Roblox Corp

Previous wording

Consistent with our free to use business model, a small portion of our users have historically been payers. For example, in the three months ended March 31, 2026, of our 132 million average Daily Active Users (“DAUs”), only approximately 1.9 million represented our average daily unique paying users. Similarly, in the three months ended March 31, 2026, our average daily bookings per DAU was $0.15, whereas our average daily bookings per daily unique paying user was $10.17. We believe that maintaining and growing our overall number of users, including the number of users who may not purchase and spend Robux, is important to the success of our business. As a result, we believe that the number of users who choose to purchase and spend Robux will continue to constitute a small portion of our overall users.

Current wording

Consistent with our free to use business model, a small portion of our users have historically been payers. For example, in the three months ended June 30, 2026, of our 123 million average Daily Active Users (“DAUs”), only approximately 1.6 million represented our average daily unique paying users. Similarly, in the three months ended June 30, 2026, our average daily bookings per DAU was $0.14, whereas our average daily bookings per daily unique paying user was $10.42. We believe that maintaining and growing our overall number of users, including the number of users who may not purchase and spend Robux, is important to the success of our business. As a result, we believe that the number of users who choose to purchase and spend Robux will continue to constitute a small portion of our overall users.

Previous wording

We are constantly innovating our safety tools and launching new safeguards to promote a safe and enjoyable environment for our users. As our safety teams continue to innovate and use advancements in technology to help users feel safe on our Platform, we expect to continue to implement Platform policy, product, technology and other changes, including in anticipation of and in response to regulatory requirements and evolving guidance from leading global organizations focused on child and internet safety in the U.S. and abroad. We continue to develop, test, and implement new systems designed to age-check users prior to accessing chat on our Platform. In addition, we recently announced Roblox Kids and Roblox Select, which are new account types designed to provide children and younger teens with age-appropriate games and safety features that we intend to launch in June 2026. Our safety changes have impacted and may continue to impact engagement, retention, revenue, and bookings.

Current wording

We are constantly innovating our safety tools and launching new safeguards to promote a safe and enjoyable environment for our users. As our safety teams continue to innovate and use advancements in technology to help users feel safe on our Platform, we expect to continue to implement Platform policy, product, technology and other changes, including in anticipation of and in response to regulatory requirements and evolving guidance from leading global organizations focused on child and internet safety in the U.S. and abroad. We continue to develop, test, and implement new systems designed to age-check users prior to accessing chat on our Platform. In addition, we recently launched Roblox Kids and Roblox Select, which are age-based account types designed to provide children and younger teens with age-appropriate games and safety features. Our safety changes have impacted and may continue to impact engagement, retention, revenue, and bookings.

Previous wording

Generally over time, as the content and functionality of our Platform improves and DAUs increase in tenure, hours engaged tend to go up. Similarly, we expect more users to become payers. Further, we expect growth in our payers and improvements in our products and strategy to lead to growth in revenue and bookings. Within any given period, the relative behavior of the metrics has not been, and will not always be, consistent. Additionally, engagement and monetization trends may vary depending on a wide variety of factors, including, but not limited to, the popularity and virality of certain games and the mix of users from different regions.

Current wording

Generally over time, as the content and functionality of our Platform improves and DAUs increase in tenure, hours engaged tend to go up. Similarly, we expect more users to become payers. Further, we expect growth in our payers and improvements in our products and strategy to lead to growth in revenue and bookings. Within any given period, the relative behavior of the metrics has not been, and will not always be, consistent. Additionally, engagement and monetization trends may vary depending on a wide variety of factors, including, but not limited to, the popularity and virality of certain games, the mix of users from different regions, and Platform changes.

Previous wording

(1)Includes legal settlement expenses related to settlement negotiations with certain states regarding youth-related consumer protection and digital safety matters. The Company has determined that these matters arise outside of the ordinary course of business, have limited historical precedent, are unpredictable in their magnitude, scope, and timing, and as a result are distinct from routine expenses incurred in ongoing operations.

Current wording

(1)Includes legal expenses related to settlements and settlement negotiations with certain states regarding youth-related consumer protection and digital safety matters. The Company has determined that these matters arise outside of the ordinary course of business, have limited historical precedent, are unpredictable in their magnitude, scope, and timing, and as a result are distinct from routine expenses incurred in ongoing operations.

Previous wording

We allocate shared costs, such as certain facilities (including rent and depreciation on equipment and leasehold improvements shared by all departments), certain software costs, and certain other operating expenses, to all departments based on headcount. As such, allocated shared costs are reflected in each expense category, with the exception of cost of revenue and developer exchange fees expense.

Current wording

We allocate shared costs, such as certain facilities (including rent and depreciation on equipment and leasehold improvements shared by all departments), software costs, and certain other operating expenses, to all departments based on headcount. As such, allocated shared costs are reflected in each expense category, with the exception of cost of revenue and developer exchange fees expense.

Previous wording

Personnel costs generally include employee expenses (salaries, benefits, and stock-based compensation expense) and contractor expenses, and are reflected in each expense category, with the exception of cost of revenue and developer exchange fees. In the three months ended March 31, 2026 and 2025, personnel costs were $565 million and $497 million, respectively.

Current wording

Personnel costs generally include employee expenses (salaries, benefits, and stock-based compensation expense) and contractor expenses, and are reflected in each expense category, with the exception of cost of revenue and developer exchange fees. In the three and six months ended June 30, 2026, personnel costs were $565 million and $1,130 million, respectively, and during the three and six months ended June 30, 2025, were $530 million and $1,027 million, respectively.

Previous wording

Through July 23, 2025, creators were also able to accumulate earned Robux through our Engagement-Based Payouts (“EBP”) Program which allowed creators to accumulate earned Robux based on the share of time that Roblox Premium subscribers engage in their game. Beginning July 24, 2025, our EBP Program was replaced by our Creator Rewards Program that allows creators who publish games to accumulate earned Robux based on the achievement of various metrics that we believe drive user engagement and monetization supporting the long-term health of our Platform. We expect that moving forward, the aggregate developer exchange fee expense related to the Creator Rewards Program will exceed the aggregate developer exchange fee expense related to the legacy EBP Program.

Current wording

Through July 23, 2025, creators were also able to accumulate earned Robux through our Engagement-Based Payouts (“EBP”) Program which allowed creators to accumulate earned Robux based on the share of time that Roblox Premium subscribers engaged in their game. Beginning July 24, 2025, our EBP Program was replaced by our Creator Rewards Program that allows creators who publish games to accumulate earned Robux based on the achievement of various metrics that we believe drive user engagement and monetization supporting the long-term health of our Platform. We expect that moving forward, the aggregate developer exchange fee expense related to the Creator Rewards Program will exceed the aggregate developer exchange fee expense related to the legacy EBP Program.

Previous wording

On January 31, 2022, we reduced the minimum amount of earned Robux required to qualify for the Developer Exchange Program from 100,000 Robux to 50,000 Robux and subsequently on January 31, 2023, we further reduced the minimum requirement from 50,000 Robux to 30,000 Robux. We believe these reductions in the minimum amounts required incentivize our creator community, while promoting its long-term growth and health. As of March 31, 2026, over 38,000 creators qualified for and were registered in our Developer Exchange Program.

Current wording

On January 31, 2022, we reduced the minimum amount of earned Robux required to qualify for the Developer Exchange Program from 100,000 Robux to 50,000 Robux and subsequently on January 31, 2023, we further reduced the minimum requirement from 50,000 Robux to 30,000 Robux. We believe these reductions in the minimum amounts required incentivize our creator community, while promoting its long-term growth and health. As of June 30, 2026, over 42,000 creators qualified for and were registered in our Developer Exchange Program.

Previous wording

We continue to focus on increasing creator earnings by (i) creating new earnings methods and enhancing existing ones and (ii) passing on efficiencies realized in other areas of our business. For example, beginning September 5, 2025 and applying prospectively, we increased the amount creators can receive in fiat currency based on earned Robux by 8.5%. Furthermore, we recently announced an increase in our Developer Exchange rate designed to further reward creation of novel games. Starting June 8, 2026, we will increase the effective earnings for eligible in-game spend generated by age-checked U.S. users 18 or older.

Current wording

We continue to focus on increasing creator earnings by (i) creating new earnings methods and enhancing existing ones and (ii) passing on efficiencies realized in other areas of our business. For example, beginning September 5, 2025 and applying prospectively, we increased the amount creators can receive in fiat currency based on earned Robux by 8.5%. Furthermore, beginning June 8, 2026 and applying prospectively, we increased our Developer Exchange rate by 42% for eligible in-game spend generated by age-checked U.S. users 18 or older to further incentivize creation of novel games.

Previous wording

Infrastructure and trust & safety expenses consist primarily of expenses related to the operation of our data centers and technical infrastructure. These costs include third-party service provider costs, such as cloud computing or other hosting and data storage, facilities-related expenses for our co-located data centers and edge data centers that we lease and operate, and network and bandwidth costs, as well as depreciation and associated support and maintenance costs of our servers and infrastructure equipment. Depreciation and amortization expense related to infrastructure and trust & safety in the three months ended March 31, 2026 was $54 million and in the three months ended March 31, 2025 was $44 million.

Current wording

Infrastructure and trust & safety expenses consist primarily of expenses related to the operation of our data centers and technical infrastructure. These costs include third-party service provider costs, such as cloud computing or other hosting and data storage, facilities-related expenses for our co-located data centers and edge data centers that we lease and operate, and network and bandwidth costs, as well as depreciation and associated support and maintenance costs of our servers and infrastructure equipment. Depreciation and amortization expense related to infrastructure and trust & safety in the three and six months ended June 30, 2026 was $58 million and $112 million, respectively, and in the three and six months ended June 30, 2025 was $44 million and $88 million, respectively.

Previous wording

We plan to continue increasing the capacity, capability, and reliability of our infrastructure to support more sophisticated content, more users, and increased engagement. Over the long term, as our Platform continues to grow, we expect to increase our investment to support our global infrastructure, including expanding our graphics processing units infrastructure both in our owned and operated data centers and in the public cloud. We intend to achieve scalability by building and maintaining our own technical infrastructure, while generating operating leverage over the long term.

Current wording

We plan to continue increasing the capacity, capability, and reliability of our infrastructure to support more sophisticated content, more users, and increased engagement. In fiscal year 2023, we invested heavily in our infrastructure, and as a result, were able to moderate our investment in infrastructure throughout fiscal year 2024 and into the first quarter of 2025. Since that time, our investment in infrastructure has grown to meet the demands of continued Platform growth. Over the long term, we expect to increase our investment to support our global infrastructure. We intend to achieve scalability by building and maintaining our own technical infrastructure, while generating operating leverage over the long term.

Previous wording

Infrastructure and trust & safety expenses also include personnel costs, moderation and customer support related costs, and allocated overhead expenses. We have been and expect to continue investing in AI and automation to increase the accuracy and efficiency of our safety moderation and customer support related efforts, which has increased the quality of our safety and civility systems.

Current wording

Infrastructure and trust & safety expenses also include personnel costs, moderation and customer support related costs, and allocated overhead expenses. We have been and expect to continue investing in AI and automation to increase the accuracy and efficiency of our safety moderation and customer support related efforts, which has increased the quality of our safety and civility systems and led to a decrease in safety moderation and customer support costs in recent periods.

Previous wording

Comparison of the Three Months Ended March 31, 2026 and 2025

Current wording

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

Previous wording

The increase in bookings during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by a higher average number of daily unique paying users during the current period, which increased to approximately 1.9 million during the three months ended March 31, 2026 from approximately 1.2 million during the three months ended March 31, 2025. The average number of daily unique paying users represents the number of user accounts that made a payment on the Platform, including redemption of prepaid cards for Robux, on an average daily basis during the respective period.

Current wording

The increase in bookings during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by a higher average number of daily unique paying users during the current period, which increased to approximately 1.6 million during the three months ended June 30, 2026 from approximately 1.5 million during the three months ended June 30, 2025. The average number of daily unique paying users represents the number of user accounts that made a payment on the Platform, including redemption of prepaid cards for Robux, on an average daily basis during the respective period.

Previous wording

Revenue increased $407 million, or 39%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase is primarily due to a higher amortization of prior period deferred revenue and an increase in revenue recognized from current period bookings. The increase in revenue recognized from current period bookings was driven by an increase in bookings, coupled with an increase in consumable virtual item-related revenue, which accounted for 12% of virtual-item related revenue during the three months ended March 31, 2026 as compared to 9% in the three months ended March 31, 2025.

Current wording

Revenue increased $795 million, or 38%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase is primarily due to a higher amortization of prior period deferred revenue and an increase in revenue recognized from current period bookings. The increase in revenue recognized from current period bookings was driven by an increase in bookings, coupled with an increase in consumable virtual item-related revenue, which accounted for 10% of virtual-item related revenue during the six months ended June 30, 2026, as compared to 9% in the six months ended June 30, 2025.

Previous wording

Cost of revenue increased $69 million, or 31%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase is primarily due to an increase of $71 million in expense associated with payment processing fees, largely from higher amortization of prior period deferred payment processing fees and an increase in expense associated with current period payment processing fees driven by the related growth in bookings. The increase in cost of revenue recognized from current period payment processing fees was also driven by the aforementioned increase in consumable virtual item-related revenue, as the payment processing fees are expensed over the same period as the respective revenue.

Current wording

Cost of revenue increased $56 million, or 24%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is primarily due to an increase of $64 million in expense associated with payment processing fees, largely from higher amortization of prior period payment processing fees and an increase in expense associated with current period payment processing fees driven by the related growth in bookings. The increase in cost of revenue recognized from current period payment processing fees was partially offset by the aforementioned decrease in consumable virtual item-related revenue, as the payment processing fees are expensed over the same period as the respective revenue. This increase was also partially offset by a mix shift toward payment processors with lower payment processing fees.

Previous wording

Developer exchange fees increased $141 million, or 50%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase is primarily driven by an increase in amounts earned by creators due to the growth in bookings over the same period. The growth in developer exchange fees exceeded the growth in bookings, primarily driven by (i) an 8.5% increase in the amount creators in our Developer Exchange Program can receive in fiat currency based on earned Robux accumulated, prospectively from September 5, 2025 onwards, (ii) the launch of Creator Rewards in July 2025, which generated higher expense than our legacy EBP program in the prior period, and (iii) differential Robux pricing which offers more Robux for users purchasing Robux through payment processing channels with lower transaction processing fees, which in turn increases the supply of Robux available for creators to accumulate.

Current wording

Developer exchange fees increased $47 million, or 15%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is primarily driven by an increase in amounts earned by creators due to the growth in bookings over the same period. The growth in developer exchange fees exceeded the growth in bookings, primarily driven by an 8.5% increase in the amount creators in our Developer Exchange Program can receive in fiat currency based on earned Robux accumulated, prospectively from September 5, 2025 onwards, and the launch of Creator Rewards in July 2025, which generated higher expense than our legacy EBP program in the prior period.

Previous wording

Infrastructure and trust & safety expenses increased $82 million, or 34%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase is primarily driven by an increase of $66 million related to data center and technical infrastructure expenses (including depreciation and amortization) and hosting costs associated with providing the Platform to our users. The increase was supplemented by an increase of $9 million in personnel costs, primarily due to an increase in headcount to support our infrastructure growth.

Current wording

Infrastructure and trust & safety expenses increased $102 million, or 39%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is primarily driven by an increase of $76 million related to data center and technical infrastructure expenses (including depreciation and amortization) and hosting costs associated with providing the Platform to our users. The increase was supplemented by an increase of $15 million in trust & safety-related marketing expenses. Additionally, personnel costs increased by $5 million, primarily due to an increase in headcount.

Previous wording

Research and development expenses increased $48 million, or 13%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase is primarily due to an increase of $48 million in personnel costs, which includes an increase of $15 million in stock-based compensation expense, primarily due to growth in headcount supporting our engineering, design, and product teams.

Current wording

Research and development expenses increased $35 million, or 9%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is primarily due to an increase of $33 million in personnel costs, which includes an increase of $6 million in stock-based compensation expense, primarily due to growth in headcount supporting our engineering, design, and product teams.

Previous wording

General and administrative expenses increased $90 million, or 76%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase is primarily due to $57 million in legal settlement accruals related to settlements and settlement negotiations with various states regarding youth-related consumer protection and digital safety matters. The increase also includes an increase of $16 million in professional services, primarily from legal fees associated with ongoing litigation and investigations, and an increase of $10 million in personnel costs, primarily due to growth in headcount.

Current wording

General and administrative expenses increased $47 million, or 31%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is primarily due to $34 million in legal settlement accruals related to settlements and settlement negotiations with various states regarding youth-related consumer protection and digital safety matters. The increase also includes an increase of $18 million in professional services, primarily from legal fees associated with ongoing litigation and investigations.

Previous wording

Sales and marketing expenses increased $16 million, or 33%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase is primarily due to an increase of $13 million in advertising and promotional expenses and an increase of $1 million in personnel costs, primarily due to growth in headcount.

Current wording

Sales and marketing expenses increased $8 million, or 15%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is primarily due to an increase of $4 million in advertising and promotional expenses, and an increase of $3 million in personnel costs, primarily due to growth in headcount.

Previous wording

Interest income increased $9 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was primarily due to higher average investments in debt securities, partially offset by lower average interest rates.

Current wording

Interest income increased $10 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 and increased $19 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase for both periods was primarily due to higher average investments in debt securities, partially offset by lower average interest rates.

Previous wording

Interest expense, other income/(expense), net, and provision for/(benefit from) income taxes were relatively flat (in terms of amount) for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

Interest expense and provision for/(benefit from) income taxes were relatively flat (in terms of amount) for the three and six months ended June 30, 2026 compared to the same periods of the prior year.

Previous wording

As of March 31, 2026 and December 31, 2025, our principal sources of liquidity were cash and cash equivalents and short-term and long-term investments of $6.2 billion and $5.5 billion, respectively, which were primarily held for working capital purposes, capital expenditures, and acquisitions. Our investment policy and strategy are focused on the preservation of capital and supporting our liquidity requirements. We do not enter into investments for trading or speculative purposes.

Current wording

As of June 30, 2026 and December 31, 2025, our principal sources of liquidity were cash and cash equivalents and short-term and long-term investments of $6.1 billion and $5.5 billion, respectively, which were primarily held for working capital purposes, capital expenditures, share repurchases, and acquisitions. Our investment policy and strategy are focused on the preservation of capital and supporting our liquidity requirements. We do not enter into investments for trading or speculative purposes.

Previous wording

On October 29, 2021, we issued the 2030 Notes, which will mature on May 1, 2030, unless earlier repurchased or redeemed. Interest is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2022. The net proceeds from the 2030 Notes issuance were approximately $988 million and we intend to use the net proceeds for general corporate purposes, which may include working capital purposes, capital expenditures, and acquisitions.

Current wording

On October 29, 2021, we issued the 2030 Notes, which will mature on May 1, 2030, unless earlier repurchased or redeemed. Interest is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2022. The net proceeds from the 2030 Notes issuance were approximately $988 million and we intend to use the net proceeds for general corporate purposes, which may include working capital purposes, capital expenditures, share repurchases, and acquisitions.

Previous wording

(1)Includes legal settlement expenses related to settlement negotiations with certain states regarding youth-related consumer protection and digital safety matters. The Company has determined that these matters arise outside of the ordinary course of business, have limited historical precedent, are unpredictable in their magnitude, scope, and timing, and as a result are distinct from routine expenses incurred in ongoing operations.

Current wording

(1)Includes legal expenses related to settlements and settlement negotiations with certain states regarding youth-related consumer protection and digital safety matters. The Company has determined that these matters arise outside of the ordinary course of business, have limited historical precedent, are unpredictable in their magnitude, scope, and timing, and as a result are distinct from routine expenses incurred in ongoing operations.

Previous wording

As of March 31, 2026, contractual obligations related to the 2030 Notes are remaining payments of $39 million each year from 2026 through 2029 and $1.0 billion due in 2030. These amounts represent principal and interest cash payments over the term of the 2030 Notes based on the stated maturity date. Any future redemption of the 2030 Notes could impact the amount or timing of our cash payments. For more information regarding the 2030 Notes, refer to Note 7, “Debt” to the notes to condensed consolidated financial statements.

Current wording

As of June 30, 2026, contractual obligations related to the 2030 Notes are remaining payments of $19 million in 2026, $39 million each year from 2027 through 2029, and $1.0 billion due in 2030. These amounts represent principal and interest cash payments over the term of the 2030 Notes based on the stated maturity date. Any future redemption of the 2030 Notes could impact the amount or timing of our cash payments. For more information regarding the 2030 Notes, refer to Note 7, “Debt” to the notes to condensed consolidated financial statements.

Previous wording

During the three months ended March 31, 2026, net cash and cash equivalents provided by operating activities was $629 million, which consisted of consolidated net loss of $248 million, adjusted by non-cash charges of $348 million and net cash inflows from the change in net operating assets and liabilities of $529 million. The non-cash charges were primarily comprised of stock-based compensation expense of $275 million and depreciation and amortization expense of $61 million. The net cash and cash equivalents inflow from the change in our net operating assets and liabilities was primarily due to a $366 million decrease in accounts receivable due to the timing of collection of prior period bookings and a $302 million increase in deferred revenue, primarily due to bookings generated in the current period. The overall increase was offset by a $72 million decrease in our developer exchange liability, primarily driven by the timing of payments, and a $35 million decrease in our operating lease liabilities, driven by lease payments.

Current wording

During the six months ended June 30, 2026, net cash and cash equivalents provided by operating activities was $947 million, which consisted of consolidated net loss of $433 million, adjusted by non-cash charges of $715 million and net cash inflows from the change in net operating assets and liabilities of $665 million. The non-cash charges were primarily comprised of stock-based compensation expense of $557 million and depreciation and amortization expense of $126 million. The net cash and cash equivalents inflow from the change in our net operating assets and liabilities was primarily due to a $407 million decrease in accounts receivable due to the timing of collection of prior period bookings and a $401 million increase in deferred revenue, primarily due to bookings generated in the current period. The overall increase was offset by a $75 million decrease in our developer exchange liability, primarily driven by the timing of payments, and a $72 million decrease in our operating lease liabilities, driven by lease payments.

Previous wording

During the three months ended March 31, 2026, net cash and cash equivalents used in investing activities was $675 million, primarily consisting of $644 million of investment purchases – net of sales and maturities, and capital expenditures of $33 million.

Current wording

During the six months ended June 30, 2026, net cash and cash equivalents used in investing activities was $817 million, primarily consisting of $757 million of investment purchases – net of sales and maturities, and capital expenditures of $55 million.

Previous wording

During the three months ended March 31, 2026, net cash and cash equivalents provided by financing activities was $31 million, driven by the exercise of stock options and purchase of shares under our employee stock purchase plan.

Current wording

During the six months ended June 30, 2026, net cash and cash equivalents used in financing activities was $341 million, driven by settled repurchases of common stock of $375 million, partially offset by proceeds from the exercise of stock options and purchase of shares under our employee stock purchase plan of $34 million.

Previous wording

The Company has letters of credit primarily in connection with its office facilities in San Mateo, California and data center facilities in Ashburn, Virginia and Chicago, Illinois which are not reflected in the Company’s condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025. There have been no material changes to the Company’s letters of credit during the three months ended March 31, 2026. We did not have any relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities that were established for the purpose of facilitating off-balance sheet arrangements or other purposes.

Current wording

We have letters of credit primarily in connection with our office facilities in San Mateo, California and data center facilities in Ashburn, Virginia and Chicago, Illinois which are not reflected in our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. There have been no material changes to our letters of credit during the six months ended June 30, 2026. We did not have any relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities that were established for the purpose of facilitating off-balance sheet arrangements or other purposes.

Previous wording

Contractual commitments include obligations under operating leases for office facilities and data center operations. There have been no material changes to the nature of our operating lease commitments during the three months ended March 31, 2026, except for lease commitments primarily related to office facilities and space for data center operations in the ordinary course of business.

Current wording

Contractual commitments include obligations under operating leases for office facilities and data center operations. There have been no material changes to the nature of our operating lease commitments during the six months ended June 30, 2026, except for lease commitments primarily related to office facilities and space for data center operations in the ordinary course of business.

Previous wording

Other purchase obligations primarily consist of non-cancellable obligations with our data center hosting providers, software vendors, and payment processors. There have been no material changes in the Company’s purchase obligations during the three months ended March 31, 2026, other than for non-cancellable obligations primarily related to data center hosting providers, software vendors, and payment processors in the ordinary course of business.

Current wording

Other purchase obligations primarily consist of non-cancellable obligations with our data center hosting providers, software vendors, and payment processors. There have been no material changes in our purchase obligations during the six months ended June 30, 2026, other than for non-cancellable obligations primarily related to data center hosting providers, software vendors, and payment processors in the ordinary course of business. Refer to Note 8, “Commitments and Contingencies” in the notes to condensed consolidated financial statements for additional information regarding our contractual commitments.

Previous wording

The Company is and, from time to time may in the future become, involved in legal proceedings, claims, and litigation. Discussion of legal matters and contingencies can be referred to under Item 1, “Note 8 – Commitments and Contingencies – Legal Proceedings” to the condensed consolidated financial statements.

Current wording

We are and, from time to time may in the future become, involved in legal proceedings, claims, and litigation. Discussion of legal matters and contingencies can be referred to under Item 1, “Note 8 – Commitments and Contingencies – Legal Proceedings” to the condensed consolidated financial statements.