NERDWALLET, INC.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
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.
Sep 30, 2026 · Filed Nov 5, 2026
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 2026-06-30; filed 2026-08-06.
0001625278-26-000060
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001625278-26-000068
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 81 previous paragraphs and 87 current paragraphs.
58 unchanged; 18 reworded; 11 added; 5 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 (11)
Current report
On July 10, 2026, we acquired a privately-held financial services company for a preliminary purchase consideration of $5.4 million in cash.
Current report
•Non-GAAP operating income (loss) excludes stock-based compensation resulting from the accelerated vesting of equity awards in connection with certain terminations of employment, reductions in force, business combinations or dispositions, or changes in control, in each case to the extent not already excluded under acquisition-related costs or restructuring charges;
Current report
Net income decreased $11.4 million, or 43%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, as a $15.0 million decrease in income from operations was partially offset by a $4.4 million decrease in income tax provision. Net income increased $4.9 million, or 14%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily driven by a $7.8 million increase in income from operations, partially offset by a $1.8 million increase in income tax provision.
Current report
Revenue increased $24.5 million, or 11%, and $47.9 million, or 8%, for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively, primarily driven by growth in Consumer revenue.
Current report
SMB revenue increased $1.5 million, or 6%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, as an increase in business loan originations was partially offset by continued pressures in organic search traffic. SMB revenue decreased $5.7 million, or 7%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, as continued pressures in organic search traffic were partially offset by an increase in business loan originations.
Current report
Research and development expense
Current report
Research and development expenses increased $2.1 million, or 13%, and $1.7 million, or 3%, for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively, primarily attributable to increases of $1.8 million and $1.9 million, respectively, in personnel-related costs for our engineering, data, and product management personnel and contractors, primarily reflecting lower capitalized internally developed software costs.
Current report
Sales and marketing expenses increased $37.9 million, or 28%, and $44.7 million, or 11%, for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively, primarily attributable to increases in performance marketing expenses of $35.1 million and $85.8 million, respectively. Other marketing expenses increased $2.8 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to $3.9 million of accelerated stock-based compensation related to certain terminated employees, partially offset by lower brand marketing expenses. Other marketing expenses decreased $41.1 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily due to lower brand marketing expenses, partially offset by $3.9 million of accelerated stock-based compensation related to certain terminated employees.
Current report
Non-GAAP operating income decreased $10.9 million, or 27%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to a $15.0 million decrease in income from operations and a $1.6 million decrease in depreciation and amortization, partially offset by $3.9 million of stock-based compensation for accelerated vesting of equity awards for the three months ended September 30, 2026 and a $2.6 million decrease in capitalized internally developed software costs.
Current report
Non-GAAP operating income increased $5.0 million, or 7%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily due to a $7.8 million increase in income from operations and a $3.9 million decrease in capitalized internally developed software costs, partially offset by a $7.9 million decrease in depreciation and amortization. The increase in non-GAAP operating income also reflects $3.9 million of stock-based compensation for accelerated vesting of equity awards for the nine months ended September 30, 2026, partially offset by $1.6 million of acquisition-related retention for the nine months ended September 30, 2025.
Current report
Extension of Vendor Payment Terms: As part of our working capital efficiency program, we have negotiated extended payment terms with certain vendors. As we transition to these terms during the fourth quarter of 2026 and first quarter of 2027, we estimate a cumulative positive impact of approximately $50 million-$60 million to net cash provided by operating activities across those two quarters, resulting in corresponding increases to our cash and cash equivalents and accounts payable balances by the end of the first quarter of 2027. These changes reflect the timing of cash payments only, and will not impact our revenues, operating income, net income, non-GAAP operating income, or adjusted EBITDA. The extended terms may be revised or revoked at any time, in which case we would expect the related increases in cash, accounts payable, and net cash provided by operating activities to reverse.
Removed paragraphs (5)
Previous report
Net income decreased $3.9 million, or 48%, for the three months ended June 30, 2026, and increased $16.3 million, or 195%, for the six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily driven by a $3.7 million decrease in income operations for the three months ended June 30, 2026 and a $22.8 million increase in income from operations for the six months ended June 30, 2026, partially offset by a $6.2 million increase in income tax provision for the six months ended June 30, 2026.
Previous report
Revenue increased $10.4 million, or 6%, and $23.4 million, or 6%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively, as growth in Consumer revenue was partially offset by lower SMB revenue.
Previous report
SMB revenue decreased $2.9 million, or 11%, and $7.2 million, or 13%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively, primarily due to continued pressures in organic search traffic, partially offset by increases in business loan originations.
Previous report
Sales and marketing expenses increased $17.4 million, or 14%, and $6.8 million, or 2%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively, as increases in performance marketing expenses of $26.6 million and $50.7 million, respectively, were partially offset by decreases in other marketing expenses of $9.2 million and $43.9 million, respectively, primarily due to lower brand marketing expenses.
Previous report
Non-GAAP operating income decreased $8.5 million, or 41%, and increased $15.9 million, or 53%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively, primarily due to a $3.7 million decrease in income from operations for the three months ended June 30, 2026 and a $22.8 million increase in income from operations for the six months ended June 30, 2026, as well as the impacts of decreases in depreciation and amortization of $3.4 million and $6.3 million, respectively.
Reworded paragraphs (18)
Previous wording
On February 20, 2026, we entered into a Membership Interest Purchase Agreement with inspHIRE IO Corp., d/b/a Candidly, pursuant to which we acquired 100% of the outstanding membership interests of College Finance Company, LLC, which operates a student loan marketplace to connect borrowers with lenders. The preliminary purchase consideration for this acquisition was $17.2 million in cash which was paid during the six months ended June 30, 2026, including $1.5 million which was placed into escrow to secure potential post-closing indemnification rights.
Current wording
On February 20, 2026, we entered into a Membership Interest Purchase Agreement with inspHIRE IO Corp., d/b/a Candidly, pursuant to which we acquired 100% of the outstanding membership interests of College Finance Company, LLC, which operates a student loan marketplace to connect borrowers with lenders. The preliminary purchase consideration for this acquisition was $17.2 million in cash which was paid during the nine months ended September 30, 2026, including $1.5 million which was placed into escrow to secure potential post-closing indemnification rights.
Previous wording
Non-GAAP operating income (loss): We define non-GAAP operating income (loss) as income (loss) from operations adjusted to exclude depreciation and amortization, and further exclude (1) losses (gains) on disposals of assets, (2) acquisition-related costs, and (3) restructuring charges. We also reduce income from operations, or increase loss from operations, for capitalized internally developed software costs.
Current wording
Non-GAAP operating income (loss): We define non-GAAP operating income (loss) as income (loss) from operations adjusted to exclude depreciation and amortization, and further exclude (1) losses (gains) on disposals of assets, (2) acquisition-related costs, (3) restructuring charges, and (4) stock-based compensation resulting from the accelerated vesting of equity awards in connection with certain terminations of employment, reductions in force, business combinations or dispositions, or changes in control, in each case to the extent not already excluded under (2) or (3). We also reduce income from operations, or increase loss from operations, for capitalized internally developed software costs.
Previous wording
Income from operations decreased $3.7 million, or 35%, for the three months ended June 30, 2026, and increased $22.8 million, or 200%, for the six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, as revenue increased $10.4 million and $23.4 million, respectively, while operating expenses increased $14.1 million and $0.6 million, respectively, primarily attributable to increases of $17.4 million and $6.8 million in sales and marketing expenses, respectively, as well as a $2.0 million increase in general and administrative expenses for the six months ended June 30, 2026, partially offset by decreases of $3.2 million and $7.8 million in cost of revenues, respectively.
Current wording
Income from operations decreased $15.0 million, or 44%, for the three months ended September 30, 2026, and increased $7.8 million, or 17%, for the nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, as revenue increased $24.5 million and $47.9 million, respectively, while operating expenses increased $39.5 million and $40.1 million, respectively, primarily attributable to increases of $37.9 million and $44.7 million in sales and marketing expenses, respectively.
Previous wording
Consumer revenue increased $13.3 million, or 8%, and $30.6 million, or 9%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively, primarily driven by increases of $9.6 million and $30.5 million from deposit accounts, respectively, as partners expanded budgets, and $12.3 million and $25.0 million from personal loans, respectively, as we expanded our marketplace offerings to serve a broader range of borrowers, partially offset by decreases of $8.6 million and $21.1 million from consumer credit cards, respectively, primarily due to continued pressures in organic search traffic that have persisted for multiple quarters.
Current wording
Consumer revenue increased $23.0 million, or 12%, and $53.6 million, or 10%, for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively, primarily driven by increases of $8.6 million and $39.1 million from deposit accounts, respectively, as partners expanded budgets, $13.3 million and $38.3 million from personal loans, respectively, as we expanded our marketplace offerings to serve a broader range of borrowers, and $25.0 million and $28.5 million from student loans, respectively, reflecting recent changes in federal borrowing limits, and the peak summer lending season, as well as the incorporation of our recent acquisition of College Finance. These increases were partially offset by decreases of $17.4 million and $30.3 million from auto insurance products, respectively, reflecting lower lead volume. as well as a $25.9 million decrease from consumer credit cards for the nine months ended September 30, 2026 primarily due to continued pressures in organic search traffic that have persisted for multiple quarters.
Previous wording
Cost of revenue decreased $3.2 million, or 19%, and $7.8 million, or 22%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively, primarily due to decreases of $3.5 million and $6.5 million, respectively, in amortization expense related to capitalized software development costs, as well as a $1.8 million decrease related to third-party service and data charges for the six months ended June 30, 2026.
Current wording
Cost of revenue decreased $1.5 million, or 10%, and $9.3 million, or 19%, for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively, primarily due to decreases of $1.8 million and $8.2 million, respectively, in amortization expense related to capitalized software development costs.
Previous wording
General and administrative expenses increased $0.3 million, or 1%, and $2.0 million, or 7%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, with the increase for the six-month period primarily attributable to a $1.5 million increase in personnel-related costs.
Current wording
General and administrative expenses increased $1.0 million, or 7%, and $3.0 million, or 7%, for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively, primarily attributable to increases of $1.2 million and $2.7 million, respectively, in personnel-related costs.
Previous wording
Other income, net decreased $0.5 million, or 59%, and $0.3 million, or 20%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively, primarily attributable to lower interest income reflecting lower average cash balances in interest-earning accounts.
Current wording
Other income, net decreased $0.8 million, or 71%, and $1.1 million, or 41%, for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively, primarily attributable to lower interest income reflecting lower average cash balances in interest-earning accounts.
Previous wording
The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate which is adjusted for discrete items occurring during the period. We had income tax provisions of $3.0 million and $10.6 million for the three and six months ended June 30, 2026, and $3.3 million and $4.4 million for the three and six months ended June 30, 2025, respectively. Our effective tax rate was 41.2% and 29.9% for the three and six months ended June 30, 2026, and 28.9% and 34.5% for the three and six months ended June 30, 2025, respectively. Our effective tax rate for the three and six months ended June 30, 2026 differs from the U.S. federal statutory income tax rate of 21% primarily due to state taxes, stock-based compensation and interest on uncertain tax positions. Our effective tax rate for the three and six months ended June 30, 2025 differed 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.
Current wording
The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate which is adjusted for discrete items occurring during the period. We had income tax provisions of $4.8 million and $15.4 million for the three and nine months ended September 30, 2026, and $9.2 million and $13.6 million for the three and nine months ended September 30, 2025, respectively. Our effective tax rate was 24.5% and 28.0% for the three and nine months ended September 30, 2026, and 25.8% and 28.1% for the three and nine months ended September 30, 2025, respectively. Our effective tax rate for the three and nine months ended September 30, 2026 differs from the U.S. federal statutory income tax rate of 21% primarily due to state taxes, stock-based compensation and interest on uncertain tax positions. Our effective tax rate for the three and nine months ended September 30, 2025 differed 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.
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 from operations and net income for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025.
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 from operations and net income for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025.
Previous wording
Adjusted EBITDA decreased $10.5 million, or 31%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, reflecting decreases of $3.9 million in net income and $6.6 million in adjustments to reconcile adjusted EBITDA to net income, primarily comprised of decreases of $3.4 million in depreciation and amortization, $1.3 million in stock-based compensation, and $0.9 million in acquisition-related expenses. Adjusted EBITDA increased $13.6 million, or 25%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, as a $16.3 million increase in net income was partially offset by a $2.7 million decrease in adjustments to reconcile adjusted EBITDA to net income, primarily comprised of decreases of $6.3 million in depreciation and amortization and $1.0 million in stock-based compensation, as well as $1.6 million of acquisition-related retention in the six months ended June 30, 2025, partially offset by a $6.2 million increase in income tax provision.
Current wording
Adjusted EBITDA decreased $13.8 million, or 26%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, reflecting decreases of $11.4 million in net income and $2.4 million in adjustments to reconcile adjusted EBITDA to net income, primarily comprised of decreases of $4.4 million in income tax provision and $1.6 million in depreciation and amortization, partially offset by a $3.6 million increase in stock-based compensation. Adjusted EBITDA decreased $0.2 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, as a $4.9 million increase in net income was offset by a $5.1 million decrease in adjustments to reconcile adjusted EBITDA to net income, primarily comprised of a $7.9 million decrease in depreciation and amortization and $1.6 million of acquisition-related retention in the nine months ended September 30, 2025, partially offset by increases of $2.6 million in stock-based compensation and $1.8 million in income tax provision.
Previous wording
As of June 30, 2026 and December 31, 2025, we had cash and cash equivalents of $62.0 million and $98.3 million, respectively.
Current wording
As of September 30, 2026 and December 31, 2025, we had cash and cash equivalents of $73.5 million and $98.3 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 six months ended June 30, 2026, 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, 2025.
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 nine months ended September 30, 2026, 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, 2025.
Previous wording
Share Repurchase Program: We maintain a share repurchase program under which we may purchase shares of our Class A common stock (the Repurchase Program), originally authorized by our Board of Directors in May 2023 and subsequently increased through additional authorizations from time to time. In February 2026, our Board of Directors approved an increase of $100.0 million to the amount authorized for repurchases under 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 10b5‑1 trading plans to facilitate repurchases. Shares repurchased under the Repurchase Program are retired. We expect to fund repurchases with existing cash and cash equivalents. We repurchased 8.7 million shares of Class A common stock for $89.2 million, including costs associated with the repurchases, during the six months ended June 30, 2026. Additionally, we paid $0.4 million of excise taxes during the six months ended June 30, 2026 which related to previous share repurchases.
Current wording
Share Repurchase Program: We maintain a share repurchase program under which we may purchase shares of our Class A common stock (the Repurchase Program), originally authorized by our Board of Directors in May 2023 and subsequently increased through additional authorizations from time to time. In February 2026, our Board of Directors approved an increase of $100.0 million to the amount authorized for repurchases under 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 10b5‑1 trading plans to facilitate repurchases. Shares repurchased under the Repurchase Program are retired. We expect to fund repurchases with existing cash and cash equivalents. We repurchased 9.8 million shares of Class A common stock for $99.7 million, including costs associated with the repurchases, during the nine months ended September 30, 2026. Additionally, we paid $0.4 million of excise taxes during the nine months ended September 30, 2026 which related to previous share repurchases.
Previous wording
Warehouse Line of Credit: Next Door Lending LLC (NDL), a wholly-owned subsidiary, maintains a $15.0 million warehouse line of credit, which may be increased to $18.75 million for up to 90 days subject to certain requirements, 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, subject to a 5.25% minimum rate, 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, 2027. NDL had $5.1 million outstanding under the warehouse line of credit as of June 30, 2026, 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, 2026 and December 31, 2025.
Current wording
Warehouse Line of Credit: Next Door Lending LLC (NDL), a wholly-owned subsidiary, maintains a $15.0 million warehouse line of credit, which may be increased to $18.75 million for up to 90 days subject to certain requirements, 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, subject to a 5.25% minimum rate, 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, 2027. NDL had $3.7 million outstanding under the warehouse line of credit as of September 30, 2026, which is included in accrued expenses and other current liabilities on our condensed consolidated balance sheets. 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 September 30, 2026 and December 31, 2025.
Previous wording
Net cash provided by operating activities increased $32.7 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, driven by increases of $16.3 million in net income and $3.0 million in non-cash charges, as well as a $10.0 million net cash inflow from changes in operating assets and liabilities for the six months ended June 30, 2026 as compared to a $3.4 million net cash outflow for the six months ended June 30, 2025. The increase in non-cash charges was primarily due to an $11.8 million increase in deferred taxes, partially offset by decreases of $6.3 million in depreciation and amortization, $1.0 million in stock-based compensation, and $1.0 million in other losses, net. The change to net cash inflow from changes in operating assets and liabilities was primarily due to a $1.8 million decrease in mortgage loans held for sale for the six months ended June 30, 2026, as compared to a $9.0 million increase for the six months ended June 30, 2025.
Current wording
Net cash provided by operating activities increased $15.4 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, driven by a $4.9 million increase in net income and a $17.2 million decrease in net cash outflow from changes in operating assets and liabilities, partially offset by a $6.7 million decrease in non-cash charges. The decrease in non-cash charges was primarily due to a $7.9 million decrease in depreciation and amortization, partially offset by a $2.6 million increase in stock-based compensation. The decrease in net cash outflow from changes in operating assets and liabilities was primarily due to a $9.3 million decrease for accounts receivable, as well as a $3.3 million decrease in mortgage loans held for sale for the nine months ended September 30, 2026, as compared to a $3.6 million increase for the nine months ended September 30, 2025.
Previous wording
Net cash used in investing activities increased $9.7 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to an $11.1 million increase in cash paid for acquisitions.
Current wording
Net cash used in investing activities increased $11.5 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily due to a $16.2 million increase in cash paid for acquisitions, partially offset by $2.3 million of proceeds from the liquidation of a certificate of deposit and a $2.1 million decrease in capitalized software development costs.
Previous wording
We had net cash used in financing activities of $89.4 million for the six months ended June 30, 2026, as compared to net cash provided by financing activities of $8.9 million for the six months ended June 30, 2025, with the change primarily due to an $88.5 million increase in repurchases of Class A common stock, as well as $1.7 million of net repayment on our warehouse line of credit for the six months ended June 30, 2026 as compared to $8.7 million of net borrowing for the six months ended June 30, 2025.
Current wording
Net cash used in financing activities increased $83.2 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily due to a $79.8 million increase in repurchases of Class A common stock, as well as $3.2 million of net repayment on our warehouse line of credit for the nine months ended September 30, 2026 as compared to $3.3 million of net borrowing for the nine months ended September 30, 2025.
Previous wording
During the six months ended June 30, 2026, 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, 2025.
Current wording
During the nine months ended September 30, 2026, 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, 2025.