Global Business Travel Group, Inc.

Previous wording

•the outcome of any legal proceedings that have been or may be instituted against the Company or CWT Holdings, Inc. (“CWT”) in connection with our merger with CWT (the “Merger”), including the lawsuit filed by the Department of Justice against us and CWT related to the Merger;

Current wording

•the outcome of any legal proceedings that may be instituted against the Company or CWT Holdings, Inc. (“CWT”) in connection with our merger with CWT (the “Merger”);

Previous wording

The closing of the transaction is subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals. In January 2025, the U.S. Department of Justice, filed suit in the U.S. District Court for the Southern District of New York against us and CWT, seeking a permanent injunction to prevent the Merger. The trial is scheduled to begin September 8, 2025. On March 6, 2025, we received approval from the U.K. Competition and Markets Authority to complete the Merger.

Current wording

In January 2025, the U.S. Department of Justice (the "DOJ"), filed suit in the U.S. District Court for the Southern District of New York against us and CWT, seeking a permanent injunction to prevent the Merger. On July 29, 2025, the DOJ agreed to dismiss its complaint challenging our acquisition of CWT. We now expect to close the Merger transaction in the third quarter of 2025, subject to the satisfaction of the remaining closing conditions.

Previous wording

While transactions grew in the first quarter of 2025, there are growing macro-economic and political uncertainties such as recent U.S. tariffs, risk of recession, inflationary pressures, currency fluctuations, stock market volatility and geopolitical conflicts, which have contributed to an increasingly complex business environment and uncertainty in business trends. Our future operational results may be subject to volatility, particularly in the short-term, due to the impact of the aforementioned trends.

Current wording

While transactions grew marginally during the six months ended June 30, 2025, there are growing macro-economic and political uncertainties such as recent U.S. tariffs, risk of recession, inflationary pressures, currency fluctuations, stock market volatility and geopolitical conflicts, which have contributed to an increasingly complex business environment and uncertainty in business trends. Our future operational results may be subject to volatility, particularly in the short-term, due to the impact of the aforementioned trends.

Previous wording

Transaction Growth (Decline) represents year-over-year increase or decrease as a percentage of the total transactions, including air, hotel, car rental, rail or other travel-related transactions, recorded at the time of booking, and is calculated on a net basis to exclude cancellations, refunds and exchanges. To calculate year-over-year growth or decline, we compare the total number of net transactions in the comparative previous period/ year to the total number of net transactions in the current period/year in percentage terms. During 2024, we have amended our definition of Transaction Growth (Decline) and, we have presented Transaction Growth (Decline) on a net basis to exclude cancellations, refunds and exchanges as management believes this better aligns Transaction Growth (Decline) with the way we measure TTV and revenue.

Current wording

Transaction Growth (Decline) represents year-over-year increase or decrease as a percentage of the total transactions, including air, hotel, car rental, rail or other travel-related transactions, recorded at the time of booking, and is calculated on a net basis to exclude cancellations, refunds and exchanges. To calculate year-over-year growth or decline, we compare the total number of net transactions in the comparative previous period/ year to the total number of net transactions in the current period/year in percentage terms.

Previous wording

Transaction Growth was 3% for the three months ended March 31, 2025 compared to the respective prior year period. Increase in Transaction Growth was primarily due to share gains and increased demand for business travel from our clients, with strong global multinational customer base performance offset by slower growth in small and medium enterprise customer base.

Current wording

Transaction Growth remained stable for the three months ended June 30, 2025 and was 1% for the six months ended June 30, 2025 compared to the respective prior year periods. Marginal increase in Transaction Growth during the six months ended June 30, 2025 was primarily due to share gains and increased demand for business travel from our clients, and an increase in global multinational customer base performance.

Previous wording

Set forth below is a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA.

Current wording

Set forth below is a reconciliation of net income to EBITDA and Adjusted EBITDA.

Previous wording

(b)Represents expenses related to the integration of businesses acquired.

Current wording

(b)Represents expenses related to the integration of business acquisitions.

Previous wording

(f)Adjusted Operating Expenses excludes (i) long-term incentive plan expense of $1 million and $3 million for the three months ended March 31, 2025 and 2024, respectively, and (ii) legal and professional services (reversals)/costs of $(1) million and $1 million for the three months ended March 31, 2025 and 2024, respectively. Adjusted EBITDA additionally excludes (i) unrealized foreign exchange (loss) gains of $(7) million and $8 million for the three months ended March 31, 2025 and 2024, respectively, and (ii) non-service component of our net periodic pension cost related to our defined benefit pension plans of $2 million and $1 million for the three months ended March 31, 2025 and 2024, respectively.

Current wording

(f)Adjusted Operating Expenses excludes (i) long-term incentive plan expense of $0 and $3 million for the three months ended June 30, 2025 and 2024, respectively, and $1 million and $6 million for the six months ended June 30, 2025 and 2024, respectively, and (ii) legal and professional services costs/ (reversals) of $0 and $4 million for the three months ended June 30, 2025 and 2024, respectively and $(1) million and $5 million for the six months ended June 30, 2025 and 2024, respectively. Adjusted EBITDA additionally excludes (i) unrealized foreign exchange (loss) gains of $(10) million and $1 million for the three months ended June 30, 2025 and 2024, respectively, and $(17) million and $9 million for the six months ended June 30, 2025 and 2024, respectively, and (ii) non-service component of our net periodic pension cost related to our defined benefit pension plans of $1 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $3 million and $3 million for the six months ended June 30, 2025 and 2024, respectively.

Previous wording

For the three months ended March 31, 2025, our total revenue increased by $11 million, or 2%, due to an increase in both Travel Revenue and Product and professional services revenue. The increase in total revenue was primarily driven by (i) 3% increase in both - Transaction Growth and TTV, offset by (ii) a modest decline of 8bps in yield to 7.4% due to a mix of non-TTV driven revenue and higher digital transactions and (iii) $7 million of adverse foreign exchange impact. Yield is calculated as total revenue divided by TTV for the same period.

Current wording

For the three months ended June 30, 2025, our total revenue increased by $6 million, or 1%, primarily due to an increase in Product and professional services revenue. The increase in total revenue was primarily driven by (i) an $8 million favorable foreign exchange impact, partially offset by (ii) a modest decline of 10bps in yield to 8% due to a mix of non-TTV driven revenue and higher digital transactions. Yield is calculated as total revenue divided by TTV for the same period.

Previous wording

For the three months ended March 31, 2025, cost of revenue (excluding depreciation and amortization) decreased by $14 million, or 6%, primarily due to (i) $14 million productivity improvements primarily driven by reduction in expenses due to cost savings initiatives, (ii) $5 million decrease due to favorable foreign exchange impact, partially offset by (iii) an increase of $6 million in employee incentives and merit.

Current wording

For the three months ended June 30, 2025, cost of revenue (excluding depreciation and amortization) decreased by $5 million, or 2%, due to (i) a $15 million productivity improvements primarily driven by reduction in expenses due to cost savings initiatives, partially offset by (ii) a $5 million related to employee merit increases and (iii) a $5 million increase due to unfavorable foreign exchange impact.

Previous wording

For the three months ended March 31, 2025, restructuring charges of $4 million related to employee severance costs was primarily due to reduction in workforce to improve operational efficiencies.

Current wording

For the three months ended June 30, 2025, restructuring charges of $12 million related to employee severance costs was primarily due to reduction in workforce to improve operational efficiencies.

Previous wording

For the three months ended March 31, 2025, depreciation and amortization decreased by $7 million, or 14%, as certain intangible assets were fully amortized towards the end of second quarter in 2024.

Current wording

For the three months ended June 30, 2025, depreciation and amortization decreased by $5 million, or 12%, as certain intangible assets were fully amortized towards the end of the second quarter in 2024.

Previous wording

For the three months ended March 31, 2025, interest expense decreased by $9 million or 27%. The fixed rate margins were generally lower during the three months ended March 31, 2025 compared to three months ended March 31, 2024 due to refinancing of term loans in July 2024. Subsequently, in February 2025, we repriced our term loans that lowered the fixed rate margins further (see note 7- Long-term Debt). The changes in variable interest rates did not have material impact due to interest rate swaps being in place.

Current wording

For the three months ended June 30, 2025, interest expense decreased by $9 million or 27%. The fixed rate margins were generally lower during the three months ended June 30, 2025 compared to three months ended June 30, 2024 due to refinancing of term loans in July 2024. Subsequently, in February 2025, we repriced our term loans that lowered the fixed rate margins further (see note 7- Long-term Debt). The changes in variable interest rates did not have material impact due to interest rate hedges being in place.

Previous wording

During the three months ended March 31, 2025, the fair value movement of our derivative liabilities related to our earnout shares resulted in a credit of $74 million to our consolidated statements of operations compared to a credit of $18 million during the three months ended March 31, 2024. The decrease in fair value of earnout derivative liability during the three months ended March 31, 2025, was mainly driven by the decrease in our stock price as of March 31, 2025.

Current wording

During the three months ended June 30, 2025, the fair value movement of our derivative liabilities related to our earnout shares resulted in a credit of $32 million to our consolidated statements of operations compared to a charge of $10 million during the three months ended June 30, 2024. The decrease in fair value of earnout derivative liability during the three months ended June 30, 2025, was mainly driven by the decrease in our stock price and the lower remaining expected term of the earnout shares as of June 30, 2025.

Previous wording

For the three months ended March 31, 2025 and 2024, we had income tax expense of $21 million and $27 million, respectively. Our effective tax rate is broadly in line with the U.S. federal statutory corporate income tax rate of 21% with the tax impact of non-deductible expenses offset by the non-taxable gain on the fair value change in the earnout shares derivative liability during the period.

Current wording

For the three months ended June 30, 2025 and 2024, we had income tax provision (benefit) of $21 million and $(26) million, respectively. Our effective tax rate for the three months ended June 30, 2025 of 64.9% is higher than the U.S. federal statutory corporate income tax rate of 21% due to changes to the valuation allowance for deferred tax assets and the tax impact of non-deductible expenses, partially offset by the non-taxable gain on the fair value change in the earnout shares derivative liability during the period. Additionally, these items have a greater impact on the effective tax rate for the period due to the low pre-tax net income. Our effective tax rate for the three month period ended June 30, 2024 is different than the U.S. federal statutory corporate income tax rate of 21% due to changes to the valuation allowance for deferred tax assets, certain U.S. minimum taxes, non-deductible expenses, and non-taxable income. The impact of these items has a large impact on the effective tax rate due to the low pre-tax net income.

Previous wording

Product and professional services revenue increased $4 million, or 3%, primarily due to a $1 million increase in management fees and $3 million increase in other professional services revenue.

Current wording

Product and Professional Services Revenue increased by $9 million, or 4%, primarily due to a $4 million increase in management fees and a $4 million increase in other professional services revenue.

Previous wording

For the three months ended March 31, 2025, sales and marketing expenses increased by $4 million, or 3%, primarily due to (i) a $4 million increase in employee incentives and merit, (ii) $3 million increase in costs to manage volume and support growth plans in hotel acceleration and small and medium enterprise customer base, partially offset by (iii) a $4 million reduction in expenses primarily due to cost savings initiatives.

Current wording

For the six months ended June 30, 2025, sales and marketing expenses increased by $16 million, or 8%, primarily due to (i) a $10 million increase related to higher employee headcount and merit increases, (ii) a $6 million increase in costs to manage volume and support growth plans in hotel acceleration and small and medium enterprise customer base, (iii) a $4 million increase mainly due to professional services vendor spend, partially offset by (iv) a $7 million reduction in expenses primarily due to cost savings initiatives.

Previous wording

For the three months ended March 31, 2025, technology and content costs increased by $12 million, or 11%, due to (i) a $10 million increase in employee incentives, merit and higher headcount (ii) $4 million increase in expenses to support growth plans in hotel acceleration and small and medium enterprise customer base, partially offset by (iii) a $2 million reduction in expenses due to cost savings initiatives.

Current wording

For the six months ended June 30, 2025, technology and content costs increased by $20 million, or 10%, primarily due to (i) a $15 million increase related to higher employee headcount and merit increases and (ii) a $9 million increase to support growth plans in hotel acceleration and small and medium enterprise customer base, partially offset by (iii) a $7 million reduction in expenses due to cost savings initiatives.

Previous wording

For the three months ended March 31, 2025, general and administrative expenses decreased by $18 million, or 21%, due to (i) a $13 million decrease in mergers and acquisitions costs and (ii) a $5 million decrease in head office costs and other corporate expenses.

Current wording

For the six months ended June 30, 2025, general and administrative expenses decreased by $29 million, or 18%, due to (i) a $19 million decrease in head office costs and other corporate expenses, (ii) a $5 million decrease in integration costs and (iii) a $5 million decrease resulting from cost saving initiatives.

Previous wording

For the three months ended March 31, 2025, other loss, net, was $9 million compared to other income, net, of $7 million for the three months ended March 31, 2024. The adverse movement of $16 million was primarily driven by unfavorable foreign exchange movements.

Current wording

For the six months ended June 30, 2025, other loss, net, was $20 million compared to other income, net, of $6 million for the six months ended June 30, 2024. The adverse movement of $26 million was primarily driven by unfavorable foreign exchange movements.

Previous wording

We maintain a level of liquidity sufficient to allow us to meet our cash needs in the short-term. Over the long-term, we manage our cash and capital structure with an intention to maintain our financial condition and flexibility for future strategic initiatives. Our principal sources of liquidity are typically cash flows generated from operations, cash available under the credit facilities as well as cash and cash equivalent balances on hand. As of March 31, 2025 and December 31, 2024, our cash and cash equivalent balances were $552 million and $536 million, respectively. During the three months ended March 31, 2025 and 2024, our net cash from operating activities was $53 million and $49 million, respectively, and our Free Cash Flow was $26 million and $24 million, respectively (See “— Free Cash Flow” for additional information about this non-GAAP measure and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP). As of March 31, 2025, our Revolving Credit Facility remained fully undrawn. However, our full utilization of the $360 million of available commitments thereunder may be effectively limited with the leverage-based financial covenant requirements.

Current wording

We maintain a level of liquidity sufficient to allow us to meet our cash needs in the short-term. Over the long-term, we manage our cash and capital structure with an intention to maintain our financial condition and flexibility for future strategic initiatives. Our principal sources of liquidity are typically cash flows generated from operations, cash available under the credit facilities as well as cash and cash equivalent balances on hand. As of June 30, 2025 and December 31, 2024, our cash and cash equivalent balances were $601 million and $536 million, respectively. During the six months ended June 30, 2025 and 2024, our net cash from operating activities was $110 million and $122 million, respectively, and our Free Cash Flow was $53 million and $73 million, respectively (See “— Free Cash Flow” for additional information about this non-GAAP measure and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP). As of June 30, 2025, our Revolving Credit Facility remained fully undrawn. However, our full utilization of the $360 million of available commitments thereunder may be effectively limited with the leverage-based financial covenant requirements.

Previous wording

We believe our liquidity is important given our limited ability to predict future financial performance due to the uncertainties of a potential economic slowdown on account of prevailing macro-economic conditions. We continue to take measures to improve our liquidity through our cost savings programs (voluntary and involuntary redundancies, process improvements, location optimizations, etc.), and entered into several financial transactions, including debt financing / refinancing / repricing transactions. In February 2025, we entered in an amendment to the A&R Credit Agreement to reduce our interest rate margins by 50 bps (see note 7 - Long-term Debt to our consolidated financial statements included elsewhere in this Form 10-Q). Further, in February 2025, we received an upgrade to our credit ratings which reduced the commitment fees by 0.125% payable on our Revolving Credit Facility (see Net Debt - Debt Ratings below). We continue to explore other capital market transactions, process rationalizations and cost reduction measures to improve our liquidity position.

Current wording

We believe our liquidity is important given our limited ability to predict future financial performance due to the uncertainties of a potential economic slowdown on account of prevailing macro-economic conditions. We continue to take measures to improve our liquidity. Such measures include our cost savings initiatives that includes productivity-related actions (process improvements, location optimizations, voluntary and involuntary redundancies, etc.) and vendor cost reductions. Cost savings include benefits for actions taken in the prior year and in 2025. Further, from time to time, we have entered into several financial transactions, including debt financing / refinancing / repricing transactions to reduce costs and improve liquidity. In February 2025, we entered in an amendment to the A&R Credit Agreement to reduce our interest rate margins by 50 bps (see note 7 - Long-term Debt to our consolidated financial statements included elsewhere in this Form 10-Q). Further, in February 2025, we received an upgrade to our credit ratings which reduced the commitment fees by 0.125% payable on our Revolving Credit Facility (see Net Debt -Debt Ratings below). We continue to explore other capital market transactions, process rationalizations and cost reduction measures to improve our liquidity position.

Previous wording

Based on our current operating plan, existing cash and cash equivalents, increase in business volume trends, mitigation measures taken or planned to strengthen our liquidity and financial position, along with our increased revolving credit funding capacity under the Amended Credit Agreement and cash flows from operations, we believe we have adequate liquidity to meet the future operating, investing and financing needs of the business for a foreseeable future. Although we believe that we will have a sufficient level of cash and cash equivalents to cover our working capital needs in the ordinary course of business and to continue to expand our business, we may, from time to time, explore additional financing sources to lower our cost of capital, which could include equity, equity-linked and debt financing. In addition, from time to time, we may evaluate acquisitions and other strategic opportunities or undertake transactions to increase shareholder value. If we elect to pursue any such investments or transactions, we may fund them with internally generated funds, bank financing, the issuance of other debt or equity or a combination thereof. There is no assurance that such funding would be available to us on acceptable terms or at all.

Current wording

Based on our current operating plan, existing cash and cash equivalents, increase in business volume trends, mitigation measures taken or planned to strengthen our liquidity and financial position, along with our revolving credit funding capacity under the Amended Credit Agreement and cash flows from operations, we believe we have adequate liquidity to meet the future operating, investing and financing needs of the business for a foreseeable future. Although we believe that we will have a sufficient level of cash and cash equivalents to cover our working capital needs in the ordinary course of business and to continue to expand our business, we may, from time to time, explore additional financing sources to lower our cost of capital, which could include equity, equity-linked and debt financing. In addition, from time to time, we may evaluate acquisitions and other strategic opportunities or undertake transactions to increase shareholder value. If we elect to pursue any such investments or transactions, we may fund them with internally generated funds, bank financing, the issuance of other debt or equity or a combination thereof. There is no assurance that such funding would be available to us on acceptable terms or at all.

Previous wording

Cash Flows for the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

Current wording

Cash Flows for the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

Previous wording

As of March 31, 2025, we had $577 million of cash, cash equivalents and restricted cash, an increase of $16 million compared to December 31, 2024. The following discussion summarizes changes to our cash flows from operating, investing and financing activities for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Current wording

As of June 30, 2025, we had $618 million of cash, cash equivalents and restricted cash, an increase of $57 million compared to December 31, 2024. The following discussion summarizes changes to our cash flows from operating, investing and financing activities for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Previous wording

For the three months ended March 31, 2025 and March 31, 2024, net cash from operating activities was $53 million and $49 million, respectively. The increase in cash flows from operating activities of $4 million was primarily due to (i) $34 million of increase in operating income before considering non-cash charges or credits that was more than offset by $62 million of investment in working capital and (ii) $31 million of proceeds upon termination of interest rate swap contracts.

Current wording

During the six months ended June 30, 2025, net cash from operating activities decreased by $12 million due to (i) $43 million cash outflows resulting from investment in working capital and higher income tax payments that were mitigated by an increase in operating income before considering non-cash charges or credits and lower cash interest payments, partially offset by (ii) $31 million of proceeds upon termination of interest rate swap contracts.

Previous wording

During the three months ended March 31, 2025, cash used in investing activities decreased by $7 million due to $9 million of proceeds received from foreign exchange forward contract derivatives that economically hedge certain foreign currency intercompany balances, offset by $2 million of increase in cash outflows related to purchase of property and equipment.

Current wording

During the six months ended June 30, 2025, cash used in investing activities decreased by $14 million due to (i) $27 million of proceeds received on maturity of foreign exchange forward contract derivatives that economically hedged certain foreign currency intercompany balances, partially offset by (ii) an $8 million increase in cash outflows related to purchase of property and equipment and (iii) $5 million of proceeds received during 2024 for a loan given to an equity affiliate in prior period.

Previous wording

During the three months ended March 31, 2025, net cash used in financing activities increased by $15 million primarily due to: (i) $12 million of increase in cash paid for taxes withheld upon vesting of equity awards and (ii) $3 million of increase in net repayment of principal amount of term loans under the Amended Credit Agreement.

Current wording

During the six months ended June 30, 2025, net cash used in financing activities increased by $31 million primarily due to (i) a $22 million increase in cash paid for taxes withheld upon vesting of equity awards and (ii) a $6 million increase in net repayment of principal amount of term loans under the Amended Credit Agreement.

Previous wording

During the three months ended March 31, 2025, our Free Cash Flow improvement of $2 million was due to a $4 million increase in net cash from operating activities as discussed above and an increase of $2 million of cash outflows related to purchases of property and equipment.

Current wording

During the six months ended June 30, 2025, our Free Cash Flow decreased by $20 million due to a $12 million decrease in net cash from operating activities as discussed above and an increase of $8 million of cash outflows related to purchases of property and equipment.

Previous wording

As of March 31, 2025, our Net Debt is lower by $16 million compared to Net Debt as of December 31, 2024, due to $16 million increase in cash and cash equivalents balance.

Current wording

As of June 30, 2025, our Net Debt is lower by $68 million compared to Net Debt as of December 31, 2024, primarily due to a $65 million increase in cash and cash equivalents balance.

Previous wording

In February 2025, our borrowings under the Amended Credit Agreement were upgraded to "BB-" from "B+" by Standard & Poor’s Financial Services LLC ("S&P") with "Stable" outlook. Further, in March 2025, Moody's Corporation also upgraded our senior secured credit facilities to "B1" from "B2". Earlier in 2024, we had also received a "BBB-" rating from Fitch Ratings Inc.

Current wording

In February 2025, our borrowings under the Amended Credit Agreement were upgraded to "BB-" from "B+" by Standard & Poor’s Financial Services LLC with Stable outlook. In March 2025, Moody's Corporation also upgraded our senior secured credit facilities to "B1" from "B2" and in June 2025, Fitch Ratings Inc. revised our rating outlook from Stable to Positive, while maintaining a "BBB-" rating.

Previous wording

During the three months ended March 31, 2025, we repurchased 182,676 shares under the share repurchase program that was authorized by our Board of Directors in October 2024 and pursuant to which the management was authorized to repurchase, in an amount not to exceed $300 million, shares of the Company's Class A common stock through December 31, 2027. The shares repurchased are held as treasury shares. As of March 31, 2025, we had $298 million that remains available to be utilized under the share repurchase program (see Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds).

Current wording

During the six months ended June 30, 2025, we repurchased 204,176 shares under the share repurchase program that was authorized by our Board of Directors in October 2024 and pursuant to which the management was authorized to repurchase, in an amount not to exceed $300 million, shares of the Company's Class A common stock through December 31, 2027. The shares repurchased are held as treasury shares. As of June 30, 2025, we had $298 million that remains available to be utilized under the share repurchase program (see Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds).

Previous wording

In February 2025, we entered into an amendment to the A&R Credit Agreement to reprice the term loans outstanding under the A&R Credit Agreement. After giving effect to to this amendment, the interest rate margin applicable to the repriced term loans reduced by 0.50% from 3.00% per annum to 2.50% per annum. We expect an interest savings of $7 million per year as a result of debt repricing. This, however, does not materially impact our total contractual obligations for debt as compared to those disclosed in our Annul Report on Form 10-K.

Current wording

In February 2025, we entered into an amendment to the A&R Credit Agreement to reprice the term loans outstanding under the A&R Credit Agreement. After giving effect to this amendment, the interest rate margin applicable to the repriced term loans reduced by 0.50% from 3.00% per annum to 2.50% per annum. We expect an interest savings of $7 million per year as a result of debt repricing. This, however, does not materially impact our total contractual obligations for debt as compared to those disclosed in our Annual Report on Form 10-K.

Previous wording

For the three months ended March 31, 2025, there were no material changes to our critical accounting policies and estimates presented in our Annual Report on Form 10-K. For additional information about our critical accounting policies and estimates, see Part II, Item 7. 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.

Current wording

For the six months ended June 30, 2025, there were no material changes to our critical accounting policies and estimates presented in our Annual Report on Form 10-K. For additional information about our critical accounting policies and estimates, see Part II, Item 7. 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.