NERDWALLET, INC.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
NRDS$7.89-31.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0001625278-25-000069
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001625278-25-000114
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 84 previous paragraphs and 85 current paragraphs.
56 unchanged; 24 reworded; 5 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
We had income from operations of $10.7 million and $11.4 million for the three and six months ended June 30, 2025, as compared to losses from operations of $9.6 million and $5.9 million for the three and six months ended June 30, 2024, respectively, driven by increases in revenue of $36.3 million and $83.6 million which were partially offset by increases of $16.0 million and $66.3 million in operating expenses, primarily attributable to increases of $21.9 million and $73.7 million in sales and marketing expenses, partially offset by decreases of $4.8 million and $8.7 million in research and development expenses.
Current report
We had net income of $8.2 million and $8.4 million for the three and six months ended June 30, 2025, as compared to net losses of $9.4 million and $8.3 million for the three and six months ended June 30, 2024, respectively, primarily attributable to income from operations of $10.7 million and $11.4 million for the three and six months ended June 30, 2025, as compared to losses from operations of $9.6 million and $5.9 million for the three and six months ended June 30, 2024, partially offset by a $2.2 million increase in income tax provision for the three months ended June 30, 2025.
Current report
On July 4, 2025, the United States enacted tax reform legislation through An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14, commonly known as the One Big Beautiful Bill Act. Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. We continue to evaluate the impact the new legislation will have on our condensed consolidated financial statements, and are not able to quantify the impact at this time.
Current report
We had non-GAAP operating income of $20.7 million for the three months ended June 30, 2025 as compared to a non-GAAP operating loss of $2.7 million for the three months ended June 30, 2024, while non-GAAP operating income increased $22.1 million, or 281%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The changes in non-GAAP operating income are primarily attributable to income from operations of $10.7 million and $11.4 million for the three and six months ended June 30, 2025, as compared to losses from operations of $9.6 million and $5.9 million for the three and six months ended June 30, 2024, partially offset by decreases of $2.0 million and $3.1 million in capitalized internally developed software costs.
Current report
Adjusted EBITDA increased $19.3 million, or 135%, and $14.9 million, or 37%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively, primarily attributable to net income of $8.2 million and $8.4 million for the three and six months ended June 30, 2025, as compared to net losses of $9.4 million and $8.3 million for the three and six months ended June 30, 2024, respectively. Additionally, adjustments to reconcile adjusted EBITDA to net income increased $1.7 million for the three months ended June 30, 2025 and decreased $1.8 million for the six months ended June 30, 2025, primarily reflecting decreases of $2.1 million and $4.1 million in stock-based compensation, partially offset by the impacts of decreases of $0.7 million and $1.3 million in net interest income, increases of $0.5 million and $1.2 million in depreciation and amortization, and, for the six months ended June 30, 2025, a $2.2 million increase in income tax provision.
Removed paragraphs (4)
Previous report
Income from operations decreased $3.0 million, or 81%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as a $47.3 million increase in revenue was more than offset by a $50.3 million increase in operating expenses, primarily attributable to a $51.8 million increase in sales and marketing expenses.
Previous report
Net income decreased $0.9 million, or 86%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily attributable to the $3.0 million decrease in income from operations and a $0.7 million decrease in interest income, partially offset by a $2.6 million decrease in income tax provision.
Previous report
Non-GAAP operating income decreased $1.3 million, or 12%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to a $3.0 million decrease in income from operations, partially offset by the impacts of a $1.1 million decrease in capitalized internally developed software costs and a $0.7 million increase in depreciation and amortization.
Previous report
Adjusted EBITDA decreased $4.4 million, or 17%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily attributable to decreases in adjustments to reconcile adjusted EBITDA to net income, including decreases of $2.6 million in income tax provision and $2.0 million in stock-based compensation.
Reworded paragraphs (24)
Previous wording
As a personal finance website and app, NerdWallet provides consumers—both individuals and SMBs—with trustworthy and knowledgeable financial information so they can make smart money moves. From finding the best credit card to buying a house, NerdWallet is there to help consumers make financial decisions with confidence. Consumers have free access to our expert content and comparison shopping marketplaces, plus a data-driven app, which helps them stay on top of their finances and save time and money, giving them the freedom to do more. NerdWallet is available for consumers in the U.S., United Kingdom, Canada and Australia.
Current wording
As a personal finance website, app, and financial service provider, NerdWallet provides consumers—both individuals and SMBs—with trustworthy and knowledgeable financial information so they can make smart money moves. From finding the best credit card to buying a house, NerdWallet is there to help consumers make financial decisions with confidence. Consumers have free access to our expert content and comparison shopping marketplaces, plus a data-driven app, which helps them stay on top of their finances and save time and money, giving them the freedom to do more. NerdWallet is available for consumers in the U.S., United Kingdom, Canada and Australia.
Previous wording
We believe that non-GAAP operating income (loss) and adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results and in comparing operating results across periods. Moreover, non-GAAP operating income (loss) and adjusted EBITDA are key measurements used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, the use of these non-GAAP measures have certain limitations because they do not reflect all items of income and expense that affect our operations. Non-GAAP operating income (loss) and adjusted EBITDA have limitations as financial measures, should be considered as supplemental in nature, and are not meant as substitutes for the related financial information prepared in accordance with GAAP. These limitations include the following:
Current wording
We believe that non-GAAP operating income (loss) and adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results and in comparing operating results across periods. Moreover, non-GAAP operating income (loss) and adjusted EBITDA are key measurements used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, the use of these non-GAAP financial measures have certain limitations because they do not reflect all items of income and expense that affect our operations. Non-GAAP operating income (loss) and adjusted EBITDA have limitations as financial measures, should be considered as supplemental in nature, and are not meant as substitutes for the related financial information prepared in accordance with GAAP. These limitations include the following:
Previous wording
Revenue increased $47.3 million, or 29%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily reflecting growth in Insurance products and Emerging verticals revenues, partially offset by lower Credit cards revenue.
Current wording
Revenue increased $36.3 million, or 24%, and $83.6 million, or 27%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively, primarily reflecting growth in Insurance products and Emerging verticals revenues, partially offset by lower Credit cards revenue.
Previous wording
Insurance revenue includes revenue from consumer insurance products, including auto, life and pet insurance. Insurance revenue increased $52.6 million, or 246%, for the three months ended March 31, 2025, driven by strong growth in auto insurance products revenue as carriers expanded budgets.
Current wording
Insurance revenue includes revenue from consumer insurance products, including auto, life and pet insurance. Insurance revenue increased $25.2 million, or 86%, and $77.8 million, or 153%, for the three and six months ended June 30, 2025, respectively, driven by strong growth in auto insurance products revenue as carriers expanded budgets.
Previous wording
Credit cards revenue consists of revenue from consumer credit cards. Credit cards revenue decreased $12.0 million, or 24%, for the three months ended March 31, 2025, primarily due to continued pressures in organic search traffic.
Current wording
Credit cards revenue consists of revenue from consumer credit cards. Credit cards revenue decreased $11.3 million, or 25%, and $23.3 million, or 24%, for the three and six months ended June 30, 2025, respectively, primarily due to continued pressures in organic search traffic that have persisted for multiple quarters.
Previous wording
SMB products revenue includes revenue from loans, credit cards and other financial products and services intended for small and mid-sized businesses. SMB products revenue decreased $1.5 million, or 5%, for the three months ended March 31, 2025, primarily due to a decrease in business loan originations.
Current wording
SMB products revenue includes revenue from loans, credit cards and other financial products and services intended for small and mid-sized businesses. SMB products revenue decreased $1.1 million, or 4%, and $2.6 million, or 5%, for the three and six months ended June 30, 2025, respectively, primarily due to pressures in organic search traffic.
Previous wording
Loans revenue includes revenue from personal loans, mortgages, student loans and auto loans. Loans revenue increased $2.6 million, or 12%, for the three months ended March 31, 2025, primarily due to increases of 23% in mortgage loans revenue as we incorporate our acquisition of Next Door Lending LLC (NDL) in October 2024, and 8% in personal loans revenue.
Current wording
Loans revenue includes revenue from personal loans, mortgages, student loans and auto loans. Loans revenue increased $5.8 million, or 27%, and $8.4 million, or 20%, for the three and six months ended June 30, 2025, respectively, primarily due to increases of 29% and 19% in personal loans revenue, respectively, and 32% and 28% in mortgage loans revenue, respectively, as we continue to integrate our acquisition of Next Door Lending LLC (NDL) in October 2024.
Previous wording
Emerging verticals revenue includes revenue from other product sources, including banking, investing and international. Emerging verticals revenue increased $5.6 million, or 15%, for the three months ended March 31, 2025, primarily driven by a 22% increase in banking revenue due to higher demand for banking products.
Current wording
Emerging verticals revenue includes revenue from other product sources, including banking, investing and international. Emerging verticals revenue increased $17.7 million, or 64%, and $23.3 million, or 35%, for the three and six months ended June 30, 2025, respectively, primarily driven by increases of 79% and 46% in banking revenue, respectively, due to higher demand for banking products.
Previous wording
Cost of revenue increased $4.0 million, or 28%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to increases of $3.0 million primarily related to third-party service charges and $0.8 million in amortization expense related to capitalized software development costs.
Current wording
Cost of revenue increased $1.7 million, or 11%, and $5.7 million, or 19%, for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to increases of $0.7 million and $3.7 million primarily related to third-party service charges, and $0.6 million and $1.4 million in amortization expense related to capitalized software development costs.
Previous wording
Research and development expenses decreased $3.9 million, or 19%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily attributable to a $4.1 million decrease in personnel-related costs for our engineering, data and product management personnel and contractors.
Current wording
Research and development expenses decreased $4.8 million, or 21%, and $8.7 million, or 20%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively, primarily attributable to decreases of $4.3 million and $8.4 million in personnel-related costs, respectively, for our engineering, data and product management personnel and contractors.
Previous wording
Sales and marketing expenses increased $51.8 million, or 48%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to increases of $43.0 million in performance marketing expenses and $10.4 million in brand marketing expenses.
Current wording
Sales and marketing expenses increased $21.9 million, or 21%, and $73.7 million, or 34%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively, primarily due to increases of $30.0 million and $73.0 million in performance marketing expenses, respectively, as well as a $6.7 million decrease in brand marketing expenses for the three months ended June 30, 2025.
Previous wording
General and administrative expenses decreased $1.6 million, or 10%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily attributable to a $2.3 million decrease in personnel-related costs, partially offset by a $0.6 million increase in professional services fees.
Current wording
General and administrative expenses decreased $2.8 million, or 17%, and $4.4 million, or 14%, for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, respectively, primarily attributable to decreases of $2.2 million and $4.6 million in personnel-related costs, respectively.
Previous wording
Other income, net decreased $0.5 million, or 55%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily attributable to lower interest income reflecting lower average cash balances and interest rates.
Current wording
Other income, net decreased $0.5 million, or 29%, and $1.0 million, or 41%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively, primarily attributable to lower interest income reflecting lower interest rates and average cash balances.
Previous wording
The Company’s tax provision for the three months ended March 31, 2025 was determined using an estimated annual effective tax rate which was adjusted for discrete items occurring during the period. The Company’s tax provision for the three months ended March 31, 2024 was determined using a discrete effective tax rate method, as allowed by ASC Topic 740-270, Income Taxes, Interim Reporting, as the Company had determined that small changes in estimated “ordinary” income would have resulted in significant changes in the estimated annual effective tax rate.
Current wording
The Company’s tax provision for the six months ended June 30, 2025 was determined using an estimated annual effective tax rate which was adjusted for discrete items occurring during the period. The Company’s tax provision for the six months ended June 30, 2024 was determined using a discrete effective tax rate method, as allowed by ASC Topic 740-270, Income Taxes, Interim Reporting, as the Company had determined that small changes in estimated “ordinary” income would have resulted in significant changes in the estimated annual effective tax rate.
Previous wording
We had income tax provisions of $1.1 million and $3.7 million for the three months ended March 31, 2025 and 2024, respectively. Our effective tax rate was 87.2% and 76.2% for the three months ended March 31, 2025 and 2024, respectively. Our effective tax rate for the three months ended March 31, 2025 differs from the U.S. federal statutory income tax rate of 21% primarily due to discrete items related to stock-based compensation and uncertain tax positions. Our effective tax rate for the three months ended March 31, 2024 differed from the U.S. federal statutory income tax rate of 21% primarily due to the valuation allowance previously maintained against our net U.S. deferred tax assets and state taxes, partially offset by research and development credits.
Current wording
We had income tax provisions of $3.3 million and $4.4 million for the three and six months ended June 30, 2025, respectively, and $1.1 million and $4.8 million for the three and six months ended June 30, 2024, respectively. Our effective tax rate was 28.9% and 34.5% for the three and six months ended June 30, 2025 and (13.7%) and (138.6%) for the three and six months ended June 30, 2024, respectively. Our effective tax rate for the three and six months ended June 30, 2025 differs from the U.S. federal statutory income tax rate of 21% primarily due to discrete items related to stock-based compensation and uncertain tax positions, partially offset by research and development credits. Our effective tax rate for the three and six months ended June 30, 2024 differed from the U.S. federal statutory income tax rate of 21% primarily due to the valuation allowance previously maintained against our net U.S. deferred tax assets and state taxes, partially offset by research and development credits.
Previous wording
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” for a discussion of the changes in income (loss) from operations and net income (loss) for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
Current wording
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” for a discussion of the changes in income (loss) from operations and net income (loss) for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024.
Previous wording
As of March 31, 2025 and December 31, 2024, we had cash and cash equivalents of $92.2 million and $66.3 million, respectively.
Current wording
As of June 30, 2025 and December 31, 2024, we had cash and cash equivalents of $105.3 million and $66.3 million, respectively.
Previous wording
More broadly, we also have purchase obligations under contractual arrangements with vendors and service providers, including for certain web-hosting and cloud computing services and advertising, which do not qualify for recognition on our condensed consolidated balance sheets but which we consider non-cancellable. During the three months ended March 31, 2025, there have been no material changes in our purchase obligations as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
More broadly, we also have purchase obligations under contractual arrangements with vendors and service providers, including for certain web-hosting and cloud computing services and advertising, which do not qualify for recognition on our condensed consolidated balance sheets but which we consider non-cancellable. During the six months ended June 30, 2025, there have been no material changes in our purchase obligations as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Share Repurchase Program: We maintain a plan, authorized by our Board of Directors in May 2023 with subsequent additional share repurchase authorizations as approved by our Board of Directors, under which we may repurchase shares of our Class A common stock (collectively, the Repurchase Program). Subject to market conditions and other factors, the Repurchase Program is intended to make opportunistic repurchases of our Class A common stock to reduce our outstanding share count. Under the Repurchase Program, shares of Class A common stock may be repurchased in the open market through privately negotiated transactions or otherwise, in accordance with applicable securities laws and other restrictions. The Repurchase Program does not have fixed expiration dates and does not obligate us to acquire any specific number of shares. The timing and terms of any repurchases are at management’s discretion and depend on a variety of factors, including business, economic and market conditions, regulatory requirements, prevailing stock prices and other considerations. Additionally, we may, from time to time, enter into Rule 10b-5 trading plans to facilitate repurchases. Shares repurchased under the Repurchase Programs are retired. We expect to fund repurchases with existing cash and cash equivalents. We did not repurchase any shares of Class A common stock during the three months ended March 31, 2025.
Current wording
Share Repurchase Program: We maintain a plan, authorized by our Board of Directors in May 2023 with subsequent additional share repurchase authorizations as approved by our Board of Directors, under which we may repurchase shares of our Class A common stock (collectively, the Repurchase Program). Subject to market conditions and other factors, the Repurchase Program is intended to make opportunistic repurchases of our Class A common stock to reduce our outstanding share count. Under the Repurchase Program, shares of Class A common stock may be repurchased in the open market through privately negotiated transactions or otherwise, in accordance with applicable securities laws and other restrictions. The Repurchase Program does not have fixed expiration dates and does not obligate us to acquire any specific number of shares. The timing and terms of any repurchases are at management’s discretion and depend on a variety of factors, including business, economic and market conditions, regulatory requirements, prevailing stock prices and other considerations. Additionally, we may, from time to time, enter into Rule 10b-5 trading plans to facilitate repurchases. Shares repurchased under the Repurchase Programs are retired. We expect to fund repurchases with existing cash and cash equivalents. We did not repurchase any shares of Class A common stock during the six months ended June 30, 2025. We paid $0.3 million of excise taxes during the six months ended June 30, 2025 which related to previous share repurchases.
Previous wording
Warehouse Line of Credit: NDL, a wholly-owned subsidiary, maintains a $15.0 million warehouse line of credit to provide NDL short-term funding for mortgage loans originated for sale. Borrowings under the warehouse line of credit bear interest at the greater of the interest rate of the underlying mortgage loans held for sale or a minimum rate of 6%, and are secured by the underlying promissory notes of the mortgage loans held for sale as well as NDL’s other assets. The warehouse line of credit matures on February 1, 2026. NDL had $6.8 million outstanding under the warehouse line of credit as of March 31, 2025, which is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet. The warehouse line of credit requires NDL to comply with certain minimum tangible net worth, liquidity, and insurance requirements. NDL was in compliance with all covenants as of March 31, 2025 and December 31, 2024.
Current wording
Warehouse Line of Credit: NDL, a wholly-owned subsidiary, maintains a $15.0 million warehouse line of credit to provide NDL short-term funding for mortgage loans originated for sale. Borrowings under the warehouse line of credit bear interest at the greater of the interest rate of the underlying mortgage loans held for sale or a minimum rate of 6%, and are secured by the underlying promissory notes of the mortgage loans held for sale as well as NDL’s other assets. The warehouse line of credit matures on February 1, 2026. NDL had $11.3 million outstanding under the warehouse line of credit as of June 30, 2025, which is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet. The warehouse line of credit requires NDL to comply with certain minimum tangible net worth, liquidity, and insurance requirements. NDL was in compliance with all covenants as of June 30, 2025 and December 31, 2024.
Previous wording
Net cash provided by operating activities increased $4.0 million in the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as a $5.8 million increase in net cash inflow from changes in operating assets and liabilities was partially offset by decreases of $0.9 million in both net income and non-cash charges. The increase in net cash inflow from changes in operating assets and liabilities was primarily due to increases of $8.3 million in accrued expenses and other current liabilities and $1.9 million in accounts payable, partially offset by a $4.4 million increase in mortgage loans held-for-sale. The decrease in non-cash charges was primarily due to a $2.0 million decrease in stock-based compensation, partially offset by increases of $0.7 million in depreciation and amortization and $0.5 million in other, net.
Current wording
Net cash provided by operating activities increased $11.3 million in the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily driven by net income of $8.4 million for the six months ended June 30, 2025, as compared to a net loss of $8.3 million for the six months ended June 30, 2024, partially offset by a $5.1 million decrease in non-cash charges. The decrease in non-cash charges was primarily due to decreases of $4.1 million in stock-based compensation and $3.2 million in deferred taxes, partially offset by increases of $1.2 million in depreciation and amortization and $0.8 million in other, net.
Previous wording
Net cash used in investing activities decreased $8.9 million in the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to an $8.1 million purchase of an investment in the three months ended March 31, 2024, as well as a $1.0 million decrease in capitalized software development costs.
Current wording
Net cash used in investing activities decreased $5.2 million in the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to an $8.1 million purchase of an investment in the six months ended June 30, 2024, and a $2.7 million decrease in capitalized software development costs, partially offset by $5.0 million of cash paid for an acquisition.
Previous wording
Net cash provided by financing activities increased $2.5 million in the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to a $4.3 million increase in short-term borrowings under a warehouse line of credit, partially offset by a $1.7 million decrease from exercises of stock options.
Current wording
We had net cash provided by financing activities of $8.9 million for the six months ended June 30, 2025, as compared to net cash used in financing activities of $0.4 million for the six months ended June 30, 2024, with the change primarily due to $8.7 million of short-term borrowings under a warehouse line of credit and $1.0 million from issuance of Class A common stock under our Employee Stock Purchase Plan, both during the six months ended June 30, 2025, partially offset by a $1.8 million decrease from exercises of stock options.
Previous wording
During the three months ended March 31, 2025, there have been no material changes in our critical accounting policies as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
During the six months ended June 30, 2025, there have been no material changes in our critical accounting policies as disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2024.