WORKIVA INC

Previous wording

The following discussion and analysis of our financial condition and results of our operations should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this report and in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 19, 2026. In addition to historical consolidated financial information, this discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to these differences include, but are not limited to, those identified below, and those discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, in “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q and in any subsequent filing we make with the SEC.

Current wording

The following discussion and analysis of our financial condition and results of our operations should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission ("SEC") on February 19, 2026. In addition to historical consolidated financial information, this discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to these differences include, but are not limited to, those identified below, and those discussed in “Item 1A. Risk Factors” of our Annual Report, in “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q and in any subsequent filing we make with the SEC.

Previous wording

The Workiva platform powers trust, transparency, and accountability. Accounting, finance, sustainability, risk, and audit teams from more than 6,700 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, collaborative platform.

Current wording

The Workiva platform powers trust, transparency, and accountability. Accounting, finance, sustainability, risk, and audit teams from more than 6,800 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, collaborative platform.

Previous wording

From data to disclosure, the Workiva platform empowers customers by connecting and transforming data from hundreds of enterprise resource planning (“ERP”), human capital management (“HCM”), and customer relationship management (“CRM”) systems, as well as other third-party cloud and on-premise applications. Customers use our platform to create, review and publish data-linked documents, presentations, and reports with greater control, consistency, accuracy, and productivity. Our platform is flexible and scalable, so customers can easily adapt it to define, automate, and change their business processes in real time.

Current wording

From data to disclosure, the Workiva platform empowers customers by connecting and transforming data from hundreds of enterprise resource planning, human capital management, and customer relationship management systems, as well as other third-party cloud and on-premise applications. Customers use our platform to create, review and publish data-linked documents, presentations, and reports with greater control, consistency, accuracy, and productivity. Our platform is flexible and scalable, so customers can easily adapt it to define, automate, and change their business processes in real time.

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 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”).

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, Chief Sustainability Officer, and Chief Audit Executive.

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 was 2,887 at June 30, 2026, a slight decrease from 2,896 at June 30, 2025.

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 was 2,927 at September 30, 2026, compared to 2,891 at September 30, 2025.

Previous wording

Our revenue grew to $255.3 million and $502.6 million during the three and six months ended June 30, 2026 from $215.2 million and $421.5 million during the three and six months ended June 30, 2025. We generated net income of $13.4 million and $32.4 million during the three and six months ended

Current wording

Our revenue grew to $263.0 million and $765.6 million during the three and nine months ended September 30, 2026, respectively, from $224.2 million and $645.6 million during the three and nine months ended September 30, 2025, respectively. We generated net income of $19.1 million and $51.5 million during the three and nine months ended September 30, 2026, respectively, compared to net income of $2.8 million and net loss of $38.0 million during the three and nine months ended September 30, 2025, respectively.

Previous wording

Our gross retention rate was 97.3% as of June 30, 2026, relatively flat from June 30, 2025. 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 97.4% as of September 30, 2026, relatively flat from September 30, 2025. 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

Net retention rate. Our net retention rate is based on subscription and support revenue, and includes revenue from up-selling or cross-selling additional solutions, and pricing changes for existing customers and securing multi-year contract renewals containing periodic pricing term increases. We calculate our net retention rate by annualizing the subscription and support revenue recorded in the current quarter for our base customers that were active at the end of the current quarter. We divide the result by the annualized subscription and support revenue in the same quarter of the prior year for all base customers. We believe our net retention rate is an important metric to measure the long-term value of customer agreements and our ability to retain our customers.

Current wording

Net retention rate. Our net retention rate is based on subscription and support revenue, and includes revenue from up-selling or cross-selling additional solutions, pricing changes for existing customers and securing multi-year contract renewals containing periodic pricing term increases. We calculate our net retention rate by annualizing the subscription and support revenue recorded in the current quarter for our base customers that were active at the end of the current quarter. We divide the result by the annualized subscription and support revenue in the same quarter of the prior year for all base customers. We believe our net retention rate is an important metric to measure the long-term value of customer agreements and our ability to retain our customers.

Previous wording

Our net retention rate including add-ons was 110.5% as of the quarter ended June 30, 2026, down from 113.7% as of June 30, 2025.

Current wording

Our net retention rate including add-ons was 109.6% as of the quarter ended September 30, 2026, down from 113.6% as of September 30, 2025.

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, 2026 and 2025, 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, 2026 and 2025, 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

Professional Services Revenue. We believe our professional services facilitate the sale of our subscription service to certain customers. To date, most of our professional services have consisted of document set up, XBRL tagging, and consulting to help our customers with business processes and best practices for using our platform. Our professional services are not required for customers to utilize our solution. We recognize revenue for document set up when the service is complete and control has transferred to the customer. Revenue from XBRL tagging and consulting services are recognized as the services are performed.

Current wording

Professional Services Revenue. We believe our professional services facilitate the sale of our subscription service to certain customers. To date, most of our professional services have consisted of document set up, XBRL tagging, and consulting to help our customers with business processes and best practices for using our platform. Our professional services are not required for customers to utilize our solution. We recognize revenue for document set up when the service is complete and control has transferred to the customer. Revenue from XBRL tagging and consulting services is recognized as the services are performed.

Previous wording

The following table sets forth selected consolidated statement of operations data for each of the periods indicated:

Current wording

The following table sets forth selected consolidated statements of operations data for each of the periods indicated:

Previous wording

The following table sets forth our consolidated statement of operations data as a percentage of revenue for each of the periods indicated:

Current wording

The following table sets forth our consolidated statements of operations data as a percentage of revenue for each of the periods indicated:

Previous wording

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

Current wording

Comparison of Three and Nine Months Ended September 30, 2026 and 2025

Previous wording

Total revenue increased $40.1 million for the three months ended June 30, 2026 compared to the same quarter a year ago due to a $38.1 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 $2.0 million for the three months ended June 30, 2026 compared to the same quarter a year ago primarily due to XBRL services.

Current wording

Total revenue increased $38.8 million for the three months ended September 30, 2026 compared to the same quarter a year ago due to a $36.6 million increase in subscription and support revenue. Growth in subscription and support revenue in the third quarter was primarily attributable to strong demand and continued solution expansion across our customer base. New customers added in the last twelve months accounted for approximately 48% of the increase and solution expansion among existing customers accounted for approximately 52% of the increase, net of customer attrition. Revenue from professional services increased $2.2 million for the three months ended September 30, 2026 compared to the same quarter a year ago primarily due to an increase in demand for XBRL services.

Previous wording

Total revenue increased $81.1 million for the six months ended June 30, 2026 compared to the same period a year ago due to a $77.9 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 $3.2 million for the six months ended June 30, 2026 compared to the same period a year ago primarily due to XBRL services. 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 $119.9 million for the nine months ended September 30, 2026 compared to the same period a year ago due to a $114.5 million increase in subscription and support revenue. Growth in subscription and support revenue was primarily attributable to strong demand and continued solution expansion across our customer base. New customers added in the last twelve months accounted for approximately 47% of the increase and solution expansion among existing customers accounted for approximately 53% of the increase, net of customer attrition. Revenue from professional services increased $5.4 million for the nine months ended September 30, 2026 compared to the same period a year ago primarily due to an increase in demand for XBRL services. 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 $0.7 million during the six months ended June 30, 2026 compared to the same period a year ago. Subscription and support cost of revenue increased $2.6 million due primarily to $0.9 million in higher cash-based compensation and benefits costs, $1.0 million of additional stock-based compensation, a $0.8 million increase in the cost of licensed platform content, and a $0.6 million increase in the cost of cloud infrastructure services partially offset by a $0.6 million decrease in travel expense. The change in compensation was primarily driven by normal compensation increases for existing headcount and was partially offset by reduced expenses of $1.1 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026 as well as a benefit of $0.3 million for a change in the timing of employer 401(k) match contributions in 2026. The increases in the cost of licensed platform content and cloud infrastructure services resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue decreased $1.9 million due primarily to a $1.7 million decrease in cash-based compensation and benefits costs partially offset by $0.3 million of additional stock-based compensation. The change in compensation was primarily driven by our continued transition of consulting and other services to our partners and reduced expenses of $0.8 million recognized as a result of our transition from a PTO model to a FTO model, partially offset by normal compensation increases for existing headcount.

Current wording

Cost of revenue increased $3.3 million during the three months ended September 30, 2026 compared to the same quarter a year ago. Subscription and support cost of revenue increased $3.0 million due primarily to a $1.4 million increase in cash-based compensation and benefits costs, $0.2 million of additional stock-based compensation, a $0.5 million increase in the cost of cloud infrastructure services, and a $0.2 million increase in the cost of licensed platform content. The increase in compensation and benefits was primarily driven by a modest increase in employee headcount. The increases in the cost of cloud infrastructure services and licensed platform content resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue increased $0.3 million due primarily to $0.1 million in higher cash-based compensation and benefits costs and $0.1 million of additional stock-based compensation. The change in compensation and benefits was primarily driven by normal compensation increases for existing headcount, partially offset by lower headcount as we continue to transition consulting and other services to our partners.

Previous wording

Cost of revenue increased $0.5 million during the three months ended June 30, 2026 compared to the same quarter a year ago. Subscription and support cost of revenue increased $1.5 million due primarily to $0.6 million in higher cash-based compensation and benefits costs, $0.6 million of additional stock-based compensation, a $0.4 million increase in the cost of licensed platform content, and a $0.4 million increase in the cost of cloud infrastructure services partially offset by a $0.5 million decrease in travel expense. The change in compensation was primarily driven by normal compensation increases for existing headcount and was partially offset by reduced expenses of $0.3 million recognized as a result of our transition from a paid-time-off (“PTO”) model to a flexible-time-off (“FTO”) model which was announced in the second half of 2025 and became effective in 2026. The increase in the cost of licensed platform content and cloud infrastructure services resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue decreased $1.0 million due primarily to a $0.8 million decrease in cash-based compensation and benefits costs and a $0.4 million decrease in travel expense. The change in compensation was primarily driven by our continued transition of consulting and other services to our partners and reduced expenses of $0.3 million recognized as a result of our transition from a PTO model to a FTO model, partially offset by normal compensation increases for existing headcount.

Current wording

Cost of revenue increased $4.0 million during the nine months ended September 30, 2026 compared to the same period a year ago. Subscription and support cost of revenue increased $5.6 million due primarily to a $2.3 million increase in cash-based compensation and benefits costs, $1.2 million of additional stock-based compensation, a $1.2 million increase in the cost of cloud infrastructure services, a $1.0 million increase in the cost of licensed platform content, and a $0.4 million increase in software expense. The increase in compensation and benefits was primarily driven by a modest increase in employee headcount and was partially offset by reduced expenses of $0.8 million recognized as a result of our transition from a paid-time-off (“PTO”) model to a flexible-time-off (“FTO”) model which was announced in the second half of 2025 and became effective in 2026. The increases in the cost of cloud infrastructure services, 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 decreased $1.6 million due primarily to a $1.6 million decrease in cash-based compensation and benefits costs, including reduced expenses of $0.6 million recognized as a result of our transition from a PTO model to an FTO model. The remaining change in compensation and benefits was primarily driven by our continued transition of consulting and other services to our partners.

Previous wording

Research and development expenses increased $1.8 million during the six months ended June 30, 2026 compared to the same period a year ago due primarily to $0.1 million in higher cash-based compensation and benefits costs, $0.4 million of additional stock-based compensation, a $1.5 million increase in professional service fees, and a $1.3 million increase in software expense partially offset by a reduction in intangible asset amortization expense of $1.0 million from intangible assets that are now fully amortized. The change in compensation was primarily driven by normal compensation increases for existing headcount and was partially offset by reduced expenses of $2.7 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026 as well as a benefit of $0.6 million for a change in the timing of employer 401(k) match contributions in 2026. The increases in professional service fees and software expense resulted primarily from our continued investment in and support of our platform and solutions.

Current wording

Research and development expenses increased $7.7 million during the nine months ended September 30, 2026 compared to the same period a year ago due primarily to a $2.6 million increase in cash-based compensation and benefits costs, $0.3 million of additional stock-based compensation, a $3.0 million increase in software expense, a $2.9 million increase in professional service fees, and a $0.6 million increase in the cost of cloud infrastructure services partially offset by a reduction in intangible asset amortization expense of $1.2 million from intangible assets that are now fully amortized. The increase in compensation and benefits was primarily driven by normal compensation increases for existing headcount and was partially offset by reduced expenses of $2.3 million recognized as a result of our transition from a PTO model to an FTO model which was announced in the second half of 2025 and became effective in 2026. The increases in software expense, professional service fees and the cost of cloud infrastructure services resulted primarily from our continued investment in and support of our platform and solutions.

Previous wording

Sales and marketing expenses increased $5.0 million during the three months ended June 30, 2026 compared to the same quarter a year ago due primarily to $3.3 million in higher cash-based compensation and benefits costs, a $1.0 million increase in travel expense, and a $1.3 million increase in internal event costs. The change in compensation was primarily due to an increase in employee headcount and our continued investment in our go-to-market activities and was partially offset by reduced expenses of $1.3 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026.

Current wording

Sales and marketing expenses increased $11.0 million during the three months ended September 30, 2026 compared to the same quarter a year ago due primarily to a $6.1 million increase in cash-based compensation and benefits costs, a $2.4 million increase in marketing and advertising, a $1.4 million increase in professional service fees, a $1.0 million increase in travel expense, and a $0.4 million increase in software expense. The increase in compensation and benefits was primarily due to an increase in employee headcount and our continued investment in our go-to-market activities and was partially offset by reduced expenses of $0.3 million recognized as a result of our transition from a PTO model to an FTO model which was announced in the second half of 2025 and became effective in 2026. The increases in marketing and advertising, professional service fees, travel expense, and software expense were the result of our continued investment in and support of our platform and solutions.

Previous wording

Sales and marketing expenses increased $7.8 million during the six months ended June 30, 2026 compared to the same period a year ago due primarily to $6.9 million in higher cash-based compensation and benefits costs, $0.4 million of additional stock-based compensation, and a $0.5 million increase in professional service fees. The change in compensation was primarily due to an increase in employee headcount and our continued investment in our go-to-market activities and was partially offset by reduced expenses of $3.3 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026 and a benefit of $0.4 million for a change in the timing of employer 401(k) match contributions in 2026. The increases in 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 $18.8 million during the nine months ended September 30, 2026 compared to the same period a year ago due primarily to a $13.0 million increase in cash-based compensation and benefits costs, $0.4 million of additional stock-based compensation, a $2.1 million increase in professional service fees, a $1.9 million increase in marketing and advertising, a $1.3 million increase in travel expense, and a $0.8 million increase in software expense. The increase in compensation and benefits was primarily due to an increase in employee headcount and our continued investment in our go-to-market activities and was partially offset by reduced expenses of $3.6 million recognized as a result of our transition from a PTO model to an FTO model which was announced in the second half of 2025 and became effective in 2026. The increases in professional service fees, travel expense, and software expense were the result of our continued investment in and support of our platform and solutions.

Previous wording

General and administrative expenses decreased $3.0 million during the six months ended June 30, 2026 compared to the same period a year ago due primarily to a $0.7 million decrease in cash-based compensation and benefits costs and a $2.6 million decrease in internal event costs partially offset by $0.2 million of additional stock-based compensation and a $0.4 million increase in professional service fees. The change in compensation was primarily driven by reduced expenses of $1.4 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026 as well as a benefit of $0.3 million for a change in the timing of employer 401(k) match contributions in 2026, partially offset by normal compensation increases for existing headcount. The decrease in internal event costs is due to an internal event held in 2025 that did not recur in 2026.

Current wording

General and administrative expenses decreased $5.7 million during the nine months ended September 30, 2026 compared to the same period a year ago due primarily to a $2.1 million decrease in cash-based compensation and benefits costs, a $1.6 million decrease in stock-based compensation, and a $2.6 million decrease in internal event costs partially offset by a $0.6 million increase in professional service fees and a $0.4 million increase in software expense. The decrease in compensation and benefits is primarily attributable to an executive transition during the third quarter of 2025 which did not recur in 2026 and reduced expenses of $1.4 million recognized as a result of our transition from a PTO model to an FTO model which was announced in the second half of 2025 and became effective in 2026, partially offset by normal compensation increases for existing headcount. The decrease in internal event costs is due to an internal event held in 2025 that did not recur in 2026.

Previous wording

During the three months ended June 30, 2026, interest income decreased $0.6 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 $1.3 million compared to the same quarter a year ago due primarily to gains on foreign currency transactions.

Current wording

During the three months ended September 30, 2026, interest income decreased $1.0 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 decreased $0.2 million compared to the same quarter a year ago due primarily to losses on foreign currency transactions.

Previous wording

During the six months ended June 30, 2026, interest income decreased $1.3 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 income, net increased $1.9 million compared to the same period a year ago due primarily to gains on foreign currency transactions.

Current wording

During the nine months ended September 30, 2026, interest income decreased $2.3 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 income, net increased $1.7 million compared to the same period a year ago due primarily to gains on foreign currency transactions.

Previous wording

As of June 30, 2026, our principal sources of liquidity were cash, cash equivalents and marketable securities totaling $815.2 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 condensed 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.

Current wording

As of September 30, 2026, our principal sources of liquidity were cash, cash equivalents and marketable securities totaling $817.4 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 historically generated significant operating losses as reflected in our accumulated deficit on our condensed consolidated balance sheets but have generated operating profit in recent periods. 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 and beyond.

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, 2026, we had outstanding debt relating to our 2026 Notes and 2028 Notes of $71.2 million and $697.4 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.

Previous wording

On August 1, 2024, we announced that 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”). On February 16, 2026, our board of directors modified the 2024 Repurchase Plan to authorize an additional $250 million of the Company’s outstanding Class A common stock for repurchase under the plan. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion, and the share repurchase program may be suspended, terminated or modified at any time for any reason. Shares may be repurchased through open market purchases in accordance with the requirements of Exchange Act Rule 10b-18, or privately negotiated transactions, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act. As of June 30, 2026, we have repurchased $244.2 million of our Class A common stock under the 2024 Repurchase Plan.

Current wording

On August 1, 2024, we announced that 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”). On February 16, 2026, our board of directors modified the 2024 Repurchase Plan to authorize an additional $250 million of our outstanding Class A common stock for repurchase under the 2024 Repurchase Plan. The timing, manner, price and amount of any repurchases will be determined at our discretion, and the share repurchase program may be suspended, terminated or modified at any time for any reason. Shares may be repurchased through open market purchases in accordance with the requirements of Exchange Act Rule 10b-18, or privately negotiated transactions, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act. As of September 30, 2026, we have repurchased $246.4 million of our Class A common stock under the 2024 Repurchase Plan and approximately $103.6 million of our Class A common stock remained available for repurchases 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 increase in accrued expenses and other liabilities 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.

Current wording

Cash provided by operating activities of $69.5 million for the three months ended September 30, 2026 consisted of net income of $19.1 million adjusted for non-cash charges of $31.2 million and net cash inflows of $19.3 million from changes in operating assets and liabilities. The increase in deferred revenue was driven by an increase in the amounts invoiced during the period.

Previous wording

Cash provided by operating activities of $78.3 million for the three months ended June 30, 2026 consisted of net income of $13.4 million adjusted for non-cash charges of $32.5 million and net cash inflows of $32.4 million from changes in operating assets and liabilities. The increase in deferred revenue was driven by an increase in the amounts invoiced during the period. The increase in accrued expenses and other liabilities was due in part to timing of accruals and payments.

Current wording

Cash provided by operating activities of $174.3 million for the nine months ended September 30, 2026 consisted of net income of $51.5 million adjusted for non-cash charges of $93.9 million and net cash inflows of $28.9 million from changes in operating assets and liabilities. The increase in deferred revenue was driven by an increase in the amounts invoiced during the period. The decrease in accounts receivable was due to timing of billings and collections.

Previous wording

Cash used in investing activities of $34.3 million for the three months ended June 30, 2026 consisted of $123.3 million in purchases of marketable securities and $0.3 million in purchases of fixed assets partially offset by $89.4 million from the maturities of marketable securities. Our capital expenditures primarily consisted of computer equipment in support of our work force.

Current wording

Cash provided by investing activities of $77.0 million for the three months ended September 30, 2026 consisted of $92.9 million from the maturities of marketable securities and $29.3 million from the sale of marketable securities partially offset by $44.3 million in purchases of marketable securities and $0.8 million in purchases of fixed assets. Our capital expenditures primarily consisted of computer equipment in support of our workforce.

Previous wording

Cash used in investing activities of $13.0 million for the six months ended June 30, 2026 consisted of $214.8 million in purchases of marketable securities, $1.1 million in purchases of fixed assets, and $0.8 million for acquisitions, net of cash, partially offset by $203.7 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 provided by investing activities of $64.0 million for the nine months ended September 30, 2026 consisted of $296.6 million from the maturities of marketable securities and $29.3 million from the sale of marketable securities partially offset by $259.2 million in purchases of marketable securities, $1.9 million in purchases of fixed assets, and $0.8 million for acquisitions, net of cash. Our capital expenditures were associated primarily with computer equipment in support of our workforce.

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 workforce.

Previous wording

Cash used in financing activities of $174.5 million for the six months ended June 30, 2026 consisted of $172.7 million in repurchases of our Class A common stock under the 2024 Repurchase Plan and $10.6 million in taxes paid related to net share settlements of stock-based compensation awards partially offset by $8.1 million in proceeds from shares issued in connection with our Employee Stock Purchase Plan ("ESPP") and $1.1 million in proceeds from option exercises.

Current wording

Cash used in financing activities of $64.6 million for the three months ended September 30, 2026 consisted of $71.2 million in payments upon the maturity of the 2026 Notes and $1.2 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 $1.7 million in proceeds from option exercises.

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 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

There were no material changes in our contractual obligations and commitments from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026.

Current wording

Except for the maturity and repayment of the 2026 Notes on August 15, 2026, as discussed in Note 5 to the condensed consolidated financial statements and under “Convertible Debt” above, there were no material changes in our contractual obligations and commitments from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026.

Previous wording

During the six months ended June 30, 2026, 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, 2025 filed with the SEC on February 19, 2026.

Current wording

During the nine months ended September 30, 2026, 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, 2025 filed with the SEC on February 19, 2026.