ZIPRECRUITER, INC.

Previous wording

Our Mission is to actively connect people to their next great opportunity.

Current wording

Our Mission isto actively connect people to their next great opportunity.

Previous wording

For the three months ended June 30, 2026, our revenue was $118.1 million and we generated net income of $43.4 million and Adjusted EBITDA of $14.6 million. For the three months ended June 30, 2025, our revenue was $112.2 million, and we had a net loss of $9.5 million and Adjusted EBITDA of $9.3 million. For the six months ended June 30, 2026, our revenue was $225.6 million and we generated net income of $38.7 million and Adjusted EBITDA of $24.3 million. For the six months ended June 30, 2025, our revenue was $222.3 million, and we had a net loss of $22.3 million and Adjusted EBITDA of $15.3 million. Adjusted EBITDA is a financial measure not presented in accordance with GAAP. For a definition of Adjusted EBITDA, an explanation of our management’s use of this measure and a reconciliation of net income (loss) to Adjusted EBITDA, see the section titled “Key Operating Metrics and Non-GAAP Financial Measures.”

Current wording

For the three months ended September 30, 2026, our revenue was $124.4 million and we generated net income of $5.1 million and Adjusted EBITDA of $20.8 million. For the three months ended September 30, 2025, our revenue was $115.0 million, and we had a net loss of $9.8 million and Adjusted EBITDA of $9.2 million. For the nine months ended September 30, 2026, our revenue was $350.1 million and we generated net income of $43.8 million and Adjusted EBITDA of $45.0 million. For the nine months ended September 30, 2025, our revenue was $337.3 million, and we had a net loss of $32.2 million and Adjusted EBITDA of $24.5 million. Adjusted EBITDA is a financial measure not presented in accordance with GAAP. For a definition of Adjusted EBITDA, an explanation of our management’s use of this measure and a reconciliation of net income (loss) to Adjusted EBITDA, see the section titled “Key Operating Metrics and Non-GAAP Financial Measures.”

Previous wording

In the quarter ended June 30, 2026, Quarterly Paid Employers increased 12% when compared to the quarter ended March 31, 2026. We saw strong growth in both new and returning customers as our products continue to improve.

Current wording

In the quarter ended September 30, 2026, Quarterly Paid Employers increased 5% when compared to the quarter ended June 30, 2026 and 10% when compared to the quarter ended September 30, 2025. Similar to the prior quarter, we saw strong growth in both new and returning customers as our products continue to improve.

Previous wording

The labor market remains subdued, with lower hiring demand from employers, at least in part due to effects of a variety of global business and macroeconomic factors, including inflationary pressures, elevated borrowing costs, cybersecurity incidents, changes in laws, regulations and administrative policy, including those that impact trade agreements and tariffs, and the impacts of the wars in Ukraine and the Middle East. Despite the continued uncertainty in the labor market, we had a higher number of Quarterly Paid Employers in our marketplace during the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025. Additionally, in the three and six months ended June 30, 2026, we delivered $118.1 million and $225.6 million in revenue, respectively, a 5% and 1% increase compared to the three and six months ended June 30, 2025, respectively.

Current wording

The labor market remains subdued, with lower hiring demand from employers, at least in part due to effects of a variety of global business and macroeconomic factors, including inflationary pressures, elevated borrowing costs, cybersecurity incidents, changes in laws, regulations and administrative policy, including those that impact trade agreements and tariffs, and the impacts of ongoing geopolitical conflicts and instability. Despite the continued uncertainty in the labor market, we had a higher number of Quarterly Paid Employers in our marketplace during the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025. Additionally, in the three and nine months ended September 30, 2026, we delivered $124.4 million and $350.1 million in revenue, respectively, an 8% and 4% increase compared to the three and nine months ended September 30, 2025, respectively. Our marketplace continued to gain momentum in the third quarter, which we believe was driven in part by key product improvements that allowed us to provide more value to job seekers and employers despite the subdued labor market.

Previous wording

Other income (expense), net consists primarily of interest income recognized on cash, cash equivalents and marketable securities, gains and losses from foreign currency exchange transactions, and realized gains and losses recognized on sales of available-for-sale debt securities. We have foreign currency exposure primarily related to personnel-related expenses that are denominated in currencies other than the U.S. Dollar, principally the Canadian Dollar, British Pound and the Israeli New Shekel.

Current wording

Other income (expense), net consists primarily of interest income recognized on cash, cash equivalents and marketable securities, gains and losses from foreign currency exchange transactions, and realized gains and losses recognized on sales of available-for-sale debt securities. We have foreign currency exposure primarily related to personnel-related expenses and remeasurement gains and losses on asset and liability balances that are denominated in currencies other than the U.S. Dollar, principally the Canadian Dollar, British Pound and the Israeli New Shekel.

Previous wording

We are subject to federal and state income taxes in the United States, as well as several international jurisdictions. The effective tax rate for the three and six months ended June 30, 2026 differed from the U.S. federal statutory rate of 21% primarily due to tax detriments relating to the settlement of restricted stock units, certain non-deductible expenses including limitations on the amount of deductible officer compensation, and state taxes, partially offset by net tax benefits from research and development tax credits. The effective tax rate for the three and six months ended June 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to tax detriments relating to the settlement of restricted stock units, certain non-deductible expenses including limitations on the amount of deductible officer compensation, state taxes, and net tax benefits from research and development tax credits.

Current wording

We are subject to federal and state income taxes in the United States, as well as several international jurisdictions. The effective tax rate for the three and nine months ended September 30, 2026 differed from the U.S. federal statutory rate of 21% primarily due to tax detriments relating to the settlement of restricted stock units, certain non-deductible expenses including limitations on the amount of deductible officer compensation, and state taxes, partially offset by net tax benefits from research and development tax credits. The effective tax rate for the three and nine months ended September 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to tax detriments relating to the settlement of restricted stock units, certain non-deductible expenses including limitations on the amount of deductible officer compensation, state taxes, and net tax benefits from research and development tax credits.

Previous wording

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

Current wording

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

Previous wording

Revenue increased by $5.8 million, or 5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Despite the continued uncertainty in the labor market, we had a higher number of Quarterly Paid Employers in our marketplace during the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025. Performance-based revenue increased by $3.7 million, or 15%, and subscription revenue increased by $2.1 million, or 2%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. We saw an overall increase in employer spending on our marketplace products and services during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. We believe our products and services continued to improve, providing more value for employers of all sizes by offering solutions with leading matching technology to help employers identify and recruit standout candidates.

Current wording

Despite the continued uncertainty in the labor market, revenue growth year-over-year for both the three and nine months ended September 30, 2026 was driven by a higher number of Quarterly Paid Employers in our marketplace and an overall increase in employer spending on our marketplace products and services. We believe our products and services continued to improve, providing more value for employers of all sizes by offering solutions with leading matching technology to help employers identify and recruit standout candidates.

Previous wording

Cost of revenue increased $0.6 million, or 5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Gross margin was 89% for both the three months ended June 30, 2026 and June 30, 2025, reflecting our continued commitment to operational efficiencies and maintaining costs proportionate to revenue.

Current wording

Cost of revenue increased $1.1 million, or 3%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily due to an increase of $2.0 million in job distribution costs from performance-based revenue. Gross margin was 89% for both the nine months ended September 30, 2026 and September 30, 2025, reflecting our continued commitment to operational efficiencies and maintaining costs proportionate to revenue.

Previous wording

Sales and marketing expenses decreased by $2.6 million, or 2%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily driven by a $4.2 million decrease in personnel-related costs for our sales and marketing employees, corresponding with lower headcount in the current-year period. Stock-based compensation expense for our sales and marketing employees also decreased by $2.1 million corresponding with a lower grant date fair value of equity awards recognized as expense in the current period as well as lower headcount. The decrease was partially offset by a $4.2 million increase in marketing and advertising spend as we deployed marketing dollars towards campaigns we believe will drive a strong return on investment.

Current wording

Sales and marketing expenses decreased by $3.2 million, or 2%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily driven by a $4.3 million decrease in personnel-related costs for our sales and marketing employees, corresponding with lower headcount in the current-year period. Stock-based compensation expense for our sales and marketing employees also decreased by $2.8 million corresponding with a lower grant date fair value of equity awards recognized as expense in the current period as well as lower headcount. The decrease was partially offset by a $3.5 million increase in marketing and advertising spend as we deployed marketing dollars towards campaigns we believe will drive a strong return on investment.

Previous wording

Research and development expenses decreased by $5.7 million, or 18%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by a $2.7 million decrease in stock-based compensation expense for our research and development employees corresponding with lower headcount in the current-year period as well as a lower grant date fair value of equity awards recognized as expense in the current period. Personnel-related costs for our research and development employees also decreased by $2.2 million, primarily driven by lower headcount.

Current wording

Research and development expenses decreased by $5.5 million, or 18%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily driven by a $2.8 million decrease in personnel-related costs for our research and development employees, corresponding with lower headcount in the current-year period. Stock-based compensation expense for our research and development employees also decreased by $2.1 million corresponding with lower headcount as well as a lower grant date fair value of equity awards recognized as expense in the current period.

Previous wording

Research and development expenses decreased by $12.9 million, or 20%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily driven by a $6.6 million decrease in stock-based compensation expense for our research and development employees corresponding with a lower grant date fair value of equity awards recognized as expense in the current period as well as lower headcount in the current-year period. Personnel-related costs for our research and development employees also decreased by $5.2 million, primarily driven by lower headcount.

Current wording

Research and development expenses decreased by $18.4 million, or 19%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily driven by an $8.6 million decrease in stock-based compensation expense for our research and development employees corresponding with lower headcount in the current-year period as well as a lower grant date fair value of equity awards recognized as expense in the current period. Personnel-related costs for our research and development employees also decreased by $8.0 million corresponding with lower headcount, and research and development expense decreased by $1.1 million reflecting a larger amount of internal-use software capitalization in the current year.

Previous wording

General and administrative expenses decreased by $0.7 million, or 4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by a $1.4 million decrease in stock-based compensation expense for our general and administrative employees corresponding with a lower grant date fair value of equity awards recognized as expense in the current period and lower headcount in the current period.

Current wording

General and administrative expenses decreased by $3.5 million, or 7%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily driven by a $3.9 million decrease in stock-based compensation expense for our general and administrative employees corresponding with a lower grant date fair value of equity awards recognized as expense in the current period and lower headcount in the current-year period.

Previous wording

*Change not meaningful due to the impact of the gain on debt extinguishment for the three and six months ended June 30, 2026.

Current wording

*Change not meaningful due to the impact of the gain on debt extinguishment for the nine months ended September 30, 2026.

Previous wording

Total other income (expense), net increased by $56.2 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily driven by a $59.3 million gain on debt extinguishment recognized from the repurchase of a portion of our outstanding senior unsecured notes. The increase was partially offset by a $2.6 million decrease related to income accretion for our marketable securities purchased at a discount.

Current wording

Total other income (expense), net decreased by $2.1 million, or 65%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily driven by a $4.1 million decrease in interest expense as a result of the repurchase of a portion of our outstanding senior unsecured notes as well as a $0.7 million gain on debt extinguishment as a result of the repurchases. The decrease was partially offset by a $1.5 million decrease related to income accretion for our marketable securities purchased at a discount and a $1.3 million decrease in interest income earned on both our marketable securities and cash equivalents.

Previous wording

Total other income (expense), net increased by $58.2 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by a $59.3 million gain on debt extinguishment recognized from the repurchase of a portion of our outstanding senior unsecured notes. The increase was partially offset by a $1.4 million decrease related to income accretion for our marketable securities purchased at a discount.

Current wording

Total other income (expense), net increased by $58.3 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily driven by a $60.0 million gain on debt extinguishment recognized from the repurchase of a portion of our outstanding senior unsecured notes as well as a $4.7 million decrease in interest expense as a result of the repurchases. The increase was partially offset by a $4.1 million decrease related to income accretion for our marketable securities purchased at a discount and a $1.8 million decrease in interest income earned on both our marketable securities and cash equivalents.

Previous wording

*Change not meaningful due to higher pre-tax income for the three and six months ended June 30, 2026.

Current wording

*Change not meaningful due to higher pre-tax income for the nine months ended September 30, 2026.

Previous wording

Income tax expense (benefit) increased by $16.0 million and $16.1 million for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 respectively. The increase was primarily driven by changes in pretax results in each period, including the current period $59.3 million pre-tax gain on debt extinguishment tax affected at the standard U.S. federal and state statutory tax rates.

Current wording

Income tax expense (benefit) increased by $19.2 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase was primarily driven by changes in pretax results in each period, including the current period $60.0 million pre-tax gain on debt extinguishment tax affected at the standard U.S. federal and state statutory tax rates.

Previous wording

As of June 30, 2026, we had cash, cash equivalents and marketable securities totaling $173.8 million and restricted cash of $2.3 million. We have financed our operations and capital expenditures primarily through cash generated from operations, sales of shares of common and preferred stock and from our senior unsecured notes, bank loans, and convertible notes.

Current wording

As of September 30, 2026, we had cash and cash equivalents totaling $174.7 million and restricted cash of $2.1 million. We have financed our operations and capital expenditures primarily through cash generated from operations, sales of shares of common and preferred stock and from our senior unsecured notes, bank loans, and convertible notes.

Previous wording

We believe our existing cash, cash equivalents, marketable securities, and cash flow from operations will be sufficient to meet our working capital requirements for at least the next 12 months. To the extent existing cash, cash equivalents, marketable securities, and cash from operations are insufficient to fund future activities, we may need to raise additional funds. In the future, we may attempt to raise additional capital through the sale of equity securities or through equity-linked or debt financing arrangements. If we raise additional funds by issuing equity or equity-linked securities, the ownership of our existing stockholders will be diluted. If we raise additional financing by the incurrence of additional indebtedness, we may be subject to increased fixed payment obligations and could also be subject to additional restrictive covenants, such as limitations on our ability to incur additional debt, and other operating restrictions that could adversely impact our ability to conduct our business. Any future indebtedness we incur may result in terms that could be unfavorable to equity investors. There can be no assurances that we will be able to raise additional capital. The inability to raise capital could adversely affect our ability to achieve our business objectives.

Current wording

We believe our existing cash, cash equivalents, and cash flow from operations will be sufficient to meet our working capital requirements for at least the next 12 months. To the extent existing cash, cash equivalents, and cash from operations are insufficient to fund future activities, we may need to raise additional funds. In the future, we may attempt to raise additional capital through the sale of equity securities or through equity-linked or debt financing arrangements. If we raise additional funds by issuing equity or equity-linked securities, the ownership of our existing stockholders will be diluted. If we raise additional financing by the incurrence of additional indebtedness, we may be subject to increased fixed payment obligations and could also be subject to additional restrictive covenants, such as limitations on our ability to incur additional debt, and other operating restrictions that could adversely impact our ability to conduct our business. Any future indebtedness we incur may result in terms that could be unfavorable to equity investors. There can be no assurances that we will be able to raise additional capital. The inability to raise capital could adversely affect our ability to achieve our business objectives.

Previous wording

In June 2026, we repurchased $294.6 million of aggregate principal amount of the Notes for a total repurchase price of $232.8 million (plus accrued and unpaid interest to, but excluding, the applicable closing date) via separate, privately negotiated repurchase agreements entered into with certain holders of our Notes. As a result of the repurchases, we retired over half of our outstanding Notes due in 2030 at a discount to par value, resulting in $255.4 million of aggregate principal amount of our Notes outstanding as of June 30, 2026.

Current wording

During the nine months ended September 30, 2026, we repurchased $299.3 million of aggregate principal amount of the Notes for a total repurchase price of $236.8 million (plus accrued and unpaid interest to, but excluding, the applicable closing date), including $294.6 million of aggregate principal amount of the Notes purchased through separate, privately negotiated repurchase agreements with certain holders of the Notes for a total repurchase price of $232.8 million (plus accrued and unpaid interest to, but excluding, the applicable closing date) and $4.7 million of aggregate principal amount of the Notes purchased in the open market for a total repurchase price of $4.0 million (plus accrued and unpaid interest to, but excluding, the applicable closing date). As a result of the repurchases, we retired over half of our outstanding Notes due in 2030 at a discount to par value, resulting in $250.7 million of aggregate principal amount of our Notes outstanding as of September 30, 2026.

Previous wording

During the six months ended June 30, 2026, we repurchased 3.5 million shares of our Class A common stock for an aggregate purchase price of $9.4 million under our share repurchase program through open market purchases.

Current wording

During the nine months ended September 30, 2026, we repurchased 4.5 million shares of our Class A common stock for an aggregate purchase price of $13.9 million under our share repurchase program through open market purchases.

Previous wording

Approximately $111.8 million remains available for future repurchases of our common stock under our share repurchase program as of June 30, 2026. For more information, see Note 9 – Share Repurchase Program to our condensed consolidated financial statements included in this report.

Current wording

Approximately $107.3 million remains available for future repurchases of our common stock under our share repurchase program as of September 30, 2026. For more information, see Note 9 – Share Repurchase Program to our condensed consolidated financial statements included in this report.

Previous wording

As of June 30, 2026, we held $105.4 million in total investments, consisting of money market mutual funds and available-for-sale debt securities. These investments are included within cash and cash equivalents and marketable securities within our condensed consolidated balance sheets. During the three months ended June 30, 2026, a significant amount of our investments held at March 31, 2026 matured to fund the repurchases of the Notes. Our remaining investments consist of money market mutual funds and available-for-sale debt securities, which are included within cash and cash equivalents and marketable securities within our condensed consolidated balance sheets.

Current wording

As of September 30, 2026, we held $106.3 million in total investments, consisting of money market mutual funds. These investments are included within cash and cash equivalents within our condensed consolidated balance sheets. During the nine months ended September 30, 2026, a significant amount of our investments matured to fund the repurchases of the Notes.

Previous wording

During the three and six months ended June 30, 2026, we continued to manage our excess cash reserves by investing primarily in money market mutual funds and also in highly rated debt securities. The primary objectives in investing our excess cash reserves are to preserve capital, provide sufficient liquidity to satisfy both operational cash flow requirements and potential strategic investment opportunities, and to obtain a reasonable or market rate of return on investments. We consider all of our investments as available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities within current assets in our condensed consolidated balance sheets.

Current wording

During the three and nine months ended September 30, 2026, we continued to manage our excess cash reserves by investing primarily in money market mutual funds and also in highly rated debt securities. The primary objectives in investing our excess cash reserves are to preserve capital, provide sufficient liquidity to satisfy both operational cash flow requirements and potential strategic investment opportunities, and to obtain a reasonable or market rate of return on investments. We consider all of our investments as available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities within current assets in our condensed consolidated balance sheets.

Previous wording

For the six months ended June 30, 2026, cash provided by operating activities was $11.9 million resulting from our net income of $38.7 million, adjusted by non-cash items of $20.1 million and a net decrease of $6.7 million in our operating assets and liabilities. The non-cash items primarily resulted from a $59.3 million gain on debt extinguishment and $1.7 million in amortization and accretion of marketable securities, partially offset by $15.9 million related to the change in our deferred income taxes primarily driven by the utilization of carried forward tax losses resulting from the taxable gain on debt extinguishment, $15.7 million for stock-based compensation expense, $5.9 million pertaining to amortization of intangible assets and depreciation, and $1.0 million pertaining to non-cash lease expense. The decrease of $6.7 million related to changes in our operating assets and liabilities was primarily driven by a $7.0 million decrease in accrued interest, a $1.5 million increase in other assets, a $1.3 million increase in accounts receivable, a $1.2 million decrease in our operating lease liabilities, and a $1.2 million increase in prepaid expenses and other assets, partially offset by a $3.4 million increase in our accounts payable and accrued expenses and other liabilities, a $1.3 million increase in deferred revenue, and a $0.7 million decrease in deferred commissions.

Current wording

For the nine months ended September 30, 2026, cash provided by operating activities was $27.3 million resulting from our net income of $43.8 million, adjusted by non-cash items of $5.3 million and a net decrease of $11.2 million in our operating assets and liabilities. The non-cash items primarily resulted from a $60.0 million gain on debt extinguishment and $1.8 million in amortization and accretion of marketable securities, partially offset by $22.8 million for stock-based compensation expense, $20.3 million related to the change in our deferred income taxes primarily driven by the utilization of carried forward tax losses resulting from the taxable gain on debt extinguishment, $8.8 million pertaining to amortization of intangible assets and depreciation, and $1.5 million pertaining to non-cash lease expense. The decrease of $11.2 million related to changes in our operating assets and liabilities was primarily driven by a $10.2 million decrease in accrued interest, a $4.8 million increase in accounts receivable, a $2.1 million increase in other assets, a $1.8 million decrease in our operating lease liabilities, and a $0.2 million increase in prepaid expenses and other assets, partially offset by a $5.1 million increase in our accounts payable and accrued expenses and other liabilities, a $1.9 million increase in deferred revenue, and a $0.9 million decrease in deferred commissions.

Previous wording

For the six months ended June 30, 2025, cash provided by operating activities was $0.6 million resulting from our net loss of $22.3 million, adjusted by non-cash charges of $24.0 million and a net decrease of $1.0 million in our operating assets and liabilities. The non-cash charges primarily resulted from $27.2 million for stock-based compensation expense, $6.4 million pertaining to amortization of intangible assets and depreciation, and $2.0 million pertaining to non-cash lease expense, partially offset by $9.2 million related to the change in our deferred tax assets driven by our current year capitalization of research costs from a tax perspective and $4.1 million in amortization and accretion of marketable securities. The decrease of $1.0 million related to changes in our operating assets and liabilities was primarily driven by a $2.8 million increase in accounts receivable and a $2.1 million decrease in our operating lease liabilities, partially offset by a $1.9 million increase in our accounts payable and accrued expenses and other liabilities, a $0.9 million increase in deferred revenue, a $0.7 million decrease in other assets, and a $0.4 million decrease in deferred commissions.

Current wording

For the nine months ended September 30, 2025, cash provided by operating activities was $3.2 million resulting from our net loss of $32.2 million, adjusted by non-cash charges of $44.7 million and a net decrease of $9.3 million in our operating assets and liabilities. The non-cash charges primarily resulted from $38.3 million for stock-based compensation expense, $9.6 million pertaining to amortization of intangible assets and depreciation, and $2.6 million pertaining to non-cash lease expense, partially offset by $5.6 million in amortization and accretion of marketable securities and $3.3 million related to the change in our deferred income taxes. The decrease of $9.3 million related to changes in our operating assets and liabilities was primarily driven by a $6.9 million decrease in accrued interest, a $2.5 million decrease in our operating lease liabilities, a $2.3 million increase in accounts receivable, and a $1.1 million increase in prepaid expenses and other assets, partially offset by a $1.7 million increase in our accounts payable and accrued expenses and other liabilities, a $1.0 million decrease in other assets, a $0.5 million increase in deferred revenue, and a $0.3 million decrease in deferred commissions.

Previous wording

For the six months ended June 30, 2026, cash provided by investing activities was $173.4 million resulting from $239.3 million received from paydowns, maturities and redemptions of marketable securities and $1.3 million received from sales of marketable securities, partially offset by $62.9 million used in purchases of marketable securities and $3.9 million capitalized for software development costs.

Current wording

For the nine months ended September 30, 2026, cash provided by investing activities was $215.7 million resulting from $283.4 million received from paydowns, maturities and redemptions of marketable securities and $1.3 million received from sales of marketable securities, partially offset by $62.9 million used in purchases of marketable securities and $5.5 million capitalized for software development costs.

Previous wording

For the six months ended June 30, 2025, cash provided by investing activities was $68.5 million resulting from $342.2 million received from paydowns, maturities and redemptions of marketable securities and $1.0 million received from sales of marketable securities, partially offset by $270.1 million used in purchases of marketable securities and $4.0 million capitalized for software development costs.

Current wording

For the nine months ended September 30, 2025, cash provided by investing activities was $86.9 million resulting from $493.5 million received from paydowns, maturities and redemptions of marketable securities and $1.0 million received from sales of marketable securities, partially offset by $401.6 million used in purchases of marketable securities and $5.0 million capitalized for software development costs.

Previous wording

For the six months ended June 30, 2026, cash used in financing activities was $241.3 million which consisted of $229.7 million for the repurchases of the Notes, $9.5 million for the repurchase of common stock, and $2.4 million for the net settlement of taxes on equity awards, partially offset by $0.3 million of proceeds from the exercise of stock options.

Current wording

For the nine months ended September 30, 2026, cash used in financing activities was $254.2 million which consisted of $236.8 million for the repurchases of the Notes, $14.0 million for the repurchases of common stock, and $3.7 million for the net settlement of taxes on equity awards, partially offset by $0.3 million of proceeds from the exercise of stock options.

Previous wording

For the six months ended June 30, 2025, cash used in financing activities was $84.1 million which consisted of $84.1 million used for the repurchase of common stock and $4.1 million for the net settlement of taxes on equity awards, partially offset by $2.4 million of proceeds from the exercise of stock options and $1.7 million of proceeds from the issuance of stock under the employee stock purchase plan.

Current wording

For the nine months ended September 30, 2025, cash used in financing activities was $96.7 million which consisted of $94.1 million used for the repurchase of common stock, $5.9 million for the net settlement of taxes on equity awards, and $0.9 million for the payment of acquisition-related non- employee investor holdback consideration, partially offset by $2.5 million of proceeds from the exercise of stock options and $1.7 million of proceeds from the issuance of stock under the employee stock purchase plan.