DigitalOcean Holdings, Inc.

Previous wording

We offer mission-critical solutions across Infrastructure-as-a-Service (“IaaS”), including our Droplet virtual machines, storage and networking offerings; Platform-as-a-Service (“PaaS”) and Software-as-a-Service (“SaaS”), including our Managed Hosting, Managed Database, Managed Kubernetes and Marketplace offerings; and artificial intelligence and machine learning (“AI/ML”), including our GPU Droplets, Bare Metal GPUs, and GenAI Platform offerings. We continue to invest in our platform to further penetrate the growing markets in which we operate.

Current wording

We offer a comprehensive set of cloud platform capabilities which spans across Infrastructure-as-a-Service (“IaaS”), including Droplet virtual machines, storage and networking offerings; Platform-as-a-Service (“PaaS”) and Software-as-a-Service (“SaaS”), including Managed Hosting, Managed Database, Managed Kubernetes and Marketplace offerings. We also offer a comprehensive artificial intelligence and machine learning (“AI/ML”) platform - DigitalOcean Gradient™ AI Agentic Cloud which includes Gradient AI Infrastructure with offerings such as GPU Droplets and Bare

Previous wording

We refer to our Builders, Scalers and Scalers+ customers collectively as our Higher Spend Customers (as further described in "Higher Spend Customers" below). Growing our Higher Spend Customers is a critical focus for us, and we have successfully increased the number of these customers and their percentage of our total revenue. Revenue from our Higher Spend Customers as a percentage of total revenue was 88% as of March 31, 2025, up from approximately 87% as of March 31, 2024. We had approximately 171,000 Higher Spend Customers using our platform to build, deploy and scale applications as of March 31, 2025, up from approximately 157,000 as of March 31, 2024.

Current wording

We refer to our Builders, Scalers and Scalers+ customers collectively as our Higher Spend Customers (as further described in "Higher Spend Customers" below). Growing our Higher Spend Customers is a critical focus for us, and we have successfully increased the number of these customers and their percentage of our total revenue. Revenue from our Higher Spend Customers as a percentage of total revenue was 89% in the three months ended June 30, 2025, up from approximately 87% in the three months ended June 30, 2024. We had approximately 174,000 Higher Spend Customers using our platform to build, deploy and scale applications as of June 30, 2025, up from approximately 160,000 as of June 30, 2024.

Previous wording

Our average revenue per customer (ARPU, as further described in “ARPU” below), has increased from $95.13 in the quarter ended March 31, 2024 to $108.56 in the quarter ended March 31, 2025. We had no material customer concentration as our top 25 customers made up approximately 9% and 7% of our revenue in the three months ended March 31, 2025 and 2024, respectively.

Current wording

Our average revenue per customer (ARPU, as further described in “ARPU” below), has increased from $99.45 in the three months ended June 30, 2024 to $111.70 in the three months ended June 30, 2025. We had no material customer concentration as our top 25 customers made up approximately 9% and 8% of our revenue in the three months ended June 30, 2025 and 2024, respectively.

Previous wording

Our annual run-rate (ARR, as further described in “ARR” below), as of March 31, 2025 was $843 million, up from $739 million as of March 31, 2024.

Current wording

Our annual run-rate (ARR, as further described in “ARR” below), as of June 30, 2025 was $875 million, up from $770 million as of June 30, 2024.

Previous wording

We have a highly efficient self-service customer acquisition model, which we complement with a sales force focused on inside sales, targeted outside sales and partnership opportunities to drive revenue growth. The efficiency of our go-to-market model and our focus on the needs of digital native enterprises have enabled us to drive organic growth and establish a truly global customer base across a broad range of industries. We focus on customer acquisition, our self-service acquisition funnel, customer support and success, community education, inside sales, targeted outside sales, and partnership and channel development. For each of the three months ended March 31, 2025 and 2024 our sales and marketing expense was approximately 9% and 10% of our revenue, respectively.

Current wording

We have a highly efficient self-service customer acquisition model, which we complement with a sales force focused on inside sales, targeted outside sales and partnership opportunities to drive revenue growth. The efficiency of our go-to-market model and our focus on the needs of digital native enterprises have enabled us to drive organic growth and establish a truly global customer base across a broad range of industries. We focus on customer acquisition, our self-service acquisition funnel, customer support and success, community education, inside sales, targeted outside sales, and partnership and channel development. For each of the three months ended June 30, 2025 and 2024 our sales and marketing expense was approximately 9% of our revenue.

Previous wording

Our customers are spread across approximately 190 countries and around two-thirds of our revenue has historically come from customers located outside the United States. For the three months ended March 31, 2025, 37% of our revenue was generated from North America, 28% from Europe, 24% from Asia and 11% from the rest of the world.

Current wording

Our customers are spread across approximately 190 countries and around two-thirds of our revenue has historically come from customers located outside the United States. For the three months ended June 30, 2025, 37% of our revenue was generated from North America, 27% from Europe, 23% from Asia and 13% from the rest of the world.

Previous wording

Our existing customer base represents a significant opportunity for further sales expansion through increased usage of our platform and adoption of additional product offerings. We are highly focused on gaining a better understanding of the needs and growth plans of our existing customers, increasing our feature velocity and shaping our product roadmap around the needs of Higher Spend Customers, and introducing an account management function to provide more direct coverage of our top spending accounts. This deeper relationship with our customers will help us identify opportunities to educate our customer base on ways to utilize the platform more effectively for their individual use cases, as well as provide a feedback loop to inform our product roadmap, in order to build trust with customers and encourage them to run more of their critical cloud workloads on our platform. We closely monitor our net dollar retention (NDR), which reflects our ability to retain and grow revenue from our existing customers. NDR increased from 97% during the three months ended March 31, 2024 to 100% during the three months ended March 31, 2025 driven by improved net expansion. We expect to increase our revenue in the future from existing customers through the introduction of new products and features tailored to our Higher Spend Customers through expanded customer outreach, and targeted services to support our customers in migrating additional workloads from other cloud providers to DigitalOcean.

Current wording

Our existing customer base represents a significant opportunity for further sales expansion through increased usage of our platform and adoption of additional product offerings. We are highly focused on gaining a better understanding of the needs and growth plans of our existing customers, increasing our feature velocity and shaping our product roadmap around the needs of Higher Spend Customers, and introducing an account management function to provide more direct coverage of our top spending accounts. This deeper relationship with our customers will help us identify opportunities to educate our customer base on ways to utilize the platform more effectively for their individual use cases, as well as provide a feedback loop to inform our product roadmap, in order to build trust with customers and encourage them to run more of their critical cloud workloads on our platform. We closely monitor our net dollar retention (“NDR”), which reflects our ability to retain and grow revenue from our existing customers. NDR increased from 97% during the three months ended June 30, 2024 to 99% during the three months ended June 30, 2025 driven by improved net expansion. We expect to increase our revenue in the future from existing customers through the introduction of new products and features tailored to our Higher Spend Customers through expanded customer outreach, and targeted services to support our customers in migrating additional workloads from other cloud providers to DigitalOcean.

Previous wording

We have a history of, and will continue to invest significantly in, delivering innovative products, features and functionality for our Higher Spend Customers. Our product strategy is anchored in addressing the needs of our Higher Spend Customers and other digital native enterprises and on continuously innovating to meet those needs in a simple, scalable and approachable way. We have accelerated the pace of product innovation and made disciplined investments to expand our offerings for our IaaS and PaaS offerings, as well as our newer AI/ML offerings. In 2024, we released a number of new products and product features, including GPU Droplets, our GenAI platform, Autonomous on our Managed Hosting offering to automatically scale resources based on website traffic, and enhancements to our role-based access control functionality and Backups offering.

Current wording

We have a history of, and will continue to invest significantly in, delivering innovative products, features and functionality for our Higher Spend Customers. Our product strategy is anchored in addressing the needs of our Higher Spend Customers and other digital native enterprises and on continuously innovating to meet those needs in a simple, scalable and approachable way. We have accelerated the pace of product innovation and made disciplined investments to expand our offerings for our IaaS and PaaS offerings, as well as our newer AI/ML offerings.

Previous wording

Unfavorable conditions in the economy both in the United States and abroad, including conditions resulting from trade tension and/or the imposition of trade tariffs (including recent U.S. tariffs imposed or threatened to be imposed and any retaliatory actions taken by other countries), changes in gross domestic product growth, supply chain disruptions, inflationary pressures, interest rates, financial and credit market fluctuations, volatility in the capital markets, liquidity concerns at, and failures of, banks and other financial institutions, international trade relations, political turmoil, political instability and transitions of power in regions where we operate, natural catastrophes, outbreaks of contagious diseases, warfare and terrorist attacks on the United States, Europe or elsewhere, including military actions affecting Russia, Ukraine, the Middle East or elsewhere, could cause a decrease in business investments in information technology and negatively affect the growth of our business and our results of operations.

Current wording

Unfavorable conditions in the economy both in the United States and abroad, including conditions resulting from trade tension and/or the imposition of trade restrictions (including recent U.S. tariffs imposed and/or threatened to be imposed and any retaliatory actions taken by other countries), changes in gross domestic product growth, supply chain disruptions, inflationary pressures, high interest rates, financial and credit market fluctuations, volatility in the capital markets, liquidity concerns at, and failures of, banks and other financial institutions, geopolitical tensions, political turmoil, political instability and transitions of power in regions where we operate, natural catastrophes, outbreaks of contagious diseases, warfare and terrorist attacks on the United States, Europe or elsewhere, including military actions affecting Russia, Ukraine, the Middle East or elsewhere, could cause a decrease in business investments in information technology and negatively affect the growth of our business and our results of operations.

Previous wording

While our business model provides some resilience against these factors, we will continue to monitor the direct and indirect impacts of these or similar circumstances on our business and our results of operations, and will take appropriate measures, as necessary, to minimize potential risk exposure.

Current wording

We will continue to monitor the direct and indirect impacts of these or similar circumstances on our business and our results of operations. The implications of macroeconomic conditions on our business, results of operations, and overall financial position remain uncertain.

Previous wording

We offer mission-critical solutions across Infrastructure-as-a-Service (“IaaS”), including our Droplet virtual machines, storage and networking offerings; Platform-as-a-Service (“PaaS”) and Software-as-a-Service (“SaaS”), including our Managed Hosting, Managed Database, Managed Kubernetes and Marketplace offerings; and artificial intelligence and machine learning (“AI/ML”), including our GPU Droplets, Bare Metal GPUs, and GenAI Platform offerings. We continue to invest in our platform to further penetrate the growing markets in which we operate.

Current wording

We offer a comprehensive set of cloud platform capabilities which spans across IaaS, including Droplet virtual machines, storage and networking offerings; PaaS and SaaS, including Managed Hosting, Managed Database, Managed Kubernetes and Marketplace offerings. We also offer a comprehensive AI/ML platform - DigitalOcean Gradient™ AI Agentic Cloud which includes Gradient AI Infrastructure with offerings such as GPU Droplets and Bare Metal GPUs; the Gradient AI Platform which offers various building block services including LLMs; and Gradient AI Agents. We continue to invest in our platform to further penetrate the growing markets in which we operate.

Previous wording

As a result, the condensed consolidated statement of operations for the three months ended March 31, 2024 has been recast to reflect the effects of the changes in cost of revenue, gross profit, sales and marketing, research and development and total operating expenses. There was no change in income from operations, net income attributable to common stockholders or net income per share attributable to common stockholders for the three months ended March 31, 2024 as a result of these reclassifications. The condensed consolidated balance sheets, condensed consolidated statements of comprehensive income, condensed consolidated statements of stockholders’ deficit, and the condensed consolidated statements of cash flows were not affected by changes in the presentation of these costs.

Current wording

As a result, the condensed consolidated statements of operations for the three and six months ended June 30, 2024 have been recast to reflect the effects of the changes in cost of revenue, gross profit, sales and marketing, research and development and total operating expenses. There was no change in income from operations, net income attributable to common stockholders or net income per share attributable to common stockholders for the three and six months ended June 30, 2024 as a result of these reclassifications. The condensed consolidated balance sheets, condensed consolidated statements of comprehensive income, condensed consolidated statements of stockholders’ deficit, and the condensed consolidated statements of cash flows were not affected by changes in the presentation of these costs.

Previous wording

(1) Amounts have been recast to reflect the effects of the changes in cost of revenue, research and development and sales and marketing for the three months ended March 31, 2024. Refer to Note 2. Summary of Significant Accounting Policies, Prior Period Reclassification, in our condensed consolidated financial statements for further details.

Current wording

(1) Amounts have been recast to reflect the effects of the changes in cost of revenue, research and development and sales and marketing for the three and six months ended June 30, 2024. Refer to Note 2. Summary of Significant Accounting Policies, Prior Period Reclassification, in our condensed consolidated financial statements for further details.

Previous wording

(1)Amounts have been recast to reflect the effects of the changes in cost of revenue, research and development and sales and marketing for the three months ended March 31, 2024. Refer to Note 2. Summary of Significant Accounting Policies, Prior Period Reclassification, in our condensed consolidated financial statements for further details.

Current wording

(1)Amounts have been recast to reflect the effects of the changes in cost of revenue, research and development and sales and marketing for the three and six months ended June 30, 2024. Refer to Note 2. Summary of Significant Accounting Policies, Prior Period Reclassification, in our condensed consolidated financial statements for further details.

Previous wording

Revenue increased $26.0 million, or 14%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily driven by a 14% increase in ARPU to $108.56 from $95.13, and a 16% increase in revenue from our Higher Spend Customers. The increase in ARPU was primarily driven by continued adoption of our products by our existing customers leading to higher average usage on our platform.

Current wording

Revenue increased $26.2 million, or 14%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily driven by a 12% increase in ARPU to $111.70 from $99.45, and a 16% increase in revenue from our Higher Spend Customers. The increase in ARPU was primarily driven by continued adoption of our products by our existing customers leading to higher average usage on our platform.

Previous wording

General and administrative expenses decreased $13.0 million, or 28%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The change is primarily due to decreases of $11.2 million in personnel costs, primarily due to costs incurred in the first quarter of 2024 related to acquisition-related deferred compensation and executive reorganization, including the reversal of stock-based compensation from forfeited RSUs and other related costs, $0.8 million in professional services costs and $1.5 million in other operating expenses.

Current wording

General and administrative expenses decreased $4.4 million, or 11%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change is primarily due to decreases of $9.1 million in personnel and recruiting costs, primarily due to costs incurred in the second quarter of 2024 related to acquisition-related deferred compensation and reorganization, including the reversal of stock-based compensation from forfeited RSUs and other related costs, partially offset by increases of $1.7 million in professional services costs, $1.3 million in digital services tax expenses, $1.0 million in payment processing fees and provision for expected credit losses due to higher revenue, and $0.7 million in other costs.

Previous wording

Other income, net increased $1.0 million, or 38%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to increases of $2.8 million in gains from foreign currency fluctuations from our operations, partially offset by decreases of $1.6 million due to reduced interest income from our investments.

Current wording

Other income, net increased $4.3 million, or 175%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to an increase of $6.0 million in unrealized gains from foreign currency fluctuations from our operations, partially offset by a decrease of $1.9 million due to reduced interest income from our investments.

Previous wording

Cost of revenue increased $5.7 million, or 8%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The change is primarily due to increases of $5.7 million in co-location costs as a result of our data center expansion, $1.1 million in third-party license fees, and $1.0 million in costs related to our revenue share programs, partially offset by decreases of $2.6 million in depreciation and amortization partially due to our change in useful life of servers and related equipment from five years to six years effective October 1, 2024, and $0.3 million in other expenses. Gross profit increased to 61% for the three months ended March 31, 2025 from 59% for the three months ended March 31, 2024, primarily due to an increase in revenue and a net decrease in depreciation and amortization resulting from the change in useful life of servers and related equipment, somewhat offset by an increase in depreciation and amortization associated with our continued investment in AI/ML offerings and our data center expansion.

Current wording

Cost of revenue increased $15.1 million, or 10%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change is primarily due to increases of $14.3 million in co-location costs as a result of our data center expansion, $2.1 million in costs related to our revenue share programs, and $1.8 million in third-party license fees, partially offset by a decrease of $2.9 million in depreciation and amortization as lower depreciation expense resulting from our change in useful life of servers and related equipment from five years to six years effective October 1, 2024 partially offset by depreciation associated with equipment placed in service in the past year. Gross profit increased to 61% for the six months ended June 30, 2025 from 59% for the six months ended June 30, 2024, primarily due to an increase in revenue, offset by co-location costs and a net decrease in depreciation and amortization, resulting from the change in useful life of servers and related equipment, somewhat offset by our continued investment in AI/ML offerings and our data center expansion.

Previous wording

Research and development expenses increased $6.7 million, or 20%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The change is primarily due to increases of $3.2 million in personnel costs mainly driven by increased headcount as well as annual merit-based salary increases, $2.6 million in professional services costs, $0.5 million in software costs and $0.4 million in other costs.

Current wording

Research and development expenses increased $13.3 million, or 20%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change is primarily due to increases of $8.2 million in personnel costs mainly driven by increased headcount as well as annual merit-based salary increases, $1.8 million in professional services costs, lower capitalized internal-use software development costs of $1.6 million, and increases of $1.0 million in software costs and $0.7 million in other costs.

Previous wording

Income tax expense increased $3.1 million, or 2,638%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily as a result of higher pretax income for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 and lower NOL utilization in 2025 compared to 2024.

Current wording

Income tax expense increased $2.8 million, or 49%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily as a result of higher pretax income and lower NOL utilization taken in 2025.

Previous wording

We have funded our operations since inception primarily with cash flow generated by operations, private offerings of our equity and debt securities, borrowings under our existing credit facility and capital expenditure financings. Cash provided from these sources is used primarily for operating expenses, such as personnel and co-location costs, and capital expenditures, including our investments in AI/ML and other core product offerings. From time to time, we may also use excess cash and/or debt for share repurchases and investments in marketable securities and cash equivalents.

Current wording

We have funded our operations since inception primarily with cash flow generated by operations, private offerings of our equity and debt securities, borrowings under our 2022 Credit Facility and capital expenditure financings. Cash provided from these sources is used primarily for operating expenses, such as personnel and co-location costs, and capital expenditures, including our investments in AI/ML and other core product offerings. From time to time, we may also use excess cash and/or debt for share repurchases and investments in marketable securities and cash equivalents.

Previous wording

We believe our existing cash and cash equivalents, cash flow from operations and availability under our new 2025 Credit Facility will be sufficient to support working capital and capital expenditure requirements and our outstanding contractual commitments for at least the next 12 months and in the long term. See Note 6. Debt in our condensed consolidated financial statements for a discussion of our new 2025 Credit Facility that we entered into on May 5, 2025, as well as the concurrent termination of our existing 2022 Credit Facility.

Current wording

We believe our existing cash and cash equivalents, cash flow from operations and availability under our 2025 Credit Facility will be sufficient to support working capital and capital expenditure requirements and our outstanding contractual commitments for at least the next 12 months and in the long term. See Note 6. Debt in our condensed consolidated financial statements for a discussion of our new 2025 Credit Facility that we entered into on May 5, 2025, as well as the concurrent termination of our existing 2022 Credit Facility.

Previous wording

We have historically repurchased our common stock pursuant to repurchase programs approved by our Board of Directors. In February 2024, our Board of Directors approved an additional repurchase program of up to an aggregate of $140 million of our common stock through fiscal year 2025. For the three months ended March 31, 2025, we repurchased and retired 1,564,254 shares of common stock for an aggregate purchase price of $59 million. The program will expire on December 31, 2025.

Current wording

We have historically repurchased our common stock pursuant to repurchase programs approved by our Board of Directors. In February 2024, our Board of Directors approved an additional repurchase program of up to an aggregate of $140 million of our common stock through fiscal year 2025. For the six months ended June 30, 2025, we repurchased and retired 2,255,544 shares of common stock for an aggregate purchase price of $79 million.

Previous wording

As of March 31, 2025, we had $28.1 million of estimated undiscounted fixed payment obligations for leases of co-location space at data center facilities that have not yet commenced and were not included on the condensed consolidated balance sheets. These leases are expected to commence between April 2025 and August 2025, and have a weighted average lease term of 4.9 years.

Current wording

As of June 30, 2025, we had $3.2 million of estimated undiscounted fixed payment obligations for leases of co-location space at data center facilities that have not yet commenced and were not included on the condensed consolidated balance sheets. These leases are expected to commence between July 2025 and September 2025, and have a weighted-average lease term of 3.6 years.

Previous wording

As of March 31, 2025, we had $360.4 million in cash and cash equivalents. Our cash and cash equivalents primarily consist of cash and money market funds.

Current wording

As of June 30, 2025, we had $387.7 million in cash and cash equivalents. Our cash and cash equivalents primarily consist of cash and money market funds.

Previous wording

Net cash used in investing activities was $65.0 million for the three months ended March 31, 2025 compared to $46.4 million provided by investing activities for the three months ended March 31, 2024. The change in cash used in investing activities was primarily driven by a $91.7 million reallocation of our marketable securities portfolio to cash equivalents, and increases of $18.8 million in cash payments for capital expenditures and $1.0 million in purchases of intangible assets.

Current wording

Net cash used in investing activities was $100.4 million for the six months ended June 30, 2025 compared to $12.1 million provided by investing activities for the six months ended June 30, 2024. The change in cash used in investing activities was primarily driven by a $91.7 million reallocation of our marketable securities portfolio to cash equivalents, and increases of $19.0 million in cash payments for capital expenditures and $1.8 million in purchases of intangible assets.

Previous wording

Net cash used in financing activities of $67.2 million and $11.2 million for the three months ended March 31, 2025 and 2024, respectively. The change was primarily due to increases of $50.3 million in repurchases and retirement of our common stock, $3.7 million in proceeds related to the issuance of common stock under our 2021 Plan and $1.9 million in employee payroll taxes paid related to net settlement of equity awards.

Current wording

Net cash used in financing activities of $96.9 million and $24.2 million for the six months ended June 30, 2025 and 2024, respectively. The change was primarily due to an increase of $61.0 million in repurchases and retirement of our common stock, an increase $2.8 million in employee payroll taxes paid related to net settlement of equity awards and a decrease of $4.7 million in proceeds related to the issuance of common stock under our 2021 Plan.

Previous wording

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States, or GAAP, we provide investors with non-GAAP financial measures including: (i) adjusted EBITDA and adjusted EBITDA margin and (ii) non-GAAP net income and non-GAAP diluted net income per share. These measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Our calculations of each of these measures may differ from the calculations of measures with the same or similar titles by other companies and therefore comparability may be limited. Because of these limitations, when evaluating our performance, you should consider each of these non-GAAP financial measures alongside other financial performance measures, including the most directly comparable financial measure calculated in accordance with GAAP and our other GAAP results. A reconciliation of each of our non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP is set forth below.

Current wording

GAAP diluted net income per share. These measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Our calculations of each of these measures may differ from the calculations of measures with the same or similar titles by other companies and therefore comparability may be limited. Because of these limitations, when evaluating our performance, you should consider each of these non-GAAP financial measures alongside other financial performance measures, including the most directly comparable financial measure calculated in accordance with GAAP and our other GAAP results. A reconciliation of each of our non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP is set forth below.

Previous wording

(1)For the three months ended March 31, 2024, non-GAAP stock-based compensation excludes $0.1 million as it is presented in restructuring related charges.

Current wording

(1)For the six months ended June 30, 2024, non-GAAP stock-based compensation excludes $0.1 million as it is presented in restructuring related charges.

Previous wording

(2)For the three months ended March 31, 2024, primarily consists of executive reorganization charges.

Current wording

(2)For the three and six months ended June 30, 2024, primarily consists of executive reorganization charges.

Previous wording

(3)For the three months ended March 31, 2025, primarily consists of interest income from our cash and cash equivalents. For the three months ended March 31, 2024, primarily consists of interest and accretion income from our marketable securities.

Current wording

(3)For the three and six months ended June 30, 2025, primarily consists of interest income from our cash and cash equivalents. For the three and six months ended June 30, 2024, primarily consists of interest and accretion income from our cash and cash equivalents and marketable securities.

Previous wording

(1)For the three months ended March 31, 2024, non-GAAP stock-based compensation excludes $0.1 million as it is presented in restructuring related charges.

Current wording

(1)For the six months ended June 30, 2024, non-GAAP stock-based compensation excludes $0.1 million as it is presented in restructuring related charges.

Previous wording

(2)For the three months ended March 31, 2024, primarily consists of executive reorganization charges.

Current wording

(2)For the three and six months ended June 30, 2024, primarily consists of executive reorganization charges.