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This performance graph shall not be deemed "soliciting material" or to be "filed" with the SEC, for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act.
−Removed: The following graph compares (i) the cumulative total stockholder return on our Class A common stock from September 22, 2021 (the date that our Class A common stock commenced trading on the Nasdaq Capital Market) through December 31, 2024 with (ii) the cumulative total return of the NASDAQ Composite Index, the Standard & Poor's (S&P) 500 Index and the S&P 500 Information Technology Index over the same period, assuming the investment of $100 in our Class A common stock and in both of the other indices on September 22, 2021 and the reinvestment of dividends.
+Added: The following graph compares (i) the cumulative total stockholder return on our Class A common stock from September 22, 2021 (the date that our Class A common stock commenced trading on the Nasdaq Capital Market) through December 31, 2025 with (ii) the cumulative total return of the NASDAQ Composite Index, the Standard & Poor's (S&P) 500 Index and the S&P 500 Systems Software Index over the same period, assuming the investment of $100 in our Class A common stock and in both of the other indices on September 22, 2021 and the reinvestment of dividends.
The graph uses the closing market price on September 22, 2021 of $47.55 per share as the initial value of our Class A common stock.
As discussed above, we have never declared or paid a cash dividend on our Class A common stock and do not anticipate declaring or paying a cash dividend in the foreseeable future.
+Added: In 2025, the Company changed the comparative index in the performance chart from S&P 500 Information Technology Index to S&P 500 Systems Software as we believe this index is more appropriate for comparative purposes due to its better reflection of our industry.
Recent Sales of Unregistered Securities
Issuer Purchases of Equity Securities
−Removed: The following table summarizes repurchase of our Class A common stock made by or on behalf of us or any of our "affiliated purchasers" as defined in Rule 10b-19(a)(3) under the Exchange Act during each month during the three months ended December 31, 2024 (in thousands, except share amount and average price paid per share amount):
−Removed: Period by fiscal month
−Removed: Total number of shares repurchased (1)
−Removed: Average price paid per share (2)
−Removed: Total number of shares repurchased as part of publicly announced plans or programs (3)
−Removed: Approximate dollar value of shares that may yet be purchased under the plans or programs (3)
−Removed: October 1, 2024 - October 31, 2024
−Removed: November 1, 2024 to November 30, 2024
−Removed: — $ — — $ 400,000
−Removed: December 1, 2024 to December 31, 2024
−Removed: 985,234 $ 15.77 985,234 $ 384,465
−Removed: 985,234 985,234
−Removed: (1) All of the shares purchased during the three months ended December 31, 2024 were acquired pursuant to our publicly announced share repurchase program described in footnote 3 below.
−Removed: (2) The average price paid per share includes brokerage commissions.
−Removed: (3) On November 6, 2024, we publicly announced that our board of directors had approved a share repurchase program, which authorized the repurchase of up to $400 million of our outstanding Class A common stock.
+Added: In February 2026, our board of directors approved a stock repurchase program for the repurchase of up to $400 million of our outstanding Class A common stock.
Under the repurchase program, we may repurchase shares of our outstanding Class A common stock from time to time in the open market, through privately negotiated transactions and/or other means in compliance with the Exchange Act and the rules and regulations thereunder.
−Removed: Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 under the Exchange Act.
−Removed: We may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of shares of common stock under this authorization.
−Removed: The timing, manner, price, and amount of any repurchases will be determined by us at our discretion, and will depend on a variety of factors, including business, economic and market conditions, prevailing stock prices, corporate and regulatory requirements, and other considerations.
+Added: The timing, manner, price, and amount of any repurchases will be determined by the Company at its discretion, and will depend on a variety of factors, including business, economic and market conditions, prevailing stock prices, corporate and regulatory requirements, and other considerations.
The repurchase program may be suspended or discontinued at any time.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.