connect data and teams, and ensure consistency, all within our leading unified software-as-a-service (“SaaS”) platform. It brings financial reporting, sustainability management, and governance, risk, and compliance (“GRC”) together in a controlled, secure, and audit-ready environment.

Current wording

The Workiva platform powers transparency, accountability, and trust. Finance, accounting, sustainability, risk, and audit teams from more than 6,500 organizations worldwide, including over 85% of FORTUNE® 1,000 companies, rely on Workiva for their mission-critical work. We transform how customers connect data, unify processes, and empower teams in a secure, audit-ready, AI-powered, collaborative platform.

Previous wording

While our customers use our platform for more than 100 different use cases, across dozens of vertical industries, we organize our sales and marketing resources into three purpose-built solution groups (financial reporting, sustainability management, and GRC) focusing primarily on the office of the Chief Financial Officer (“CFO”), Chief Sustainability Officer (“CSO”), and Chief Audit Executive (“CAE”).

Current wording

While our customers use our platform for more than 100 different use cases, across dozens of vertical industries, we organize our sales and marketing resources into three purpose-built solution groups (financial reporting, sustainability management, and governance, risk and compliance (“GRC”)) focusing primarily on the office of the Chief Financial Officer (“CFO”), Chief Sustainability Officer (“CSO”), and Chief Audit Executive (“CAE”).

Previous wording

We continue to invest in the development of our solutions, infrastructure and sales and marketing to drive long-term growth. Our full-time employee headcount expanded to 2,896 at June 30, 2025 from 2,680 at June 30, 2024, an increase of 8.1%.

Current wording

We continue to invest in the development of our solutions, infrastructure and sales and marketing to drive long-term growth. Our full-time employee headcount expanded to 2,891 at September 30, 2025 from 2,751 at September 30, 2024, an increase of 5.1%.

Previous wording

We have achieved significant revenue growth in recent periods. Our revenue grew to $215.2 million and $421.5 million during the three and six months ended June 30, 2025 from $177.5 million and $353.2 million during the three and six months ended June 30, 2024. We incurred net losses of $19.4 million and $40.8 million during the three and six months ended June 30, 2025 compared to $17.5 million and $29.2 million during the three and six months ended June 30, 2024.

Current wording

We have achieved significant revenue growth in recent periods. Our revenue grew to $224.2 million and $645.6 million during the three and nine months ended September 30, 2025 from $185.6 million and $538.8 million during the three and nine months ended September 30, 2024. We generated net income of $2.8 million and incurred a net loss of $38.0 million during the three and nine months ended September 30, 2025, respectively compared to net losses of $17.0 million and $46.2 million during the three and nine months ended September 30, 2024.

Previous wording

In the U.S., volatility in the public markets has led to a decrease in the number of initial public offerings (“IPOs”) and special-purpose acquisition companies (“SPACs”) since fiscal 2022. New sales of our SEC and capital markets solutions were adversely affected by this decline in the IPO and SPAC markets. We expect reduced valuation multiples caused by higher interest rates, inflation, global trade conflicts, and geopolitical instability to continue to create uncertain impacts on the number of IPOs in fiscal year 2025. Whether and to what extent the IPO and SPAC markets will moderate cannot be accurately predicted.

Current wording

In the U.S., volatility in the public markets has led to a decrease in the number of initial public offerings (“IPOs”) and special-purpose acquisition companies (“SPACs”) since fiscal 2022. New sales of our SEC and capital markets solutions were adversely affected by this decline in the IPO and SPAC markets. Although there has been an increase recently in the number of IPOs in 2025, we continue to expect reduced valuation multiples caused by higher interest rates, inflation, global trade conflicts, the ongoing U.S. government shutdown, and geopolitical instability to continue to create uncertain impacts on the number of IPOs in fiscal year 2025. Whether and to what extent the IPO and SPAC markets will continue to moderate cannot be accurately predicted.

Previous wording

Seasonality. Our revenue from professional services has some degree of seasonality. Many of our customers employ our professional services just before they file their Form 10-K, often in the first calendar quarter. Our sales and marketing expense also has some degree of seasonality. Sales and marketing expenses have historically been higher in the third quarter due to our annual user conference typically held in September. In addition, the timing of the payments of cash bonuses to employees during the first and fourth calendar quarters may result in some seasonality in operating cash flow.

Current wording

Seasonality. Our revenue from professional services has some degree of seasonality. Many of our customers employ our professional services just before they file their Form 10-K, often in the first calendar quarter. Our sales and marketing expense also has some degree of seasonality. Sales and marketing expenses have historically been higher in the third quarter due to our annual user conference typically held in September. In addition, our operating cash flow may be affected by the timing of employee cash bonus payments during the first and fourth calendar quarters and by the timing of payouts under our commission plans in the first quarter.

Previous wording

Our gross retention rate was 97.5% as of June 30, 2025, down marginally from 97.6% as of June 30, 2024. We believe that our success in maintaining a high rate of revenue retention is attributable primarily to our robust technology platform and strong customer service. Customers whose securities were deregistered due to merger or acquisition or financial distress accounted for over half of our revenue attrition in the latest quarter.

Current wording

Our gross retention rate was 97.3% as of September 30, 2025, down marginally from 97.5% as of September 30, 2024. We believe that our success in maintaining a high rate of revenue retention is attributable primarily to our robust technology platform and strong customer service. Customers whose securities were deregistered due to merger or acquisition or financial distress accounted for over half of our revenue attrition in the latest quarter.

Previous wording

Our net retention rate including add-ons was 113.7% as of the quarter ended June 30, 2025, up from 109.2% as of June 30, 2024.

Current wording

Our net retention rate including add-ons was 113.6% as of the quarter ended September 30, 2025, up from 110.5% as of September 30, 2024.

Previous wording

We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. We serve a wide range of customers in many industries, and our revenue is not concentrated with any single customer or small group of customers. For the six months ended June 30, 2025 and 2024, no single customer represented more than 1% of our revenue, and our largest 10 customers accounted for less than 10% of our revenue in the aggregate.

Current wording

We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. We serve a wide range of customers in many industries, and our revenue is not concentrated with any single customer or small group of customers. For the nine months ended September 30, 2025 and 2024, no single customer represented more than 1% of our revenue, and our largest 10 customers accounted for less than 10% of our revenue in the aggregate.

Previous wording

Comparison of Three and Six Months Ended June 30, 2025 and 2024

Current wording

Comparison of Three and Nine Months Ended September 30, 2025 and 2024

Previous wording

Total revenue increased $37.7 million for the three months ended June 30, 2025 compared to the same quarter a year ago due primarily to a $37.5 million increase in subscription and support revenue. Growth in subscription and support revenue in the second quarter was attributable mainly to strong demand and continued solution expansion across our customer base. Revenue from professional services increased $0.2 million for the three months ended June 30, 2025 compared to the same quarter a year ago.

Current wording

Total revenue increased $38.5 million for the three months ended September 30, 2025 compared to the same quarter a year ago due to a $38.5 million increase in subscription and support revenue. Growth in subscription and support revenue in the third quarter was attributable mainly to strong demand and continued solution expansion across our customer base. Revenue from professional services was relatively flat for the three months ended September 30, 2025 compared to the same quarter a year ago.

Previous wording

Total revenue increased $68.3 million for the six months ended June 30, 2025 compared to the same period a year ago due primarily to a $68.0 million increase in subscription and support revenue. Growth in subscription and support revenue was attributable mainly to strong demand and continued solution expansion across our customer base. Revenue from professional services increased $0.3 million for the six months ended June 30, 2025 compared to the same period a year ago. We continue to transition consulting and other services to our partners and expect the revenue growth rate from subscription and support to continue to outpace revenue growth from professional services on an annual basis.

Current wording

Total revenue increased $106.8 million for the nine months ended September 30, 2025 compared to the same period a year ago due primarily to a $106.5 million increase in subscription and support revenue. Growth in subscription and support revenue was attributable mainly to strong demand and continued solution expansion across our customer base. Revenue from professional services increased $0.3 million for the nine months ended September 30, 2025 compared to the same period a year ago. We continue to transition consulting and other services to our partners and expect the revenue growth rate from subscription and support to continue to outpace revenue growth from professional services on an annual basis.

Previous wording

Cost of revenue increased $8.4 million during the three months ended June 30, 2025 compared to the same quarter a year ago. Subscription and support cost of revenue increased $7.3 million due primarily to $3.9 million in higher cash-based compensation and benefits costs, $0.6 million of additional stock-based compensation, a $0.9 million increase in the cost of licensed platform content, a $0.5 million increase in intangibles amortization related to Sustain.Life., a $0.4 million increase in travel expense, and a $0.3 million increase in software expense. The increase in compensation and travel was primarily driven by an increase in employee headcount. The increases in the cost of licensed platform content and software expense resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue increased $1.0 million due primarily to $0.4 million in higher cash-based compensation and benefits costs and $0.3 million of additional stock-based compensation, driven by standard compensation increases for existing headcount.

Current wording

Cost of revenue increased $2.7 million during the three months ended September 30, 2025 compared to the same quarter a year ago. Subscription and support cost of revenue increased $3.2 million due primarily to $2.6 million in higher cash-based compensation and benefits costs, $0.5 million of additional stock-based compensation, and a $0.8 million increase in the cost of licensed platform content partially offset by a $0.5 million decrease in travel expense. The increase in compensation was primarily driven by an increase in employee headcount. The increase in the cost of licensed platform content resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue decreased $0.5 million due primarily to a $0.6 million decrease in cash-based compensation and benefits costs partially offset by an increase of $0.2 million in stock-based compensation as we continue to transition consulting and other services to our partners.

Previous wording

Cost of revenue increased $15.2 million during the six months ended June 30, 2025 compared to the same period a year ago. Subscription and support cost of revenue increased $13.5 million due primarily to $8.0 million in higher cash-based compensation and benefits costs, $1.4 million of additional stock-based compensation, a $1.4 million increase in the cost of licensed platform content, a $1.0 million increase in intangibles amortization related to Sustain.Life, and a $0.4 million increase in software expense. The increase in compensation was primarily driven by a modest increase in employee headcount. The increases in the cost of licensed platform content and software expense resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue increased $1.7 million due primarily to $0.9 million in higher cash-based compensation and benefits costs and $0.6 million of additional stock-based compensation, driven by standard compensation increases for existing headcount.

Current wording

Cost of revenue increased $17.9 million during the nine months ended September 30, 2025 compared to the same period a year ago. Subscription and support cost of revenue increased $16.7 million due primarily to $10.6 million in higher cash-based compensation and benefits costs, $1.9 million of additional stock-based compensation, a $2.2 million increase in the cost of licensed platform content, a $1.0 million increase in intangibles amortization related to Sustain.Life, and a $0.6 million increase in software expense. The increase in compensation was primarily driven by a modest increase in employee headcount. The increases in the cost of licensed platform content and software expense resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue increased $1.2 million due primarily to $0.3 million in higher cash-based compensation and benefits costs and $0.9 million of additional stock-based compensation. The change in compensation was primarily driven by standard compensation increases for existing headcount partially offset by our continued transition of consulting and other services to our partners.

Previous wording

Research and development expenses increased $14.7 million during the six months ended June 30, 2025 compared to the same period a year ago due primarily to $10.9 million in higher cash-based compensation and benefits, $2.8 million of additional stock-based compensation, and a $1.3 million increase in professional service fees. The increase in compensation was primarily driven by a modest increase in employee headcount. The increase in professional service fees resulted primarily from our continued investment in and support of our platform and solutions.

Current wording

Research and development expenses increased $3.0 million during the three months ended September 30, 2025 compared to the same quarter a year ago due primarily to $2.8 million in higher cash-based compensation and benefits, $0.9 million of additional stock-based compensation, and a $0.5 million increase in professional service fees partially offset by a $0.5 million decrease in the cost of cloud infrastructure services and a $0.4 million decrease in travel expense. The increase in compensation was primarily driven by an increase in employee headcount. The increase in professional service fees resulted primarily from our continued investment in and support of our platform and solutions.

Previous wording

Sales and marketing expenses increased $19.3 million during the three months ended June 30, 2025 compared to the same quarter a year ago due primarily to $12.4 million in higher cash-based compensation and benefits, $1.4 million of additional stock-based compensation, a $3.7 million increase in marketing and advertising, and a $1.5 million increase in professional service fees. The increases in compensation and marketing and advertising were primarily due to an increase in employee headcount and our continued investment in our go-to-market activities. The increase in professional service fees was the result of our continued investment in and support of our platform and solutions.

Current wording

Sales and marketing expenses increased $11.4 million during the three months ended September 30, 2025 compared to the same quarter a year ago due primarily to $12.7 million in higher cash-based compensation and benefits partially offset by a $0.7 million decrease in travel expense and a $0.5 million decrease in advertising fees. The increase in compensation was primarily due to an increase in employee headcount and our continued investment in our go-to-market activities.

Previous wording

Sales and marketing expenses increased $38.4 million during the six months ended June 30, 2025 compared to the same period a year ago due primarily to $25.6 million in higher cash-based compensation and benefits, $3.1 million of additional stock-based compensation, a $4.7 million increase in marketing and advertising, a $1.9 million increase in professional service fees, a $1.6 million increase in internal event costs, and a $0.7 million in software expense. The increases in compensation and internal event costs were primarily due to an increase in employee headcount as we continue to invest in our go-to-market activities. The increases in marketing and advertising, professional service fees, and software expense were the result of our continued investment in and support of our platform and solutions.

Current wording

Sales and marketing expenses increased $49.7 million during the nine months ended September 30, 2025 compared to the same period a year ago due primarily to $38.3 million in higher cash-based compensation and benefits, $3.0 million of additional stock-based compensation, a $3.3 million increase in marketing and advertising, a $2.0 million increase in professional service fees, a $1.6 million increase in internal event costs, and a $0.9 million in software expense. The increases in compensation and internal event costs were primarily due to an increase in employee headcount as we continue to invest in our go-to-market activities. The increases in marketing and advertising, professional service fees, and software expense were the result of our continued investment in and support of our platform and solutions.

Previous wording

General and administrative expenses increased $5.5 million during the six months ended June 30, 2025 compared to the same period a year ago due primarily to $2.7 million in higher cash-based compensation and benefits, $0.2 million of additional stock-based compensation, and a $2.6 million increase in internal event costs. The increase in compensation for the three and six month periods was primarily due to a modest increase in employee headcount. The increase in internal event costs for the three and six month periods was due to a new internal event held in the second quarter.

Current wording

General and administrative expenses increased $8.6 million during the nine months ended September 30, 2025 compared to the same period a year ago due primarily to $4.7 million in higher cash-based compensation and benefits, $1.4 million of additional stock-based compensation, and a $2.6 million increase in internal event costs. The increase in compensation was due to a modest increase in employee headcount and an executive transition. The increase in internal event costs was due to a new internal event held in the second quarter.

Previous wording

Interest Income, Interest Expense, and Other (Expense) Income, Net

Current wording

Interest Income, Interest Expense, and Other Income (Expense), Net

Previous wording

During the three months ended June 30, 2025, interest income decreased $2.0 million compared to the same quarter a year ago due primarily to a decrease in our investment balance, coupled with lower interest rates. Interest expense remained relatively flat compared to the same quarter a year ago. Other expense, net increased $0.7 million compared to the same quarter a year ago due primarily to losses on foreign currency transactions.

Current wording

During the three months ended September 30, 2025, interest income decreased $0.9 million compared to the same quarter a year ago primarily due to lower interest rates. Interest expense remained relatively flat compared to the same quarter a year ago. Other income, net increased $0.7 million compared to the same quarter a year ago due primarily to gains on foreign currency transactions.

Previous wording

During the six months ended June 30, 2025, interest income decreased $3.7 million compared to the same period a year ago due primarily to a decrease in our investment balance, coupled with lower interest rates. Interest expense remained relatively flat compared to the same period a year ago. Other expense, net increased $1.0 million compared to the same period a year ago due primarily to losses on foreign currency transactions.

Current wording

During the nine months ended September 30, 2025, interest income decreased $4.6 million compared to the same period a year ago due primarily to lower interest rates. Interest expense remained relatively flat compared to the same period a year ago. Other expense, net increased $0.3 million compared to the same period a year ago due primarily to losses on foreign currency transactions.

Previous wording

As of June 30, 2025, our principal sources of liquidity were cash, cash equivalents and marketable securities totaling $813.7 million, which were held for working capital purposes. We have financed our operations primarily through cash generated from operations and issuances of convertible debt. We have generated significant operating losses as reflected in our accumulated deficit on our consolidated balance sheets. While we expect to continue to incur operating losses and may incur negative cash flows from operations in the future, we believe that current cash and cash equivalents and cash flows from operating activities will be sufficient to fund our operations for at least the next twelve months.

Current wording

As of September 30, 2025, our principal sources of liquidity were cash, cash equivalents and marketable securities totaling $856.8 million, which were held for working capital purposes. We have financed our operations primarily through cash generated from operations and issuances of convertible debt. We have generated significant operating losses as reflected in our accumulated deficit on our consolidated balance sheets. While we may incur operating losses and negative cash flows from operations in the future, we believe that current cash and cash equivalents and cash flows from operating activities will be sufficient to fund our operations for at least the next twelve months.

Previous wording

In August 2023, we issued $702.0 million aggregate principal amount of our 1.250% 2028 Notes. Proceeds from the issuance of the 2028 Notes totaled $691.1 million, net of initial purchaser discounts and issuance costs. We used $396.9 million of the net proceeds from the 2028 Notes offering to repurchase $273.8 million principal amount, together with accrued and unpaid interest thereon, of our 1.125% 2026 Notes in separate and individually negotiated transactions with certain holders. As of June 30, 2025, we had outstanding debt relating to our 2026 Notes and 2028 Notes of $70.9 million and $695.2 million, with corresponding maturity dates of August 15, 2026 and August 15, 2028, respectively.

Current wording

In August 2023, we issued $702.0 million aggregate principal amount of our 1.250% 2028 Notes. Proceeds from the issuance of the 2028 Notes totaled $691.1 million, net of initial purchaser discounts and issuance costs. We used $396.9 million of the net proceeds from the 2028 Notes offering to repurchase $273.8 million principal amount, together with accrued and unpaid interest thereon, of our 1.125% 2026 Notes in separate and individually negotiated transactions with certain holders. As of September 30, 2025, we had outstanding debt relating to our 2026 Notes and 2028 Notes of $71.0 million and $695.7 million, with corresponding maturity dates of August 15, 2026 and August 15, 2028, respectively.

Previous wording

On July 30, 2024, our board of directors authorized a share repurchase plan for up to $100.0 million of our outstanding Class A common stock (the “2024 Repurchase Plan”). The repurchases may be made in the open market or through privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means, each in compliance with Rule 10b-18 under the Exchange Act. The timing, manner, price, and amount of the repurchase will be subject to the discretion of the Company’s management, and it may be suspended or discontinued at any time. As of June 30, 2025, we have repurchased $50.1 million of our Class A common stock under the 2024 Repurchase Plan.

Current wording

On July 30, 2024, our board of directors authorized a share repurchase plan for up to $100.0 million of our outstanding Class A common stock (the “2024 Repurchase Plan”). The repurchases may be made in the open market or through privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means, each in compliance with Rule 10b-18 under the Exchange Act. The timing, manner, price, and amount of the repurchase will be subject to the discretion of the Company’s management, and it may be suspended or discontinued at any time. As of September 30, 2025, we have repurchased $60.1 million of our Class A common stock under the 2024 Repurchase Plan.

Previous wording

Cash provided by operating activities of $50.3 million for the three months ended June 30, 2025 consisted of a net loss of $19.4 million adjusted for non-cash charges of $30.3 million and net cash inflows of $39.4 million from changes in operating assets and liabilities. The change in operating assets and liabilities was driven by an increase in accrued expenses and other liabilities which was due in part to timing of accruals and payments. The increase in deferred revenue was driven by an increase in amounts invoiced during the period. The decreases in accounts payable, other assets, and prepaid expenses as well as the increase in accounts receivable were attributable primarily to the timing of cash payments and collections.

Current wording

Cash provided by operating activities of $46.2 million for the three months ended September 30, 2025 consisted of a net income of $2.8 million adjusted for non-cash charges of $32.5 million and net cash inflows of $10.9 million from changes in operating assets and liabilities. The change in operating assets and liabilities was primarily driven by an increase in deferred revenue and accounts receivable due in part to large contracts closed during the quarter coupled with growth in our customer base. The increase in accrued expenses and other liabilities was due in part to timing of accruals and payments. The increases in other receivables and prepaid expenses were attributable primarily to the timing of cash payments and collections.

Previous wording

Cash used in operating activities was flat for the three months ended June 30, 2024 and consisted of a net loss of $17.5 million adjusted for non-cash charges of $25.4 million and net cash outflows of $7.9 million from changes in operating assets and liabilities. Net cash used in operating activities was primarily due to an increase in accounts receivable driven by an increase in large contracts that were signed toward the end of the period and timing of collections from customers. The increase in large contracts also drove an increase in deferred costs, partially offset by the related increase in deferred revenue. The decreases in accounts payable, prepaid expenses, and other receivables as well as the increases in accrued expenses and other liabilities were attributable primarily to the timing of cash payments and collections.

Current wording

Cash provided by operating activities of $18.9 million for the three months ended September 30, 2024 consisted of a net loss of $17.0 million adjusted for non-cash charges of $28.5 million and net cash inflows of $7.4 million from changes in operating assets and liabilities. The change in operating assets and liabilities was primarily driven by an increase in deferred revenue which was due in part to an increase in large contracts signed in the period coupled with growth in our customer base. The increases in accounts receivable, other receivables, and accounts payable as well as the decrease in accrued expenses and other liabilities were attributable primarily to the timing of cash payments and collections.

Previous wording

Cash provided by operating activities of $24.8 million for the six months ended June 30, 2024 consisted of a net loss of $29.2 million adjusted for non-cash charges of $47.4 million and net cash inflows of $6.7 million from changes in operating assets and liabilities. The change in operating assets and liabilities was driven by a decrease in deferred revenue which was due in part to a reduction of multi-year prepaid customer contracts and timing of contract negotiations. The increase in deferred costs was primarily due to growth in subscription bookings. The increases in other assets, accounts payable, and accrued expenses and other liabilities as well as the decreases in accounts receivable, prepaid expenses, and other receivables were attributable primarily to the timing of our billings, cash collections, and cash payments.

Current wording

Cash provided by operating activities of $89.1 million for the nine months ended September 30, 2025 consisted of a net loss of $38.0 million adjusted for non-cash charges of $92.4 million and net cash inflows of $34.7 million from changes in operating assets and liabilities. The change in operating assets and liabilities was primarily driven by an increase in deferred revenue which was due in part to large contracts closed during the quarter coupled with growth in our customer base. The decrease in accrued expenses and other liabilities was due in part to timing of accruals and payments. The increases in accounts payable and prepaid expenses as well as the decreases in other receivables and other assets were attributable primarily to the timing of our billings, cash collections, and cash payments.

Previous wording

Cash used in investing activities of $8.9 million for the six months ended June 30, 2024 consisted of $98.3 million for the acquisition of Sustain.Life and $151.6 million in purchases of marketable securities partially offset by $236.7 million from the maturities of marketable securities and $4.6 million from the sale of marketable securities.

Current wording

Cash used in investing activities of $10.1 million for the three months ended September 30, 2025 consisted of $107.3 million in purchases of marketable securities partially offset by $97.4 million from the maturities of marketable securities.

Previous wording

Cash used in investing activities of $26.3 million for the three months ended June 30, 2024 consisted of $98.3 million for the acquisition of Sustain.Life and $35.0 million in purchases of marketable securities partially offset by $107.1 million from the maturities of marketable securities.

Current wording

Cash used in investing activities of $49.6 million for the three months ended September 30, 2024 consisted of $158.5 million in purchases of marketable securities and $0.2 million for the acquisition of Sustain.Life partially offset by $109.0 million from the maturities of marketable securities.

Previous wording

Cash used in investing activities of $13.4 million for the six months ended June 30, 2025 consisted of $206.0 million in purchases of marketable securities and $1.8 million in purchases of fixed assets partially offset by $194.4 million from the maturities of marketable securities. Our capital expenditures were associated primarily with computer equipment in support of our work force.

Current wording

Cash used in investing activities of $23.5 million for the nine months ended September 30, 2025 consisted of $313.3 million in purchases of marketable securities and $1.8 million in purchases of fixed assets partially offset by $291.7 million from the maturities of marketable securities. Our capital expenditures were associated primarily with computer equipment in support of our work force.

Previous wording

Cash used in investing activities of $4.3 million for the three months ended June 30, 2025 consisted of $103.0 million in purchases of marketable securities and $1.0 million in purchases of fixed assets partially offset by $99.7 million from the maturities of marketable securities. Our capital expenditures were associated primarily with computer equipment in support of our work force.

Current wording

Cash used in investing activities of $58.5 million for the nine months ended September 30, 2024 consisted of $310.1 million in purchases of marketable securities, $98.1 million for the acquisition of Sustain.Life, and $0.6 million in purchases of fixed assets partially offset by $345.7 million from the maturities of marketable securities and $4.6 million from the sale of marketable securities. Our capital expenditures were associated primarily with computer equipment in support of expanding our infrastructure and work force.

Previous wording

Cash used in financing activities of $8.9 million for the three months ended June 30, 2025 consisted of $10.0 million in repurchases of our Class A common stock under the 2024 Repurchase Plan and $0.6 million in taxes paid related to net share settlements of stock-based compensation awards partially offset by $1.8 million in proceeds from option exercises.

Current wording

Cash used in financing activities of $3.6 million for the three months ended September 30, 2025 consisted of $10.0 million in repurchases of our Class A common stock under the 2024 Repurchase Plan partially offset by $6.2 million in proceeds from shares issued in connection with our Employee Stock Purchase Plan ("ESPP") and $0.4 million in proceeds from option exercises.

Previous wording

Cash used in financing activities of $53.9 million for the six months ended June 30, 2025 consisted of $50.1 million in repurchases of our Class A common stock under the 2024 Repurchase Plan and $13.5 million in taxes paid related to net share settlements of stock-based compensation awards partially offset by $7.5 million in proceeds from shares issued in connection with our ESPP and $2.4 million in proceeds from option exercises.

Current wording

Cash used in financing activities of $57.5 million for the nine months ended September 30, 2025 consisted of $60.1 million in repurchases of our Class A common stock under the 2024 Repurchase Plan and $13.5 million in taxes paid related to net share settlements of stock-based compensation awards partially offset by $13.7 million in proceeds from shares issued in connection with our ESPP and $2.9 million in proceeds from option exercises.

Previous wording

During the six months ended June 30, 2025, there were no significant changes to our critical accounting policies and estimates as described in the financial statements contained in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025.

Current wording

During the nine months ended September 30, 2025, there were no significant changes to our critical accounting policies and estimates as described in the financial statements contained in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025.