TaskUs, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
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 2026-06-30; filed 2026-08-06.
0001829864-26-000149
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001829864-26-000156
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 139 previous paragraphs and 133 current paragraphs.
93 unchanged; 33 reworded; 7 added; 10 removed; 3 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
Net income for the nine months ended September 30, 2026 decreased to $72.5 million from $72.6 million for the nine months ended September 30, 2025. This decrease is due primarily to higher cost of services, financing expenses and depreciation, mostly offset by higher revenue and lower selling, general and administrative expense, as well as an increase in foreign currency gains. Adjusted Net Income for the nine months ended September 30, 2026 decreased 17.4% to $94.7 million from $114.6 million for the nine months ended September 30, 2025. Adjusted EBITDA for the nine months ended September 30, 2026 decreased 6.6% to $175.3 million from $187.7 million for the nine months ended September 30, 2025.
Current report
Rest of World: Trust & Safety contributed 7.3% of the total decrease primarily driven by clients in Social Media. Digital Customer Experience contributed 1.7% of the total decrease primarily driven by clients in Financial Services and Mobility, Logistics & Travel, partially offset by clients in Technology and Entertainment & Gaming. These decreases were partially offset by a 3.5% increase contributed by AI services primarily driven by clients in Mobility, Logistics & Travel. Decrease in the Rest of World was driven by Latin America, partially offset by growth in Egypt.
Current report
The effective tax rate for the three months ended September 30, 2026 and 2025 was 19.1% and 24.8%, respectively. The decrease was due to removal of Base Erosion and Anti-Abuse Tax during the three months ended September 30, 2026, as well as return to accrual adjustments, partially offset by an increase in uncertain tax positions.
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Current report
India: Digital Customer Experience contributed 19.2% of the total increase primarily driven by clients in Mobility, Logistics & Travel, Technology and Retail & eCommerce, partially offset by clients in Financial Services. These increases were partially offset by a 6.8% decrease contributed by Trust & Safety primarily driven by clients in Social Media, Technology and Retail & eCommerce, and by a 5.3% decrease contributed by AI Services primarily driven by clients in Mobility, Logistics & Travel and Social Media.
Current report
The effective tax rate for the nine months ended September 30, 2026 and 2025 was 26.1% and 26.3%, respectively. The decrease was due to foreign rate differential and nondeductible officers compensation, mostly offset by an increase in uncertain tax positions.
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, 2026 and 2025:
Removed paragraphs (10)
Previous report
Net income for the six months ended June 30, 2026 increased to $46.3 million from $41.2 million for the six months ended June 30, 2025. This increase is due primarily to revenue growth, lower selling, general and administrative expense and foreign currency gains, partially offset by higher cost of services. Adjusted Net Income for the six months ended June 30, 2026 decreased 16.2% to $63.4 million from $75.6 million for the six months ended June 30, 2025. Adjusted EBITDA for the six months ended June 30, 2026 decreased 6.4% to $116.2 million from $124.2 million for the six months ended June 30, 2025.
Previous report
The effective tax rate for the three months ended June 30, 2026 and 2025 was 25.6% and 25.9%, respectively. Costs related to the issuance of stock-based compensation, operational efficiency 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 $7.4 million and $12.1 million and the effective tax rate would have been 21.5% and 25.8% for the three months ended June 30, 2026 and 2025, respectively.
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Previous report
India: Digital Customer Experience contributed 22.4% of the total increase primarily driven by clients in Mobility, Logistics & Travel and Technology. These increases were partially offset by a 9.1% decrease contributed by Trust & Safety primarily driven by clients in Social Media and Technology, and by a 5.7% decrease contributed by AI Services primarily driven by clients in Mobility, Logistics & Travel.
Previous report
The effective tax rate for the six months ended June 30, 2026 and 2025 was 29.6% and 27.5%, respectively. Costs related to the issuance of stock-based compensation, operational efficiency 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 $18.4 million and $22.3 million and the effective tax rate would have been 23.3% and 25.7% for the six months ended June 30, 2026 and 2025, respectively.
Previous report
(3) Realized and unrealized foreign currency losses and gains include the effect of fair market value changes of forward contracts not designated as hedging instruments and remeasurement of U.S. dollar-denominated accounts to foreign currency.
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, 2026 and 2025:
Previous report
(3) Realized and unrealized foreign currency losses and gains include the effect of fair market value changes of forward contracts not designated as hedging instruments and remeasurement of U.S. dollar-denominated accounts to foreign currency.
Previous report
(3) Realized and unrealized foreign currency losses and gains include the effect of fair market value changes of forward contracts not designated as hedging instruments and remeasurement of U.S. dollar-denominated accounts to foreign currency.
Previous report
(3) Realized and unrealized foreign currency losses and gains include the effect of fair market value changes of forward contracts not designated as hedging instruments and remeasurement of U.S. dollar-denominated accounts to foreign currency.
Reworded paragraphs (33)
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, 2026 and 2025.
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, 2026 and 2025.
Previous wording
As required by the 2019 TaskUs, Inc. Stock Incentive Plan and TaskUs, Inc. 2021 Omnibus Incentive Plan, we made proportionate adjustments to the terms of outstanding awards in conjunction with the Special Dividend (the "Equity Adjustment"). The Equity Adjustment resulted in $1.2 million stock-based compensation expense, recognized primarily in selling, general and administrative expense on the condensed consolidated statements of income for the six months ended June 30, 2026, and a reclassification of $6.7 million from additional paid-in capital to accrued payroll and employee-related liabilities.
Current wording
As required by the 2019 TaskUs, Inc. Stock Incentive Plan and TaskUs, Inc. 2021 Omnibus Incentive Plan, we made proportionate adjustments to the terms of outstanding awards in conjunction with the Special Dividend (the "Equity Adjustment"). The Equity Adjustment resulted in $1.2 million stock-based compensation expense, recognized primarily in selling, general and administrative expense on the condensed consolidated statements of income for the nine months ended September 30, 2026, and a reclassification of $6.7 million from additional paid-in capital to accrued payroll and employee-related liabilities.
Previous wording
For the three months ended June 30, 2026, we recorded service revenue of $308.9 million, a 5.0% increase from $294.1 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, we recorded service revenue of $615.1 million, a 7.6% increase from $571.9 million for the six months ended June 30, 2025.
Current wording
For the three months ended September 30, 2026, we recorded service revenue of $314.7 million, a 5.4% increase from $298.7 million for the three months ended September 30, 2025. For the nine months ended September 30, 2026, we recorded service revenue of $929.9 million, a 6.8% increase from $870.6 million for the nine months ended September 30, 2025.
Previous wording
Net income for the three months ended June 30, 2026 increased to $22.0 million from $20.0 million for the three months ended June 30, 2025. This increase is due primarily to revenue growth, lower selling, general and administrative expense and foreign currency gains, partially offset by higher cost of services and financing expenses. Adjusted Net Income for the three months ended June 30, 2026 decreased 22.8% to $30.6 million from $39.7 million for the three months ended June 30, 2025. Adjusted EBITDA for the three months ended June 30, 2026 decreased 11.2% to $57.7 million from $65.0 million for the three months ended June 30, 2025. 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, 2026 decreased to $26.2 million from $31.4 million for the three months ended September 30, 2025. This decrease is due primarily to higher cost of services and financing expenses, as well as a reduction in foreign currency gains, partially offset by higher revenue and lower selling, general and administrative expense. Adjusted Net Income for the three months ended September 30, 2026 decreased 19.8% to $31.3 million from $39.0 million for the three months ended September 30, 2025. Adjusted EBITDA for the three months ended September 30, 2026 decreased 6.8% to $59.1 million from $63.5 million for the three months ended September 30, 2025. 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
Digital Customer Experience was primarily driven by an increase from existing clients, mainly in Mobility, Logistics & Travel, Technology, Entertainment & Gaming and Healthcare, partially offset by a decrease in Financial Services and Professional Services. The remaining increase was primarily driven by new clients, mainly in Technology, Mobility, Logistics & Travel and Healthcare.
Current wording
Digital Customer Experience was primarily driven by an increase from existing clients, mainly in Mobility, Logistics & Travel, Technology, Retail & eCommerce and Entertainment & Gaming, partially offset by a decrease Financial Services. The remaining increase was primarily driven by new clients, mainly in Technology.
Previous wording
Trust & Safety was primarily driven by a decrease from existing clients, mainly in Social Media and Retail & eCommerce, partially offset by an increase in Technology and Financial Services. The decrease was partially offset by new clients, mainly in Financial Services and Professional Services.
Current wording
Trust & Safety was primarily driven by a decrease from existing clients, mainly in Social Media, partially offset by an increase in Technology.
Previous wording
AI Services was primarily driven by an increase from existing clients, mainly in Mobility, Logistics & Travel, partially offset by a decrease in Social Media. The remaining increase was primarily driven by new clients, mainly in Mobility, Logistics & Travel.
Current wording
AI Services was primarily driven by an increase from existing clients, mainly in Mobility, Logistics & Travel, partially offset by a decrease in Social Media. The remaining increase was primarily driven by new clients, mainly in Technology and Mobility, Logistics & Travel.
Previous wording
Philippines: AI Services contributed 4.5% of the total decrease primarily driven by clients in Social Media, partially offset by clients in Mobility, Logistics & Travel. Trust & Safety contributed 3.1% of the total decrease primarily driven by clients in Social Media and Financial Services, partially offset by clients in Technology. These decreases were partially offset by a 5.6% increase contributed by Digital Customer Experience primarily driven by clients in Mobility, Logistics & Travel, Financial Services, Retail & eCommerce and Technology.
Current wording
Philippines: AI Services contributed 6.5% of the total decrease primarily driven by clients in Social Media, partially offset by clients in Mobility, Logistics & Travel. Trust & Safety contributed 4.0% of the total decrease primarily driven by clients in Social Media, partially offset by clients in Technology. These decreases were partially offset by a 6.2% increase contributed by Digital Customer Experience primarily driven by clients in Mobility, Logistics & Travel, Technology, Financial Services and Retail & eCommerce.
Previous wording
United States: AI Services contributed 61.2% of the total increase primarily driven by clients in Mobility, Logistics & Travel. The increase was partially offset by an 11.1% decrease contributed by Digital Customer Experience, primarily driven by clients in Mobility, Logistics & Travel, and by a 4.7% decrease contributed by Trust & Safety primarily driven by clients in Social Media.
Current wording
United States: AI Services contributed 80.5% of the total increase primarily driven by clients in Mobility, Logistics & Travel, partially offset by clients in Social Media. Trust & Safety contributed 1.3% of the total increase. The increase was partially offset by a 7.1% decrease contributed by Digital Customer Experience, primarily driven by clients in Mobility, Logistics & Travel.
Previous wording
India: Digital Customer Experience contributed 16.1% of the total increase primarily driven by clients in Mobility, Logistics & Travel and Technology, partially offset by clients in Financial Services. These increases were partially offset by a 7.7% decrease contributed by Trust & Safety primarily driven by clients in Social Media, and by a 6.4% decrease contributed by AI Services primarily driven by clients in Mobility, Logistics & Travel.
Current wording
India: Digital Customer Experience contributed 13.3% of the total increase primarily driven by clients in Mobility, Logistics & Travel and Technology, partially offset by clients in Healthcare and Financial Services. These increases were partially offset by a 4.5% decrease contributed by AI Services primarily driven by clients in Social Media, and by a 2.6% decrease contributed by Trust & Safety primarily driven by clients in Technology.
Previous wording
The increase was primarily driven by higher personnel costs of $13.5 million associated with increased headcount and the operating shift to higher cost geographies. The remaining increase included facilities costs associated with site expansion and enhanced security measures.
Current wording
The increase was primarily driven by higher personnel costs of $13.3 million associated with increased headcount and the operating shift to higher cost geographies. The remaining increase included costs associated with our expansion into field services for developers of autonomous vehicles, facilities rent and related fees and software.
Previous wording
The decrease was primarily driven by lower transaction costs of $10.2 million and lower personnel costs of $4.6 million, due to a $4.5 million reduction in stock-based compensation expense.
Current wording
The decrease was primarily driven by lower personnel costs of $2.8 million, due to a $2.1 million reduction in stock-based compensation expense, as well as lower transaction costs of $1.8 million and lower operational efficiency costs of $0.9 million.
Previous wording
Changes are driven by our exposure to foreign currency exchange risk resulting from our operations in foreign geographies, primarily the Philippines, including economic hedges using foreign currency exchange rate forward contracts. See Part I, Item 3., "Quantitative and Qualitative Disclosures About Market Risk" in this Quarterly Report for additional information on how foreign currency impacts our financial results.
Current wording
Changes are driven by our exposure to foreign currency exchange risk resulting from our operations in foreign geographies. See Part I, Item 3., "Quantitative and Qualitative Disclosures About Market Risk" in this Quarterly Report for additional information on how foreign currency impacts our financial results.
Previous wording
The following tables set forth certain historical consolidated financial information for the six months ended June 30, 2026 and 2025:
Current wording
The following tables set forth certain historical consolidated financial information for the nine months ended September 30, 2026 and 2025:
Previous wording
Digital Customer Experience was primarily driven by an increase from existing clients, mainly in Mobility, Logistics & Travel, partially offset by a decrease in Financial Services. The remaining increase was primarily driven by new clients, mainly in Technology.
Current wording
Digital Customer Experience was primarily driven by an increase from existing clients, mainly in Mobility, Logistics & Travel, Entertainment & Gaming, Retail & eCommerce and Technology, partially offset by a decrease in Financial Services. The remaining increase was primarily driven by new clients, mainly in Technology.
Previous wording
Trust & Safety was primarily driven by a decrease from existing clients, mainly in Social Media and Retail & eCommerce, partially offset by an increase in Technology. The decrease was partially offset by new clients, mainly in Professional Services and Financial Services.
Current wording
Trust & Safety was primarily driven by a decrease from existing clients, mainly in Social Media and Retail & eCommerce, partially offset by an increase in Technology and Financial Services. The decrease was partially offset by new clients, mainly in Financial Services.
Previous wording
Philippines: Digital Customer Experience contributed 4.4% of the total increase primarily driven by clients in Mobility, Logistics & Travel, Technology, Financial Services and Social Media. These increases were partially offset by a 2.0% decrease contributed by AI Services primarily driven by clients in Social Media, partially offset by clients in Mobility, Logistics & Travel, and a 0.8% decrease contributed by Trust & Safety primarily driven by clients in Social Media, Retail & eCommerce and Financial Services, partially offset by clients in Technology.
Current wording
Philippines: AI Services contributed 3.8% of the total decrease primarily driven by clients in Social Media, partially offset by clients in Mobility, Logistics & Travel, and a 2.1% decrease contributed by Trust & Safety primarily driven by clients in Social Media, Financial Services and Retail & eCommerce, partially offset by clients in Technology. These decreases were partially offset by a 5.5% increase contributed by Digital Customer Experience primarily driven by clients in Mobility, Logistics & Travel, Technology, Financial Services and Retail & eCommerce.
Previous wording
United States: AI Services contributed 53.6% of the total increase primarily driven by clients in Mobility, Logistics & Travel. The increase was partially offset by an 15.0% decrease contributed by Digital Customer Experience, primarily driven by clients in Mobility, Logistics & Travel, Financial Services and Healthcare, and by a 4.0% decrease contributed by Trust & Safety primarily driven by clients in Social Media, partially offset by clients in Financial Services.
Current wording
United States: AI Services contributed 62.5% of the total increase primarily driven by clients in Mobility, Logistics & Travel. The increase was partially offset by a 12.4% decrease contributed by Digital Customer Experience, primarily driven by clients in Mobility, Logistics & Travel, Healthcare and Financial Services, and by a 2.3% decrease contributed by Trust & Safety primarily driven by clients in Social Media, partially offset by clients in Financial Services.
Previous wording
Rest of World: Trust & Safety contributed 4.8% of the total increase primarily driven by clients in Social Media and Financial Services. AI Services contributed 4.3% of the total increase primarily driven by clients in Mobility, Logistics & Travel and Social Media. These increases were partially offset by a 1.0% decrease contributed by Digital Customer Experience primarily driven by clients in Financial Services, Mobility, Logistics & Travel and Professional Services, partially offset by clients in Entertainment & Gaming. Growth in the Rest of World was led by Latin America and Egypt.
Current wording
Rest of World: AI Services contributed 4.1% of the total increase primarily driven by clients in Mobility, Logistics & Travel. Trust & Safety contributed 0.5% of the total increase primarily driven by clients in Financial Services, partially offset by clients in Social Media, Mobility, Logistics & Travel and Entertainment & Gaming. These increases were partially offset by a 1.3% decrease contributed by Digital Customer Experience primarily driven by clients in Financial Services and Mobility, Logistics & Travel, partially offset by clients in Entertainment & Gaming, Technology, Healthcare and Retail & eCommerce. Growth in the Rest of World was led by Egypt and Latin America.
Previous wording
The increase was primarily driven by higher personnel costs of $33.0 million associated with increased headcount and the operating shift to higher cost geographies. The remaining increase included facilities costs associated with site expansion and enhanced security measures.
Current wording
The increase was primarily driven by higher personnel costs of $46.3 million associated with increased headcount and the operating shift to higher cost geographies. The remaining increase included facilities costs associated with site expansion and enhanced security measures, our expansion into field services for developers of autonomous vehicles, and realized gains on cash flow hedges of $3.1 million in the prior year period.
Previous wording
The decrease was primarily driven by lower transaction costs of $9.0 million and personnel costs of $5.5 million, due to a $6.8 million reduction in stock-based compensation expense, partially offset by increased software costs.
Current wording
The decrease was primarily driven by lower transaction costs of $10.8 million, personnel costs of $8.4 million, due to a $8.9 million reduction in stock-based compensation expense, and lower operational efficiency costs of $2.1 million, partially offset by increased software costs.
Previous wording
Changes are driven by our exposure to foreign currency exchange risk resulting from our operations in foreign geographies, primarily the Philippines, including economic hedges using foreign currency exchange rate forward contracts. See Part I, Item 3., "Quantitative and Qualitative Disclosures About Market Risk" in this Quarterly Report for additional information on how foreign currency impacts our financial results.
Current wording
Changes are driven by our exposure to foreign currency exchange risk resulting from our operations in foreign geographies. See Part I, Item 3., "Quantitative and Qualitative Disclosures About Market Risk" in this Quarterly Report for additional information on how foreign currency impacts our financial results.
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, 2026 and 2025:
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, 2026 and 2025:
Previous wording
(6) 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 severance. After these adjustments, we applied a non-GAAP effective tax rate of 21.5% and 25.8% for the three months ended June 30, 2026 and 2025, respectively, to non-GAAP income before income taxes.
Current wording
(6) 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 severance. After these adjustments, we applied a non-GAAP effective tax rate of 20.5% and 20.9% for the three months ended September 30, 2026 and 2025, respectively, to non-GAAP income before income taxes.
Previous wording
(6) 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 severance. After these adjustments, we applied a non-GAAP effective tax rate of 23.3% and 25.7% for the six months ended June 30, 2026 and 2025, respectively, to non-GAAP income before income taxes.
Current wording
(6) 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 severance. After these adjustments, we applied a non-GAAP effective tax rate of 22.4% and 24.0% for the nine months ended September 30, 2026 and 2025, 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, 2026 and 2025:
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, 2026 and 2025:
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, 2026 and 2025:
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, 2026 and 2025:
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, 2026 and 2025:
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, 2026 and 2025:
Previous wording
As of June 30, 2026, our principal sources of liquidity were cash and cash equivalents totaling $180.3 million, which were held for working capital purposes, as well as the borrowing availability under the 2026 Revolving Credit Facility of $100.0 million.
Current wording
As of September 30, 2026, our principal sources of liquidity were cash and cash equivalents totaling $189.7 million, which were held for working capital purposes, as well as the borrowing availability under the 2026 Revolving Credit Facility of $100.0 million.
Previous wording
As of June 30, 2026, our total indebtedness, net of debt financing fees was $492.0 million. The interest rate in effect for the 2026 Term Loan Facility as of June 30, 2026 was 6.482% per annum. We were in compliance with all covenants under the 2026 Credit Agreement as of June 30, 2026. 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, 2026, our total indebtedness, net of debt financing fees was $486.2 million. The interest rate in effect for the 2026 Term Loan Facility as of September 30, 2026 was 6.825% per annum. We were in compliance with all covenants under the 2026 Credit Agreement as of September 30, 2026. 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
Net cash provided by operating activities for the six months ended June 30, 2026 was $89.4 million compared to net cash provided by operating activities of $53.3 million for the six months ended June 30, 2025. Net cash provided by operating activities for the six months ended June 30, 2026 reflects net income of $46.3 million and the add back for non-cash charges totaling $46.4 million, partially offset by changes in operating assets and liabilities of $3.2 million. Non-cash charges primarily consisted of $22.6 million of depreciation, $10.3 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, 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.
Current wording
Net cash provided by operating activities for the nine months ended September 30, 2026 was $120.1 million compared to net cash provided by operating activities of $107.5 million for the nine months ended September 30, 2025. Net cash provided by operating activities for the nine months ended September 30, 2026 reflects net income of $72.5 million and the add back for non-cash charges totaling $68.9 million, partially offset by changes in operating assets and liabilities of $21.3 million. Non-cash charges primarily consisted of $35.0 million of depreciation, $14.5 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, 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.
Previous wording
Net cash used in investing activities for the six months ended June 30, 2026 was $20.7 million compared to net cash used in investing activities of $31.5 million for the six months ended June 30, 2025. Purchase of property and equipment decreased primarily due to lower site build-out costs, partially offset by an increase in technology hardware purchases.
Current wording
Net cash used in investing activities for the nine months ended September 30, 2026 was $29.4 million compared to net cash used in investing activities of $43.8 million for the nine months ended September 30, 2025. Purchase of property and equipment decreased primarily due to lower site build-out costs, partially offset by an increase in security infrastructure improvements.
Previous wording
Net cash used in financing activities for the six months ended June 30, 2026 was $89.5 million compared to net cash used by financing activities of $33.5 million for the six months ended June 30, 2025. The increase was due primarily to the $332.8 million distribution of dividends and payments on long-term debt and debt financing fees, partially offset by $500.0 million in proceeds from long-term debt and lower payments for stock repurchases.
Current wording
Net cash used in financing activities for the nine months ended September 30, 2026 was $96.2 million compared to net cash used by financing activities of $39.5 million for the nine months ended September 30, 2025. The increase was due primarily to the $332.8 million distribution of dividends and payments on long-term debt and debt financing fees, partially offset by $500.0 million in proceeds from long-term debt and lower payments for stock repurchases.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Rest of World: AI Services contributed 5.0% of the total increase primarily driven by clients in Mobility, Logistics & Travel. These increases were partially offset by a 1.0% decrease contributed by Digital Customer Experience primarily driven by clients in Financial Services and Mobility, Logistics & Travel, partially offset by clients in Entertainment & Gaming, Technology and Healthcare, as well as a 0.2% decrease contributed by Trust & Safety. Growth in the Rest of World was led by Egypt and Latin America.
Previous report — wording carried elsewhere
Loss (gain) on disposal of assets
Previous report — wording carried elsewhere
The change was associated with optimizing our footprint in 2026, resulting in exiting certain sites in Latin America.