TaskUs, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
TASK$9.09-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001829864-25-000118
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001829864-25-000132
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 130 previous paragraphs and 129 current paragraphs.
85 unchanged; 37 reworded; 7 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Termination of Merger Agreement
Current report
At the Special Meeting, the requisite Company stockholders did not approve the Merger Agreement Proposal. As a result, on October 9, 2025, the Merger Corporation and the Company entered into a mutual agreement to terminate the Merger Agreement, effective immediately (the “Termination Agreement”). The Termination Agreement provides for the mutual release by each of the Merger Corporation and the Company of all claims relating to or arising out of the Merger Agreement and the transactions contemplated thereby. No termination fee is payable by either party in connection with the Termination Agreement.
Current report
Upon the termination of the Merger Agreement, each of the Voting and Support Agreement, dated as of May 8, 2025, by and between the Company and BCP FC Aggregator L.P., the Voting and Support Agreement, dated as of May 8, 2025, by and among the Company, Bryce Maddock, The Maddock 2015 Irrevocable Trust, The Bryce Maddock Family Trust and The Maddock 2015 Exempt Irrevocable Trust and the Voting and Support Agreement, dated as of May 8, 2025, by and among the Company, Jaspar Weir, The Weir 2015 Irrevocable Trust, The Jaspar Weir Family Trust and The Weir 2015 Exempt Irrevocable Trust terminated pursuant to its respective terms.
Current report
India: Digital Customer Experience contributed 29.1% of the total increase primarily driven by clients in On Demand Travel + Transportation, Retail + E-Commerce and Healthcare. AI Services contributed 6.9% of the total increase primarily driven by clients in Social Media. These increases were partially offset by a 10.6% decrease contributed by Trust + Safety primarily driven by clients in Social Media.
Current report
Other expense (income), net
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Current report
The following table reconciles net income, the most directly comparable GAAP measure, to Adjusted Net Income for the nine months ended September 30, 2025 and 2024:
Removed paragraphs (8)
Previous report
Merger Agreement
Previous report
Completion of the Merger is subject to certain closing conditions and approvals, including the receipt of required regulatory and stockholder approvals (including the approval of the holders of common stock of the Company not owned by the Buyer Group). The Merger Agreement also includes certain covenants of the Company, including with respect to the non-solicitation of alternative acquisition proposals, as well as other customary representations, warranties and covenants by the Company and Breeze Merger Corporation, a Delaware corporation (the “Merger Corporation”). Completion of the Merger is not subject to a financing condition.
Previous report
On July 1, 2025, the Company filed a preliminary proxy statement with the SEC in connection with a special meeting of the stockholders of the Company to consider and vote on the Merger and related matters. Subsequently, the Company filed an amendment to the preliminary proxy statement on July 31, 2025.
Previous report
The Merger is expected to close in the second half of 2025. Upon completion, the Company’s common stock will no longer be listed on any public market.
Previous report
India: Digital Customer Experience contributed 20.3% of the total increase primarily driven by clients in Retail + E-Commerce and On Demand Travel + Transportation. AI Services contributed 10.6% of the total increase primarily driven by clients in Social Media. The increase was partially offset by a 5.1% decrease contributed by Trust + Safety primarily driven by clients in On Demand Travel + Transportation.
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Previous report
Other income, net
Previous report
The following table reconciles net income, the most directly comparable GAAP measure, to Adjusted Net Income for the six months ended June 30, 2025 and 2024:
Reworded paragraphs (37)
Previous wording
This Quarterly Report includes certain historical consolidated financial and other data for TaskUs, Inc. ("we," "us," "our" or the "Company"). The following discussion provides a narrative of our results of operations and financial condition for the three and six months ended June 30, 2025 and 2024.
Current wording
This Quarterly Report includes certain historical consolidated financial and other data for TaskUs, Inc. ("we," "us," "our" or the "Company"). The following discussion provides a narrative of our results of operations and financial condition for the three and nine months ended September 30, 2025 and 2024.
Previous wording
On May 8, 2025, the Company entered into an Agreement and Plan of Merger (as it may be amended from time to time, the “Merger Agreement”) to be acquired by an affiliate of Blackstone, the Company’s Co-Founder and Chief Executive Officer, Bryce Maddock, and the Company’s Co-Founder and President, Jaspar Weir (collectively, the “Buyer Group”), pursuant to which the Buyer Group agreed to acquire 100% of the outstanding shares of the Company’s Class A common stock that it does not already own (the “Merger”). Pursuant to the Merger Agreement and subject to the satisfaction or waiver of certain closing conditions and on the terms set forth therein, Company stockholders are to receive $16.50, in cash, per share. The corporation surviving the Merger (the “Surviving Company”) will be collectively owned, directly or indirectly, by (i) BCP FC Aggregator L.P., (ii) The Maddock 2015 Irrevocable Trust, The Bryce Maddock Family Trust, The Maddock 2015 Exempt Irrevocable Trust and Bryce Maddock, (iii) The Weir 2015 Irrevocable Trust, The Jaspar Weir Family Trust, The Weir 2015 Exempt Irrevocable Trust and Jaspar Weir (the stockholders described in clauses (i)-(iii), collectively, the “Continuing Stockholders”) and (iv) the other holders of Continuing Shares (as defined in the Merger Agreement) (if any).
Current wording
On October 8, 2025, the Company held a special meeting of stockholders (the “Special Meeting”) to consider a proposal (the “Merger Agreement Proposal”) to adopt the Agreement and Plan of Merger (the “Merger Agreement”), dated May 8, 2025, by and between the Company and Breeze Merger Corporation, a Delaware corporation (the “Merger Corporation”), pursuant to which, subject to the terms and conditions thereof, the Merger Corporation would merge with and into the Company (the “Merger”), with the Company surviving the Merger, collectively owned, directly or indirectly, by (i) BCP FC Aggregator L.P., (ii) The Maddock 2015 Irrevocable Trust, The Bryce Maddock Family Trust, The Maddock 2015 Exempt Irrevocable Trust and Bryce Maddock, (iii) The Weir 2015 Irrevocable Trust, The Jaspar Weir Family Trust, The Weir 2015 Exempt Irrevocable Trust and Jaspar Weir and (iv) the other holders of Continuing Shares (as defined in the Merger Agreement) (if any).
Previous wording
For the three months ended June 30, 2025, we recorded service revenue of $294.1 million, a 23.6% increase from $237.9 million for the three months ended June 30, 2024. For the six months ended June 30, 2025, we recorded service revenue of $571.9 million, a 22.9% increase from $465.4 million for the six months ended June 30, 2024.
Current wording
For the three months ended September 30, 2025, we recorded service revenue of $298.7 million, a 17.0% increase from $255.3 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, we recorded service revenue of $870.6 million, a 20.8% increase from $720.7 million for the nine months ended September 30, 2024.
Previous wording
Net income for the three months ended June 30, 2025 increased to $20.0 million from $12.6 million for the three months ended June 30, 2024. This increase is due primarily to revenue growth, partially offset by higher cost of services and selling, general and administrative expense. Adjusted Net Income for the three months ended June 30, 2025 increased 38.6% to $39.7 million from $28.6 million for the three months ended June 30, 2024. Adjusted EBITDA for the three months ended June 30, 2025 increased 26.7% to $65.0 million from $51.3 million for the three months ended June 30, 2024. Adjusted Net Income and Adjusted EBITDA are non-GAAP financial measures. For definitions and reconciliations to net income, the most directly comparable measure in accordance with GAAP, see "Non-GAAP Financial Measures."
Current wording
Net income for the three months ended September 30, 2025 increased to $31.4 million from $12.7 million for the three months ended September 30, 2024. This increase is due primarily to revenue growth and foreign currency gains, partially offset by higher cost of services. Adjusted Net Income for the three months ended September 30, 2025 increased 13.7% to $39.0 million from $34.3 million for the three months ended September 30, 2024. Adjusted EBITDA for the three months ended September 30, 2025 increased 17.0% to $63.5 million from $54.2 million for the three months ended September 30, 2024. Adjusted Net Income and Adjusted EBITDA are non-GAAP financial measures. For definitions and reconciliations to net income, the most directly comparable measure in accordance with GAAP, see "Non-GAAP Financial Measures."
Previous wording
Net income for the six months ended June 30, 2025 increased to $41.2 million from $24.3 million for the six months ended June 30, 2024. This increase is due primarily to revenue growth, partially offset by higher cost of services and selling, general and administrative expense. Adjusted Net Income for the six months ended June 30, 2025 increased 35.3% to $75.6 million from $55.9 million for the six months ended June 30, 2024. Adjusted EBITDA for the six months ended June 30, 2025 increased 22.0% to $124.2 million from $101.9 million for the six months ended June 30, 2024.
Current wording
Net income for the nine months ended September 30, 2025 increased to $72.6 million from $37.0 million for the nine months ended September 30, 2024. This increase is due primarily to revenue growth and foreign currency gains, partially offset by higher cost of services and selling, general and administrative expense. Adjusted Net Income for the nine months ended September 30, 2025 increased 27.1% to $114.6 million from $90.2 million for the nine months ended September 30, 2024. Adjusted EBITDA for the nine months ended September 30, 2025 increased 20.2% to $187.7 million from $156.1 million for the nine months ended September 30, 2024.
Previous wording
Digital Customer Experience was primarily driven by an increase from existing clients, including Technology, Healthcare and Financial Services, partially offset by a decrease in On Demand Travel + Transportation. The remaining increase was primarily driven by new clients in Technology.
Current wording
Digital Customer Experience was primarily driven by an increase from existing clients, including Technology and Healthcare, partially offset by a decrease in On Demand Travel + Transportation, Entertainment + Gaming and Retail + E-Commerce. The remaining increase was primarily driven by new clients, including Technology and Retail + E-Commerce.
Previous wording
Trust + Safety was primarily driven by an increase from existing clients, primarily in Social Media, partially offset by On Demand Travel + Transportation.
Current wording
Trust + Safety was primarily driven by an increase from existing clients, primarily in Social Media, partially offset by a decrease in Financial Services and On Demand Travel + Transportation.
Previous wording
AI Services was primarily driven by an increase from existing clients, primarily in Social Media and On Demand Travel + Transportation, as well as new clients in Social Media.
Current wording
AI Services was primarily driven by an increase from existing clients, primarily in Social Media, as well as On Demand Travel + Transportation.
Previous wording
Philippines: AI Services contributed 8.1% of the total increase primarily driven by clients in Social Media and On Demand Travel + Transportation. Digital Customer Experience contributed 5.8% of the total increase primarily driven by clients in Technology, Financial Services and Healthcare, partially offset by clients in On Demand Travel + Transportation and Retail + E-Commerce. Trust + Safety contributed 1.9% of the total increase primarily driven by clients in Social Media.
Current wording
Philippines: AI Services contributed 7.4% of the total increase primarily driven by clients in Social Media. Digital Customer Experience contributed 4.3% of the total increase primarily driven by clients in Technology, Financial Services and Healthcare, partially offset by clients in Entertainment + Gaming and Retail + E-Commerce. Trust + Safety contributed 0.6% of the total increase primarily driven by clients in Social Media, partially offset by clients in Financial Services.
Previous wording
United States: AI Services contributed 23.9% of the total increase primarily driven by clients in Social Media and On Demand Travel + Transportation. Trust + Safety contributed 4.9% of the total increase primarily driven by clients in Social Media. The increase was partially offset by a 0.6% decrease contributed by Digital Customer Experience primarily driven by clients in Technology, partially offset by clients in On Demand Travel + Transportation.
Current wording
United States: AI Services contributed 21.7% of the total increase primarily driven by clients in Social Media and On Demand Travel + Transportation. This increase was partially offset by a 16.1% decrease contributed by Digital Customer Experience, primarily driven by clients in Technology, Financial Services and On Demand Travel + Transportation, and a 2.2% decrease contributed by Trust + Safety primarily driven by clients in Social Media.
Previous wording
Rest of World: Trust + Safety contributed 33.4% of the total increase primarily driven by clients in Social Media. Digital Customer Experience contributed 6.5% of the total increase primarily driven by clients in Technology and Financial Services, partially offset by clients in On Demand Travel + Transportation. AI Services contributed 3.6% of the total increase primarily driven by Social Media. Growth in the Rest of World was led by Latin America and Europe.
Current wording
Rest of World: Trust + Safety contributed 30.8% of the total increase primarily driven by clients in Social Media. AI Services contributed 5.0% of the total increase primarily driven by clients in Social Media. These increases were partially offset by a 2.1% decrease contributed by Digital Customer Experience primarily driven by clients in On Demand Travel + Transportation and Retail +E-Commerce, partially offset by clients in Technology. Growth in the Rest of World was led by Latin America and Europe.
Previous wording
The increase was primarily driven by higher personnel costs of $32.5 million associated with increased headcount. The remaining increase included facilities costs associated with site expansion.
Current wording
The increase was primarily driven by higher personnel costs of $27.0 million associated with increased headcount. The remaining increase included facilities costs associated with site expansion and enhanced security measures. These increases were partially offset by a reduction in recruiting and professional development costs.
Previous wording
The increase was primarily driven by transaction costs of $10.2 million and operational efficiency costs of $0.9 million. The remaining increase includes higher personnel costs of $1.9 million associated with increased headcount, including a $2.6 million reduction in stock-based compensation expense. These increases were partially offset by a reduction of litigation costs of $2.3 million.
Current wording
The decrease was primarily driven by a reduction of litigation costs of $4.4 million. The remaining increase was primarily driven by lower personnel costs of $1.0 million, due to a $3.9 million reduction in stock-based compensation expense, partially offset by increased headcount. These decreases were partially offset by higher transaction costs of $1.8 million and operational efficiency costs of $0.9 million.
Previous wording
The effective tax rate for the three months ended June 30, 2025 and 2024 was 25.9% and 36.8%, respectively. Costs related to the issuance of stock-based compensation, operational efficiency costs, litigation costs, transactions costs and severance within the provision for income taxes calculation are adjusted for Non-GAAP purposes. If those costs are removed, the provision for income taxes would have been $12.1 million and $8.5 million and the effective tax rate would have been 25.8% and 25.5% for the three months ended June 30, 2025 and 2024, respectively.
Current wording
The effective tax rate for the three months ended September 30, 2025 and 2024 was 24.8% and 28.6%, respectively. Costs related to the issuance of stock-based compensation, operational efficiency costs, litigation costs, transactions costs and severance within the provision for income taxes calculation are adjusted for Non-GAAP purposes. If those costs are removed, the provision for income taxes would have been $10.7 million and $6.1 million and the effective tax rate would have been 20.9% and 18.6% for the three months ended September 30, 2025 and 2024, respectively.
Previous wording
The following tables set forth certain historical consolidated financial information for the six months ended June 30, 2025 and 2024:
Current wording
The following tables set forth certain historical consolidated financial information for the nine months ended September 30, 2025 and 2024:
Previous wording
Digital Customer Experience was primarily driven by an increase from existing clients, including Technology, Financial Services and Professional Services + Industry, partially offset by a decrease in On Demand Travel + Transportation. The remaining increase was primarily driven by new clients in Technology and Healthcare.
Current wording
Digital Customer Experience was primarily driven by an increase from existing clients, including Technology, Healthcare, Financial Services and Professional Services + Industry, partially offset by a decrease in On Demand Travel + Transportation. The remaining increase was primarily driven by new clients in Healthcare, Retail + E-Commerce and Technology.
Previous wording
AI Services was primarily driven by an increase from existing clients, primarily in Social Media, as well as new clients in Social Media.
Current wording
AI Services was primarily driven by an increase from existing clients, primarily in Social Media, as well as On Demand Travel + Transportation.
Previous wording
Philippines: Digital Customer Experience contributed 6.5% of the total increase primarily driven by clients in Technology, Financial Services and Healthcare, partially offset by clients in Retail + E-Commerce and On Demand Travel + Transportation. AI Services contributed 6.3% of the total increase primarily driven by clients in Social Media and On Demand Travel + Transportation. Trust + Safety contributed 2.9% of the total increase primarily driven by clients in Social Media, partially offset by clients in Financial Services.
Current wording
Philippines: AI Services contributed 6.7% of the total increase primarily driven by clients in Social Media. Digital Customer Experience contributed 5.7% of the total increase primarily driven by clients in Technology, Financial Services and Healthcare, partially offset by clients in Retail + E-Commerce and On Demand Travel + Transportation. Trust + Safety contributed 2.1% of the total increase primarily driven by clients in Social Media, partially offset by clients in Financial Services.
Previous wording
United States: AI Services contributed 24.5% of the total increase primarily driven by clients in Social Media. Trust + Safety contributed 5.6% of the total increase primarily driven by clients in Social Media. These increases were partially offset by a 1.1% decrease contributed by Digital Customer Experience primarily driven by clients in Technology, partially offset by clients in On Demand Travel + Transportation.
Current wording
United States: AI Services contributed 23.5% of the total increase primarily driven by clients in Social Media and On Demand Travel + Transportation. Trust + Safety contributed 2.6% of the total increase primarily driven by clients in Social Media. These increases were partially offset by a 6.8% decrease contributed by Digital Customer Experience primarily driven by clients in Technology.
Previous wording
India: Digital Customer Experience contributed 15.9% of the total increase primarily driven by clients in Retail + E-Commerce, On Demand Travel + Transportation and Healthcare, partially offset by clients in Financial Services. AI Services contributed 11.3% of the total increase primarily driven by clients in Social Media. These increases were partially offset by a 3.0% decrease contributed by Trust + Safety primarily driven by clients On Demand Travel + Transportation, partially offset by clients in Retail + E-Commerce.
Current wording
India: Digital Customer Experience contributed 20.4% of the total increase primarily driven by clients in Retail + E-Commerce, On Demand Travel + Transportation, Healthcare, Professional Services + Industry and Technology, partially offset by clients in Financial Services. AI Services contributed 9.8% of the total increase primarily driven by clients in Social Media, Professional Services + Industry and Technology. These increases were partially offset by a 5.6% decrease contributed by Trust + Safety primarily driven by clients On Demand Travel + Transportation and Social Media, partially offset by clients in Retail + E-Commerce.
Previous wording
Rest of World: Trust + Safety contributed 29.6% of the total increase primarily driven by clients in Social Media. Digital Customer Experience contributed 7.8% of the total increase primarily driven by clients in Technology and Professional Services + Industry, partially offset by clients in On Demand Travel + Transportation. AI Services contributed 3.2% of the total increase primarily driven by clients in Social Media. Growth in the Rest of World was led by Latin America and Europe.
Current wording
Rest of World: Trust + Safety contributed 30.0% of the total increase primarily driven by clients in Social Media. Digital Customer Experience contributed 4.2% of the total increase primarily driven by clients in Technology, Financial Services and Professional Services + Industry, partially offset by clients in On Demand Travel + Transportation and Retail + E-Commerce. AI Services contributed 3.9% of the total increase primarily driven by clients in Social Media. Growth in the Rest of World was led by Latin America and Europe.
Previous wording
The increase was primarily driven by higher personnel costs of $59.7 million associated with increased headcount. The remaining increase included facilities costs associated with site expansion.
Current wording
The increase was primarily driven by higher personnel costs of $86.7 million associated with increased headcount and facilities costs associated with site expansion. The remaining increase includes employee engagement and transportation costs. These increases were partially offset by realized gains on cash flow hedges of $3.1 million.
Previous wording
The increase was primarily driven by transaction costs of $10.2 million and operational efficiency costs of $1.2 million. The remaining increase includes higher personnel costs of $5.0 million associated with increased headcount, including a $3.6 million reduction in stock-based compensation expense, and employee engagement expenses. These increases were partially offset by a reduction of litigation costs of $2.6 million.
Current wording
The increase was primarily driven by transaction costs of $12.0 million and operational efficiency costs of $2.1 million. The remaining increase includes higher personnel costs of $4.0 million associated with increased headcount, including a $7.5 million reduction in stock-based compensation expense, and employee engagement expenses. These increases were partially offset by a reduction of litigation costs of $7.0 million.
Previous wording
The effective tax rate for the six months ended June 30, 2025 and 2024 was 27.5% and 36.3%, respectively. Costs related to the issuance of stock-based compensation, operational efficiency costs, litigation costs, transactions costs and severance within the provision for income taxes calculation are adjusted for Non-GAAP purposes. If those costs are removed, the provision for income taxes would have been $22.3 million and $16.6 million and the effective tax rate would have been 25.7% and 26.4% for the six months ended June 30, 2025 and 2024, respectively.
Current wording
The effective tax rate for the nine months ended September 30, 2025 and 2024 was 26.3% and 33.8%, respectively. Costs related to the issuance of stock-based compensation, operational efficiency costs, litigation costs, transactions costs and severance within the provision for income taxes calculation are adjusted for Non-GAAP purposes. If those costs are removed, the provision for income taxes would have been $33.1 million and $22.8 million and the effective tax rate would have been 24.0% and 23.7% for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
The table below sets forth the percentage of our total service revenue derived from our largest clients for the three and six months ended June 30, 2025 and 2024:
Current wording
The table below sets forth the percentage of our total service revenue derived from our largest clients for the three and nine months ended September 30, 2025 and 2024:
Previous wording
For the three months ended June 30, 2025 and 2024, we generated 26% and 20%, respectively, of our service revenue from our largest client. For the six months ended June 30, 2025 and 2024, we generated 26% and 20%, respectively, of our service revenue from our largest client.
Current wording
For the three months ended September 30, 2025 and 2024, we generated 27% and 23%, respectively, of our service revenue from our largest client. For the nine months ended September 30, 2025 and 2024, we generated 26% and 21%, respectively, of our service revenue from our largest client.
Previous wording
(7) Represents tax impacts of adjustments to net income which resulted in a tax benefit during the period, including stock-based compensation expense, transaction costs, operational efficiency costs, and litigation costs. After these adjustments, we applied a non-GAAP effective tax rate of 25.8% and 25.5% for the three months ended June 30, 2025 and 2024, respectively, to non-GAAP income before income taxes.
Current wording
(7) Represents tax impacts of adjustments to net income which resulted in a tax benefit during the period, including stock-based compensation expense, transaction costs, operational efficiency costs, and litigation costs. After these adjustments, we applied a non-GAAP effective tax rate of 20.9% and 18.6% for the three months ended September 30, 2025 and 2024, respectively, to non-GAAP income before income taxes.
Previous wording
(7) Represents tax impacts of adjustments to net income which resulted in a tax benefit during the period, including stock-based compensation expense, transaction costs, operational efficiency costs and litigation costs. After these adjustments, we applied a non-GAAP effective tax rate of 25.7% and 26.4% for the six months ended June 30, 2025 and 2024, respectively, to non-GAAP income before income taxes.
Current wording
(7) Represents tax impacts of adjustments to net income which resulted in a tax benefit during the period, including stock-based compensation expense, transaction costs, operational efficiency costs and litigation costs. After these adjustments, we applied a non-GAAP effective tax rate of 24.0% and 23.7% for the nine months ended September 30, 2025 and 2024, respectively, to non-GAAP income before income taxes.
Previous wording
The following table reconciles GAAP diluted EPS, the most directly comparable GAAP measure, to Adjusted EPS for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table reconciles GAAP diluted EPS, the most directly comparable GAAP measure, to Adjusted EPS for the three and nine months ended September 30, 2025 and 2024:
Previous wording
The following table reconciles net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA for the six months ended June 30, 2025 and 2024:
Current wording
The following table reconciles net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA for the nine months ended September 30, 2025 and 2024:
Previous wording
The following table reconciles net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow for the six months ended June 30, 2025 and 2024:
Current wording
The following table reconciles net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow for the nine months ended September 30, 2025 and 2024:
Previous wording
As of June 30, 2025, our principal sources of liquidity were cash and cash equivalents totaling $181.9 million, which were held for working capital purposes, as well as the borrowing availability under the 2022 Revolving Credit Facility of $190.0 million.
Current wording
As of September 30, 2025, our principal sources of liquidity were cash and cash equivalents totaling $210.0 million, which were held for working capital purposes, as well as the borrowing availability under the 2022 Revolving Credit Facility of $190.0 million.
Previous wording
As of June 30, 2025, our total indebtedness, net of debt financing fees was $249.6 million. The interest rate in effect for the 2022 Term Loan Facility as of June 30, 2025 was 6.646% per annum. We were in compliance with all debt covenants as of June 30, 2025. See Note 7, "Long-Term Debt" in the Notes to Unaudited Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our debt.
Current wording
As of September 30, 2025, our total indebtedness, net of debt financing fees was $246.3 million. The interest rate in effect for the 2022 Term Loan Facility as of September 30, 2025 was 6.352% per annum. We were in compliance with all debt covenants as of September 30, 2025. See Note 7, "Long-Term Debt" in the Notes to Unaudited Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our debt.
Previous wording
During the six months ended June 30, 2025, we repurchased 2,112,247 shares of our Class A common stock under the share repurchase program for $27.7 million, which we funded principally with available cash. As of June 30, 2025, $11.9 million remained available for share repurchases under our share repurchase program. In connection with the execution of the Merger Agreement, the Company suspended purchases under its share repurchase program. For additional information about our share repurchase program, see Part II, Item 2., "Unregistered Sales of Equity Securities and Use of Proceeds—Issuer Purchases of Equity Securities" in this Quarterly Report.
Current wording
During the nine months ended September 30, 2025, we repurchased 2,112,247 shares of our Class A common stock under the share repurchase program for $27.7 million, which we funded principally with available cash. As of September 30, 2025, $11.9 million remained available for share repurchases under our share repurchase program. In connection with the execution of the Merger Agreement, the Company suspended purchases under its share repurchase program. For additional information about our share repurchase program, see Part II, Item 2., "Unregistered Sales of Equity Securities and Use of Proceeds—Issuer Purchases of Equity Securities" in this Quarterly Report.
Previous wording
Net cash provided by operating activities for the six months ended June 30, 2025 was $53.3 million compared to net cash provided by operating activities of $81.2 million for the six months ended June 30, 2024. Net cash provided by operating activities for the six months ended June 30, 2025 reflects net income of $41.2 million and the add back for non-cash charges totaling $44.4 million, partially offset by changes in operating assets and liabilities of $32.3 million. Non-cash charges primarily consisted of $19.9 million of depreciation, $17.1 million in stock-based compensation expense and $10.0 million of amortization related to intangibles. Net cash provided by operating activities for the six months ended June 30, 2024 reflects net income of $24.3 million, the add back for non-cash charges totaling $54.1 million, as well as changes in operating assets and liabilities of $2.8 million. Non-cash charges primarily consisted of $21.4 million in stock-based compensation expense, $20.8 million of depreciation and $10.0 million of amortization related to intangibles.
Current wording
Net cash provided by operating activities for the nine months ended September 30, 2025 was $107.5 million compared to net cash provided by operating activities of $98.2 million for the nine months ended September 30, 2024. Net cash provided by operating activities for the nine months ended September 30, 2025 reflects net income of $72.6 million and the add back for non-cash charges totaling $66.9 million, partially offset by changes in operating assets and liabilities of $31.9 million. Non-cash charges primarily consisted of $30.7 million of depreciation, $23.4 million in stock-based compensation expense and $15.0 million of amortization related to intangibles. Net cash provided by operating activities for the nine months ended September 30, 2024 reflects net income of $37.0 million and the add back for non-cash charges totaling $75.8 million, partially offset by changes in operating assets and liabilities of $14.6 million. Non-cash charges primarily consisted of $32.0 million in stock-based compensation expense, $30.5 million of depreciation and $15.0 million of amortization related to intangibles.
Previous wording
Net cash used in investing activities for the six months ended June 30, 2025 was $31.5 million compared to net cash used in investing activities of $8.1 million for the six months ended June 30, 2024. Purchase of property and equipment increased primarily due to higher site build-out costs as well as technology and computer purchases due to significant growth.
Current wording
Net cash used in investing activities for the nine months ended September 30, 2025 was $43.8 million compared to net cash used in investing activities of $18.8 million for the nine months ended September 30, 2024. Purchase of property and equipment increased primarily due to higher site build-out costs as well as technology and computer purchases due to growth.
Previous wording
Net cash used in financing activities for the six months ended June 30, 2025 was $33.5 million compared to net cash used by financing activities of $18.6 million for the six months ended June 30, 2024. The increase was due primarily to the additional shares acquired under our share repurchase program and payments for taxes related to net share settlement.
Current wording
Net cash used in financing activities for the nine months ended September 30, 2025 was $39.5 million compared to net cash used by financing activities of $21.3 million for the nine months ended September 30, 2024. The increase was due primarily to the additional shares acquired under our share repurchase program, higher payments for taxes related to net share settlement and increased payments on long-term debt, partially offset by higher proceeds from employee stock plans.