Reddit, Inc.

Previous wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the year ended December 31, 2024 included in our Annual Report on Form 10-K (the “Annual Report”). In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this Quarterly Report on Form 10-Q, particularly in “Risk Factors” and “Note Regarding Forward-Looking Statements.”

Current wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”). In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this Quarterly Report on Form 10-Q, particularly in “Risk Factors” and “Note Regarding Forward-Looking Statements.”

Previous wording

•Daily Active Uniques (“DAUq”) were 116.0 million for the three months ended September 30, 2025, an increase of 19% year over year

Current wording

•Daily Active Uniques (“DAUq”) were 126.8 million for the three months ended March 31, 2026, an increase of 17% year-over-year

Previous wording

•Average revenue per unique (“ARPU”) was $5.04 for the three months ended September 30, 2025, an increase of 41% year over year

Current wording

•Average revenue per unique (“ARPU”) was $5.23 for the three months ended March 31, 2026, an increase of 44% year-over-year

Previous wording

•Cash, cash equivalents, and marketable securities were $2.2 billion as of September 30, 2025

Current wording

•Cash, cash equivalents, and marketable securities were $2.8 billion as of March 31, 2026

Previous wording

DAUq includes visits from those who have logged in to a registered account as well as those who have not logged in to—or do not have—a registered account. Visitors that come to Reddit from search engines are generally not logged in and originate from both desktop and mobile web. Currently, monetization of these users is mainly through conversation pages and feed ads. Measuring the number of logged-out visitors is difficult and complex. For example, prior to the first quarter of 2023, a portion of our historical DAUq metric counted views of pages that were hosted using Google’s Accelerated Mobile Page (“AMP”) framework. The accuracy of counting the DAUq attributable to this AMP traffic relied on the accuracy and completeness of information received from Google, which had not been historically complete and consistent. As such, our historical DAUq metrics are not directly comparable quarter over quarter or year over year. To the extent that our metric includes views of pages hosted on third-party infrastructure, like Google’s AMP framework, the accuracy and comparability of our metrics will depend on the accuracy and consistency of the information received from any such third party.

Current wording

DAUq includes visits from those who have logged in to a registered account as well as those who have not logged in to—or do not have—a registered account. Visitors that come to Reddit from search engines are generally not logged in and originate from both desktop and mobile web. Currently, monetization of these users is mainly through conversation pages and feed ads.

Previous wording

Year over year and quarter over quarter activity can also fluctuate due to various internal and external factors. During the three months ended December 31, 2023 and 2022, we deployed further advances in our process used to identify and address activity by users and visitors, including web crawlers and scrapers. As we identify automated agents, we remove them from our DAUq count prospectively and do not recalculate DAUq for prior periods if we assess such impact to be immaterial. As we have continued to improve our capabilities to identify suspicious traffic, we have not seen this methodology materially impact trends in DAUq from quarter to quarter.

Current wording

During the three months ended December 31, 2023, we deployed further advances in our process used to identify and address activity by users and visitors, including web crawlers and scrapers. As we identify automated agents, we remove them from our DAUq count prospectively and do not recalculate DAUq for prior periods if we assess such impact to be immaterial. As we have continued to improve our capabilities to identify suspicious traffic, we have not seen this methodology materially impact trends in DAUq from quarter to quarter. Year-over-year and quarter-over-quarter activity can also fluctuate due to various internal and external factors.

Previous wording

In addition, we monitor logged-in DAUq, which we define as a user whom we can identify with a unique identifier who has visited a page on the Reddit website, www.reddit.com, or opened a Reddit application at least once during a 24-hour period and was logged in to a registered account. We measure logged-in DAUq because these users tend to have higher engagement and spend more time on our platform compared to users who are not logged in to a registered account.

Current wording

Historically we monitored logged-in DAUq, which we define as a user whom we can identify with a unique identifier who has visited a page on the Reddit website, www.reddit.com, or opened a Reddit application at least once during a 24-hour period and was logged in to a registered account. We measured logged-in DAUq because these users tend to have higher engagement and spend more time on our platform compared to users who are not logged in to a registered account. However, as our business has scaled and our product strategy has evolved, our focus has shifted to delivering immediate value for all users and enabling them to engage with content on Reddit, regardless of whether they are logged in or logged out. As a result, management primarily uses total DAUq and DAUq by geography for managing the business and for evaluating our core operating performance. Therefore, beginning in the quarter ended September 30, 2026, we will no longer report logged-in and logged-out DAUq.

Previous wording

In the three months ended September 30, 2025, global DAUq grew 19% compared to the prior year period, driven by 7% growth in DAUq in the United States and 31% growth in DAUq in the rest of world. Global DAUq grew 5% compared to the prior quarter period, driven by 3% growth in DAUq in the United States and 7% growth in DAUq in the rest of world. The growth in global DAUq in the three months ended September 30, 2025 compared to the prior year and prior quarter periods was primarily driven by product initiatives, particularly machine translation, and relatedly, third-party search engine and algorithm changes, as well as marketing.

Current wording

In the three months ended March 31, 2026, global DAUq grew 17% compared to the prior year period, driven by 7% growth in DAUq in the United States and 26% growth in DAUq in the rest of world. Global DAUq grew 4% compared to the prior quarter period, driven by 2% growth in DAUq in the United States and 6% growth in DAUq in the rest of world. The growth in global DAUq in the three months ended March 31, 2026, compared to the prior year and prior quarter periods, was primarily driven by the combination of third-party search engine algorithm changes and continued traction from our growth initiatives, particularly in machine translation, marketing, and product improvements.

Previous wording

During the three months ended December 31, 2023 and 2022, we deployed further advances in our process used to identify and address activity by users and visitors, including web crawlers and scrapers. As we identify automated agents, we remove them from our WAUq count prospectively and do not recalculate WAUq for prior periods if we assess such impact to be immaterial. As we have continued to improve our capabilities to identify suspicious traffic, we have not seen this methodology materially impact trends in WAUq from quarter to quarter.

Current wording

During the three months ended December 31, 2023, we deployed further advances in our process used to identify and address activity by users and visitors, including web crawlers and scrapers. As we identify automated agents, we remove them from our WAUq count prospectively and do not recalculate WAUq for prior periods if we assess such impact to be immaterial. As we have continued to improve our capabilities to identify suspicious traffic, we have not seen this methodology materially impact trends in WAUq from quarter to quarter.

Previous wording

In the three months ended September 30, 2025, global WAUq grew 21% compared to the prior year period, driven by 6% growth in WAUq in the United States and 37% growth in WAUq in the rest of world. In the three months ended September 30, 2025, global WAUq increased 7% compared to the prior quarter period, driven by 4% growth in WAUq in the United States and 9% growth in WAUq in the rest of world. For the three months ended September 30, 2025, the proportion of DAUq to WAUq was 26%.

Current wording

In the three months ended March 31, 2026, global WAUq grew 23% compared to the prior year period, driven by 10% growth in WAUq in the United States and 33% growth in WAUq in the rest of world. For the three months ended March 31, 2026, the proportion of DAUq to WAUq was 26%.

Previous wording

We monetize our business primarily through advertising on our mobile applications and website. In the nine months ended September 30, 2025, we recorded revenue of $1.5 billion, as compared to revenue of $0.9 billion for the nine months ended September 30, 2024, representing an increase of 69% compared to the prior year period.

Current wording

We monetize our business primarily through advertising on our mobile applications and website. In the three months ended March 31, 2026, we recorded revenue of $663.4 million, as compared to revenue of $392.4 million for the three months ended March 31, 2025, representing an increase of 69% compared to the prior year period.

Previous wording

During the three months ended September 30, 2025, ARPU was $5.04, an increase of 41% compared to $3.58 for the prior year period, United States ARPU was $9.04, compared to $5.88 for the prior year period, and rest of world ARPU was $1.84, compared to $1.32 for the prior year period. The increase in global ARPU compared to the prior year period was due primarily to an increase in advertising revenue driven by an increase in impressions delivered, and to a lesser extent, an increase in pricing. The increase in global ARPU compared to the prior quarter period was due primarily to an increase in advertising revenue driven by an increase in pricing, and to a lesser extent, an increase in impressions delivered.

Current wording

During the three months ended March 31, 2026, ARPU was $5.23, an increase of 44% compared to $3.63 for the prior year period, United States ARPU was $9.63, compared to $6.27 for the prior year period, and rest of world ARPU was $2.02, compared to $1.34 for the prior year period. The increase in global ARPU compared to the prior year period was due primarily to an increase in advertising revenue driven by an increase in ad impressions delivered and an increase in pricing. During the three months ended March 31, 2026, ad impressions delivered increased by approximately 32% compared to the prior year period driven in part by ad load optimization and improvements, including new ad placements, and by increases in the number of users and user engagement. During the three months ended March 31, 2026, the price of ads increased by approximately

Previous wording

Adjusted EBITDA is defined as net income (loss) excluding interest (income) expense, net, income tax expense (benefit), depreciation and amortization, stock-based compensation expense and related taxes, other (income) expense, net, and certain other non-recurring or non-cash items impacting net income (loss) that we do not consider indicative of our ongoing business performance. Other (income) expense, net consists primarily of realized gains and losses on sales of marketable securities, foreign currency transaction gains and losses, and other income and expense that are not indicative of our core operating performance. We consider the exclusion of certain non-recurring or non-cash items in calculating Adjusted EBITDA to provide a useful measure for investors and others to evaluate our operating results in the same manner as management.

Current wording

Adjusted EBITDA is defined as net income excluding interest (income) expense, net, income tax expense (benefit), depreciation and amortization, stock-based compensation expense and related taxes, other (income) expense, net, and certain other non-recurring or non-cash items impacting net income that we do not consider indicative of our ongoing business performance. Other (income) expense, net consists primarily of realized gains and losses on sales of marketable securities, foreign currency transaction gains and losses, and other income and expense that are not indicative of our core operating performance. We consider the exclusion of certain non-recurring or non-cash items in calculating Adjusted EBITDA to provide a useful measure for investors and others to evaluate our operating results in the same manner as management.

Previous wording

The following table presents a reconciliation of our net income (loss), the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDA:

Current wording

The following table presents a reconciliation of our net income, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDA:

Previous wording

(1)See “Non-GAAP Financial Measures—Adjusted EBITDA” for more information and for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Current wording

(1)See “Non-GAAP Financial Measures—Adjusted EBITDA” for more information and for a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Previous wording

We also generate revenue from content licensing, Reddit Premium subscriptions, and products within our user economy. In our content licensing arrangements, we provide customers with the right to access content from our platform over the contractual period. We recognize content licensing revenue as our content partners consume and benefit from their use of the licensed content, which is generally ratably over the license period. We recognize Reddit Premium subscription revenue ratably over the subscription period, which is generally less than one year. Products within our user economy include Reddit Gold and Collectible Avatars. Revenue from Reddit Gold and Collectible Avatars was immaterial for the periods presented.

Current wording

We also generate revenue from content licensing and products sold directly to users. In our content licensing arrangements, we provide customers with the right to access content from our platform over the contractual period. We recognize content licensing revenue as our content partners consume and benefit from their use of the licensed content, which is generally ratably over the license period. Revenue from other products sold directly to users, including Reddit Premium and Reddit Gold, was not material for the periods presented.

Previous wording

Cost of revenue consists primarily of payments to third parties for the cost of hosting and supporting our mobile applications and website. In addition, cost of revenue includes expenses directly associated with the delivery of our advertising and other services, including advertising measurement services and credit card and other transaction processing fees. Cost of revenue also consists of employee-related costs, including salaries, benefits, and stock-based compensation.

Current wording

Cost of revenue consists primarily of payments to third parties for the cost of hosting and supporting our mobile applications and website. In addition, cost of revenue includes expenses directly associated with the delivery of our advertising and other services, including advertising targeting and measurement services, credit card and other transaction processing fees, and payments to our content partners. Cost of revenue also consists of employee-related costs, including salaries, benefits, and stock-based compensation.

Previous wording

Research and development expenses consist primarily of employee-related costs including salaries, benefits, and stock-based compensation for engineers and other employees engaged in the research, design, and development of new and existing products. Research and development expenses also include professional services and hosting costs associated with internal research and development activities, as well as allocated facilities and other supporting overhead costs.

Current wording

Research and development expenses consist primarily of employee-related costs including salaries, benefits, and stock-based compensation for engineers and other employees engaged in the research, design, and development of new and existing products. Research and development expenses also include hosting costs associated with internal research and development activities, as well as professional services, allocated facilities, and other supporting overhead costs.

Previous wording

Sales and marketing expenses consist primarily of employee-related costs including salaries, benefits, and stock-based compensation for employees engaged in sales, sales support, business and brand development, marketing, and customer service functions. Sales commissions are expensed as incurred in sales and marketing expenses as the expected period of benefit is one year or less. Sales and marketing expenses also include costs incurred for advertising, market research, branding, professional services, marketing, and promotional expenditures, as well as allocated facilities and other supporting overhead costs.

Current wording

Sales and marketing expenses consist primarily of employee-related costs including salaries, benefits, and stock-based compensation for employees engaged in sales, sales support, business and brand development, marketing, and customer service functions. Sales commissions are expensed as incurred in sales and marketing expenses as the expected period of benefit is one year or less. Sales and marketing expenses also include costs incurred for advertising, marketing, and other promotional expenditures, as well as professional services, allocated facilities, and other supporting overhead costs.

Previous wording

General and administrative expenses consist primarily of employee-related costs including salaries, benefits, and stock-based compensation for certain executives as well as employees engaged in finance, legal, human resources, information technology, communications, and other administrative teams. General and administrative expenses also include costs incurred for professional services, as well as allocated facilities and other supporting overhead costs.

Current wording

General and administrative expenses consist primarily of employee-related costs including salaries, benefits, and stock-based compensation for certain executives as well as employees engaged in finance, legal, human resources, information technology, and other administrative teams. General and administrative expenses also include costs incurred for professional services, non-income based taxes, insurance, allocated facilities, and other supporting overhead costs.

Previous wording

We have a full valuation allowance against our United States deferred tax assets and will continue to maintain it until there is sufficient evidence to support the future utilization of these assets. Given our recent history of generating net income in the U.S., we believe that there is a reasonable possibility that sufficient positive evidence may become available within the next 18 months to allow us to release a significant portion of the U.S. valuation allowance. The reversal would result in a significant income tax benefit in the period when we release it. However, the exact timing and amount of the valuation allowance release are subject to change based on our actual operating results.

Current wording

We have a full valuation allowance against our United States federal and state deferred tax assets and will continue to maintain it until there is sufficient evidence to support the future utilization of these assets. Given our recent history of generating net income in the United States, we believe that there is a reasonable possibility that sufficient positive evidence may become available within the next 12 months to allow us to release a significant portion of the valuation allowance in the United States. The reversal would result in a significant income tax benefit in the period when we release it. However, the exact timing and amount of the valuation allowance release are subject to change based on a number of factors, including but not limited to, the level of profitability (income before income taxes adjusted for permanent differences) that we are able to accurately forecast, as well as the amount of our tax deductible stock-based compensation, which is dependent upon our publicly traded share price, and macroeconomic conditions, among other factors.

Previous wording

(1)See “Non-GAAP Financial Measures—Adjusted EBITDA” for more information and for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Current wording

(1)See “Non-GAAP Financial Measures—Adjusted EBITDA” for more information and for a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Previous wording

Cost of revenue for the three and nine months ended September 30, 2025 increased by $17.9 million and $43.7 million, or 52% and 48%, respectively, compared to the prior year periods. The increase in cost of revenue was primarily attributable to increased hosting usage to support user growth and product enhancements on our platform, as well as an increase in other services related to advertising, partially offset by lower hosting prices.

Current wording

Cost of revenue for the three months ended March 31, 2026 increased by $19.2 million, or 52%, compared to the prior year period. The increase in cost of revenue was primarily attributable to increased hosting usage to support product enhancements and user growth on our platform, partially offset by lower hosting prices.

Previous wording

Other income (expense), net for the three and nine months ended September 30, 2025 decreased by $(0.9) million, or (4)%, and increased by $5.5 million, or 9%, compared to the prior year periods, respectively. The increase in the nine months ended September 30, 2025 compared to the prior year period was primarily due to higher interest earned on our cash and investments driven by a higher invested balance.

Current wording

Other income (expense), net for the three months ended March 31, 2026 increased by $2.3 million, or 11%, compared to the prior year period. The increase was primarily due to higher interest earned on our cash and investments driven by a higher invested balance.

Previous wording

We have historically financed our operations primarily through net proceeds from the sale of convertible preferred stock and payments received from our customers. Additionally, in March 2024, we completed our IPO, which resulted in net proceeds of $600.0 million after deducting underwriting discounts and commissions of $31.6 million. We began generating net positive operating cash flows in 2024. Our primary uses of cash are employee-related costs and the cost of hosting our mobile applications and website.

Current wording

We have historically financed our operations primarily through net proceeds from the sale of our stock and payments received from our customers. We began generating net positive operating cash flows in 2024. Our primary uses of cash are employee-related costs and the cost of operating our mobile applications and website.

Previous wording

As of September 30, 2025, we had $2.2 billion in cash, cash equivalents, and marketable securities. Our cash and cash equivalents consist of cash in bank accounts, money market accounts, certificates of deposit, and other highly liquid investments with original maturities of 90 days or less from the date of purchase. Marketable securities consist of U.S. government securities, investment-grade corporate and government agency securities, and commercial paper. As of

Current wording

As of March 31, 2026, we had $2.8 billion in cash, cash equivalents, and marketable securities. Our cash and cash equivalents consist of cash in bank accounts, money market accounts, time deposits, and other highly liquid investments with original maturities of 90 days or less from the date of purchase. Marketable securities consist of U.S. government securities, investment-grade corporate and government agency securities, time deposits, and commercial paper. As of March 31, 2026, approximately 2% of our cash, cash equivalents, and marketable securities was held outside of the United States.

Previous wording

Net cash provided by operating activities was $424.1 million in the nine months ended September 30, 2025, resulting primarily from net income of $278.1 million in the nine months ended September 30, 2025, adjustments for non-cash items, primarily related to stock-based compensation expense of $258.0 million, and an increase in accounts payable and accrued expenses and other current liabilities of $60.9 million due to the timing of payments. These amounts were partially offset by an increase in accounts receivable of $138.8 million due to the timing of cash collections and an increase in prepaid expenses and other assets of $23.4 million. Net cash provided by operating activities was $132.1 million in the nine months ended September 30, 2024, resulting primarily from adjustments for non-cash items, primarily related to stock-based compensation expense of $716.5 million, and an increase in accounts payable and accrued expenses and other current liabilities of $44.6 million due to the timing of payments. These increases were partially offset by net loss of $(555.3) million in the nine months ended September 30, 2024, an increase in accounts receivable of $38.9 million due to the increase in revenue, and net amortization of premium (accretion of discount) on marketable securities of $(31.9) million.

Current wording

Net cash provided by operating activities was $312.3 million in the three months ended March 31, 2026, resulting primarily from net income of $204.0 million in the three months ended March 31, 2026, adjustments for non-cash items, primarily related to stock-based compensation expense of $68.3 million, and a decrease in accounts receivable of $68.0 million due to the timing of cash collections. These amounts were partially offset by an increase in prepaid expenses and other assets of $23.8 million. Net cash provided by operating activities was $127.6 million in the three months ended March 31, 2025, resulting primarily from net income of $26.2 million in the three months ended March 31, 2025 and adjustments for non-cash items, primarily related to stock-based compensation expense of $85.4 million, a decrease in accounts receivable of $23.4 million due to the timing of cash collections, and an increase in accrued expenses and other current liabilities of $16.1 million due to the timing of payments. These amounts were partially offset by an increase in prepaid expenses and other assets of $17.0 million.

Previous wording

Net cash used in investing activities was $(13.1) million in the nine months ended September 30, 2025, primarily due to additional purchases of marketable securities of $1.6 billion, partially offset by maturities and proceeds from the sale of marketable securities of $1.6 billion. Net cash used in investing activities was $(397.6) million in the nine months ended September 30, 2024, primarily due to additional purchases of marketable securities of $1.4 billion and cash paid for acquisitions, net of cash acquired of $17.1 million, partially offset by maturities of marketable securities of $1.0 billion.

Current wording

Net cash provided by investing activities was $124.8 million in the three months ended March 31, 2026, primarily due to maturities and proceeds from the sale of marketable securities of $492.5 million, partially offset by additional purchases of marketable securities of $364.9 million. Net cash used in investing activities was $(27.5) million in the three months ended March 31, 2025, primarily due to additional purchases of marketable securities of $504.8 million, partially offset by maturities and proceeds from the sale of marketable securities of $477.4 million.

Previous wording

Net cash used in financing activities was $(61.5) million in the nine months ended September 30, 2025 and consisted primarily of cash payments for taxes related to net share settlement of restricted stock units of $80.5 million, partially offset by proceeds from exercises of employee stock options of $20.5 million. Net cash provided by financing activities was $380.2 million in the nine months ended September 30, 2024 and consisted primarily of cash proceeds from issuance of Class A common stock in our initial public offering, net of underwriting discounts and commissions, of $600.0 million and proceeds from exercises of employee stock options of $62.9 million, partially offset by cash payments for taxes related to net share settlement of restricted stock units of $268.1 million.

Current wording

Net cash used in financing activities was $(16.3) million in the three months ended March 31, 2026 and consisted primarily of cash payments for taxes related to net share settlement of restricted stock units of $16.2 million. Net cash used in financing activities was $(26.5) million in the three months ended March 31, 2025 and consisted primarily of cash payments for taxes related to net share settlement of restricted stock units of $36.7 million, partially offset by proceeds from exercises of employee stock options of $10.2 million.

Previous wording

Free Cash Flow was $420.5 million for the nine months ended September 30, 2025, and was composed of net cash provided by operating activities, resulting primarily from net income and adjustments for non-cash items and changes in working capital. Free Cash Flow was $126.7 million for the nine months ended September 30, 2024, and was composed of net cash provided by operating activities, resulting primarily from adjustments for non-cash items and changes in working capital, partially offset by net loss. Free Cash Flow also included purchases of property and equipment of $3.5 million and $5.4 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, the increase in Free Cash Flow as compared to the prior year period was driven primarily by the increase in net income.

Current wording

Free Cash Flow was $311.2 million and $126.6 million for the three months ended March 31, 2026 and 2025, respectively, and was composed of net cash provided by operating activities, resulting primarily from net income, adjustments for non-cash items, and changes in working capital. Free Cash Flow also included purchases of property and equipment of $1.1 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, the increase in Free Cash Flow as compared to the prior year period was driven primarily by the increase in net income.

Previous wording

We have non-cancellable contractual obligations and commitments primarily related to third-party cloud infrastructure agreements under which we are granted access to certain cloud services as well as operating lease agreements. During the nine months ended September 30, 2025, there were no material changes outside the normal course of business to the purchase obligations as disclosed in the audited consolidated financial statements as of and for the year ended December 31, 2024 included in the Annual Report.

Current wording

We have non-cancellable contractual obligations and commitments primarily related to third-party cloud infrastructure agreements under which we are granted access to certain cloud services as well as operating lease agreements. During the three months ended March 31, 2026, there were no material changes outside the normal course of business to the purchase obligations as disclosed in the audited consolidated financial statements as of and for the year ended December 31, 2025 included in the Annual Report.

Previous wording

There have been no material changes to our critical accounting policies and estimates as described in our Annual Report.

Current wording

Other than as described below, there have been no material changes to our critical accounting policies and estimates as described in our Annual Report.