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Item 1. Financial Statements

2025-11-04 compared with 2025-05-06 · 245 added, 265 removed, 310 unchanged (62% of the section changed)

1 unchanged sentence

CONDENSED CONSOLIDATED BALANCE SHEETS

Condensed Consolidated Statements of Operations

Condensed Consolidated Statements of Comprehensive Loss

Condensed Consolidated Statements of Stockholders’ Equity

Condensed Consolidated Statements of Cash Flows

Notes to Condensed Consolidated Financial Statements

Description of Business

Summary of Significant Accounting Policies

Business Combinations

Goodwill and Intangible Assets

Fair Value Measurements

Internal-Use Software Costs

Commitments and Contingencies

Stockholders' Equity and Stock-Based Compensation

Net Loss Per Share

Subsequent Events

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, particularly in the sections captioned “Risk Factors” under Part II, Item 1A, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under Part I, Item 2, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act.

All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, potential acquisitions, market growth and trends, and our objectives for future operations, are forward-looking statements.

You can identify these forward-looking statements by the use of forward-looking words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” “will,” or “would,” or the negative version of those words or other comparable words.

Any forward-looking statements contained in this Quarterly Report on Form 10-Q are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us.

The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved.

Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy, and liquidity.

Accordingly, there are, or will be, important factors that could cause our actual results to differ materially from those indicated in these statements.

We believe that these factors include, but are not limited to:

• our ability to continue our growth at or near historical rates;

• our future financial performance and ability to be profitable;

• the effect of global events on the United States (“U.S.”) and global economies, our business, our employees, our results of operations, our financial condition, demand for our products, sales and implementation cycles, and the health of our clients’ and partners’ businesses;

• our ability to prevent and respond to data breaches, unauthorized access to client data or other disruptions of our solutions;

• our ability to effectively manage U.S.

and global market and economic conditions, including inflationary pressures, economic and market downturns and volatility in the financial services industry, particularly adverse to our targeted industries;

• the length and variability of our sales cycle;

• our ability to attract and retain clients;

• our ability to attract and retain talent;

• our ability to compete in highly competitive markets, including artificial intelligence (“AI”) products;

• our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations;

• the successful assimilation or integration of the businesses, technologies, services, products, personnel or operations of acquired companies;

• our ability to incur indebtedness in the future and the effect of conditions in credit markets;

• the sufficiency of our cash and cash equivalents to meet our liquidity needs;

• our ability to maintain, protect, and enhance our intellectual property rights.

These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.

These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read the section titled “Risk Factors” set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q and in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements.

Moreover, we operate in an evolving environment.

New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

As a result of these factors, we cannot assure you that the forward-looking statements in this Quarterly Report on Form 10-Q will prove to be accurate.

Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

You should read this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect.

We qualify all of our forward-looking statements by these cautionary statements.

PART I—FIN ANCIAL INFORMATION

Fi nancial Statements

CONDENSED CONSOLIDA TED BALANCE SHEETS

(in thousands, except per share data)

March 31, 2025

June 30, 2024

September 30, 2025 June 30, 2025

Current assets:

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Restricted cash 200 200

Accounts receivable, net of allowance of $ 691 and $ 1,406 as of March 31, 2025 and June 30, 2024, respectively

Accounts receivable, net of allowance of $ 1,086 and $ 968 as of September 30, 2025 and June 30, 2025, respectively

60,940 89,667

Unbilled receivables, net 17,591 19,462

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Operating lease right-of-use assets 19,274 18,139

Goodwill 326,101 326,260

Intangible assets, net 37,830 40,699

Deferred commissions, noncurrent 20,044 20,761

Other assets 11,781 9,265

Total assets $ 823,261 $ 894,161

Liabilities and Stockholders’ Equity

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Stockholders’ equity:

Preferred stock, $ 0.001 par value per share, 50,000 shares authorized;

no shares issued or outstanding as of March 31, 2025 and June 30, 2024, respectively

Common stock, $ 0.001 par value per share, 700,000 shares authorized;

80,581 and 74,624 shares issued and outstanding as of March 31, 2025 and June 30, 2024, respectively

81,694 and 81,877 shares issued and outstanding as of September 30, 2025 and June 30, 2025, respectively

Additional paid-in capital 1,056,052 1,025,712

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See accompanying notes to unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED S TATEMENTS OF OPERATIONS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Three Months Ended March 31,

Nine Months Ended March 31,

Three Months Ended September 30,

SaaS $ 97,524 $ 76,876

License 29,187 28,492

Professional services 12,316 13,437

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Cost of revenues:

SaaS 17,860 15,318

License 1,568 1,752

Professional services 15,768 14,864

Total cost of revenues 35,196 31,934

Gross profit 103,831 86,871

Operating expenses:

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Income tax expense ( 957 ) ( 688 )

Net loss $ ( 14,353 ) $ ( 4,520 )

Net loss per share, basic and diluted $ ( 0.18 ) $ ( 0.06 )

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See accompanying notes to unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATE MENTS OF COMPREHENSIVE LOSS

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

Three Months Ended March 31,

Nine Months Ended March 31,

Other comprehensive income (loss):

Three Months Ended September 30,

Net loss $ ( 14,353 ) $ ( 4,520 )

Other comprehensive income:

Foreign currency translation adjustments ( 169 ) 495

Other comprehensive income (loss):

Foreign currency impact from dissolution of subsidiary 799 —

Other comprehensive income 630 495

Comprehensive loss $ ( 13,723 ) $ ( 4,025 )

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(in thousands)

Three Months Ended March 31, 2025

Comprehensive

Total Stockholders'

(Loss)/ Income

Balance as of December 31, 2024

Issuance of common stock upon exercise of stock options

Vesting of performance stock units and restricted stock units

Stock-based compensation

Foreign currency translation adjustments

Balance as of March 31, 2025

Three Months Ended March 31, 2024

Comprehensive

Total Stockholders'

Balance as of December 31, 2023

Issuance of common stock upon exercise of stock options

Vesting of performance stock units and restricted stock units

Stock-based compensation

Foreign currency translation adjustments

Balance as of March 31, 2024

See accompanying notes to unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

Nine Months Ended March 31, 2025

Three Months Ended September 30, 2025

Common Stock Additional

Capital Accumulated

Comprehensive

Total Stockholders'

(Loss)/ Income

Loss Accumulated

Deficit Total Stockholders’

Shares Amount

Balance as of June 30, 2025 81,877 $ 82 $ 1,025,712 $ ( 630 ) $ ( 505,399 ) $ 519,765

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Vesting of performance stock units and restricted stock units 583 1 ( 1 ) — — —

Issuance of common stock under employee stock purchase plan

Repurchases of common stock ( 1,106 ) ( 1 ) — — ( 50,021 ) ( 50,022 )

Stock-based compensation — — 27,539 — — 27,539

Foreign currency translation adjustments — — — ( 169 ) — ( 169 )

Balance as of March 31, 2025

Nine Months Ended March 31, 2024

Foreign currency impact from dissolution of subsidiary — — — 799 — 799

Net loss — — — — ( 14,353 ) ( 14,353 )

Balance as of September 30, 2025 81,694 $ 82 $ 1,056,052 $ — $ ( 569,773 ) $ 486,361

Three Months Ended September 30, 2024

Common Stock Additional

Capital Accumulated

Comprehensive

Total Stockholders'

Loss Accumulated

Deficit Total Stockholders’

Shares Amount

Balance as of June 30, 2024 74,624 $ 75 $ 891,681 $ ( 1,336 ) $ ( 487,182 ) $ 403,238

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Vesting of performance stock units and restricted stock units 623 1 ( 1 ) — — —

Issuance of common stock under employee stock purchase plan

Stock-based compensation — — 19,989 — — 19,989

Issuance of common stock upon follow-on offering, net of offering costs of $ 1,569

Foreign currency translation adjustments — — — 495 — 495

Balance as of March 31, 2024

Net loss — — — — ( 4,520 ) ( 4,520 )

Balance as of September 30, 2024 77,285 $ 78 $ 934,585 $ ( 841 ) $ ( 491,702 ) $ 442,120

See accompanying notes to unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED S TATEMENTS OF CASH FLOWS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Nine Months Ended March 31,

Three Months Ended September 30,

Cash Flows from Operating Activities:

Net loss $ ( 14,353 ) $ ( 4,520 )

Adjustments to reconcile net loss to net cash provided by operating activities:

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Deferred income taxes ( 159 ) ( 48 )

Foreign currency impact from dissolution of subsidiary 799 —

Asset impairments 1,351 —

Changes in operating assets and liabilities:

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Business combinations, net of cash acquired ( 9 ) ( 897 )

Purchase of strategic investments ( 2,990 ) —

Net cash used in investing activities ( 5,851 ) ( 2,785 )

Cash Flows from Financing Activities:

Payments for deferred offering costs

Proceeds from stock option exercises 2,802 22,918

Proceeds from employee stock purchase plan

Payments of deferred contingent consideration and holdback associated with acquisitions

Net cash provided by financing activities

Payments of contingent consideration and holdback associated with acquisitions — ( 1,387 )

Repurchases of common stock ( 50,022 ) —

Net cash (used in) provided by financing activities ( 47,220 ) 21,531

Effect of foreign currency exchange rate changes on cash and cash equivalents ( 396 ) 2,285

Net increase in cash, cash equivalents and restricted cash

Net (decrease) increase in cash, cash equivalents and restricted cash ( 39,672 ) 45,477

Cash, cash equivalents and restricted cash - beginning of period 313,309 208,570

Cash, cash equivalents and restricted cash - end of period $ 273,637 $ 254,047

Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:

Reconciliation of cash, cash equivalents and restricted cash to the unaudited condensed consolidated balance sheets:

Cash and cash equivalents $ 273,437 $ 253,847

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Supplemental Disclosures of Cash Flow Information:

Cash paid for interest

Cash paid for income taxes, net of tax refunds $ 226 $ 529

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Capitalized internal-use software costs in accounts payable and accrued liabilities $ 439 $ 742

Deferred consideration and acquisition holdbacks in accounts payable, accrued and other liabilities

Fair value of contingent consideration in accrued and other liabilities

Contingent consideration and acquisition holdbacks in accounts payable, accrued expenses and other liabilities $ 1,652 $ 3,695

Stock-based compensation expense capitalized in internal-use software costs, net $ 183 $ —

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Description of Business

(“Intapp” or the “Company”) is a leading global provider of AI-powered solutions for professionals at advisory, capital markets and legal firms.

The Company empowers the world’s premier accounting, consulting, investment banking, legal, private capital and real assets firms with the technology they need to operate more competitively, deliver timely insights to their professionals, and meet rapidly changing client, investor, and regulatory requirements.

Using the power of Applied AI, its purpose-built vertical software as a service (“SaaS”) solutions accelerate the flow of information firmwide, activate expertise, empower teams, strengthen client relationships, manage risk, and help firms adapt more quickly in a highly complex ecosystem.

(“Intapp” or the “Company”) is a leading global provider of AI-powered solutions for the world’s premier accounting, consulting, investment banking, legal, private capital and real assets firms.

Its vertical software as a service (“SaaS”) solutions help professionals apply their collective expertise to make smarter decisions, manage risk, increase competitive advantage and drive new growth.

Using the power of Applied AI, its purpose-built vertical SaaS solutions help firms accelerate the flow of information, activate expertise, empower teams, strengthen client relationships, reduce risk, and adapt more quickly in a highly complex ecosystem.

The Company serves clients primarily in the United States (“U.S.”) and the United Kingdom (“U.K.”).

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The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal and recurring adjustments, necessary to state fairly the Company’s financial condition, its operations and cash flows for the periods presented.

The historical results are not necessarily indicative of future results, and the results of operations for the three and nine months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year or any other period.

Certain prior period amounts reported in our unaudited condensed consolidated financial statements and notes thereto have been reclassified to conform to the current year presentation.

Effective July 1, 2024, the Company adjusted the classification of support services related to subscription license to be included within “license” on the unaudited condensed consolidated statements of operations.

Prior to July 1, 2024, support services related to subscription license was included in a line item entitled “SaaS and Support.” The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues.

Such reclassifications related to the presentation of revenues and cost of revenues did not affect total revenues, operating income, or net income.

There was no change to the Company's revenue recognition policy, except for the change in classification noted herein.

Accordingly, effective July 1, 2024, SaaS revenues include subscription fees from clients accessing our SaaS solutions, premium support services related to SaaS, and updates, if any, to the subscribed service during the subscription term.

The Company recognizes SaaS revenues ratably over the contract term beginning on the commencement date of each contract, which is the date when the Company’s service is available to clients.

License revenues include subscription fees from providing clients with the right to functional intellectual property where clients can benefit from the subscription licenses on their own and support services related to the licenses, which entitles clients to receive technical support and software updates, on a when and if available basis.

The Company recognizes license revenues related to subscription fees at a point in time when control of the term software application is transferred to the client, which generally occurs at the time of delivery or upon commencement of the renewal term.

The Company recognizes license revenues related to support ratably over the term of the support contract which corresponds to the underlying license agreement.

The historical results are not necessarily indicative of future results, and the results of operations for the three months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year or any other period.

Use of Estimates

The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported and disclosed in the unaudited condensed consolidated financial statements and accompanying notes.

Those estimates and assumptions include, but are not limited to, revenue recognition including determination of the standalone selling price (“SSP”) of the deliverables included in multiple deliverable revenue arrangements;

Those estimates and assumptions include, but are not limited to, revenue recognition including determination of the standalone selling price of the deliverables included in multiple deliverable revenue arrangements;

allowance for credit losses;

the depreciable lives of long-lived assets including intangible assets;

the expected useful life of deferred commissions;

the fair value of stock-based awards;

the period of benefits of deferred commissions;

the fair value of stock-based awards and estimates on the probability of performance vesting conditions;

the fair value of assets acquired and liabilities assumed in business combinations;

goodwill and long-lived assets impairment assessment;

goodwill and long-lived assets impairment assessments;

the fair value of contingent consideration liabilities;

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valuation allowances on deferred tax assets;

fair value of strategic investments;

uncertain tax positions;

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Significant Accounting Policies

There have been no material changes to the Company's significant accounting policies as described in Note 2, Summary of Significant Accounting Policies , to the consolidated financial statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

There have been no material changes, other than those listed below, to the Company’s significant accounting policies as described in Note 2.

“Summary of Significant Accounting Policies,” to the consolidated financial statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

Strategic Investments

From time to time, the Company enters into certain strategic investments for the promotion of business and strategic objectives.

Strategic investments consist of a convertible debt instrument and equity investments in privately-held companies, which are classified as Other assets on the unaudited condensed consolidated balance sheets.

The Company’s strategic investments do not have readily determinable fair values.

The convertible debt instrument is accounted for using the fair value option, and is classified as Level 3 within the fair value hierarchy, and the equity investments are accounted for using the measurement alternative at cost, and the Company adjusts for impairments and observable price changes (orderly transactions for the identical or a similar security from the same issuer) included within interest and other income, net on its unaudited condensed consolidated statements of operations as and when it occurs.

The measurement alternative election is reassessed each reporting period to determine whether the strategic investments continue to be eligible for this election.

The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable.

Impairment indicators may include, but are not limited to, a significant deterioration in earnings performance, credit rating, asset quality or business outlook or a significant adverse change in the regulatory, economic, or technological environment.

If the strategic investments are considered impaired, the Company will record an impairment charge for the amount by which the carrying value exceeds the fair value of the investment.

No impairment of strategic investment has been identified during the periods presented.

The Company’s maximum loss exposure is limited to the carrying value of these investments.

Segment Information

The Company’s Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”).

The CODM reviews financial information presented on a consolidated basis for the purposes of making operating decisions, allocating resources, and evaluating financial performance.

As such, the Company has determined that it operates in one operating and reportable segment.

The CODM is regularly provided with expenses related to cost of revenues, including cost of SaaS, license, and professional services, research and development, sales and marketing, and general and administrative at the consolidated level to manage the Company’s operations, which are identified as significant segment expenses.

Since the Company operates as a single operating and reportable segment, these significant segment expenses are the costs and expenses presented on the unaudited condensed consolidated statements of operations.

In addition, the Company has concluded that stock-based compensation disclosed in Note 11.

“Stock-Based Compensation” and amortization of acquired intangible assets disclosed in Note 5.

“Goodwill and Intangible Assets” also qualify as significant segment expenses.

Accordingly, the CODM assesses performance and decides how to allocate resources based on consolidated net loss, as reported on the unaudited condensed consolidated statements of operations.

Consolidated net loss is used to monitor budget versus actual results in assessing the overall profitability of the business and to guide decisions on how to invest in and grow the business.

The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total consolidated assets.

Other segment items which represent segment expenses that are not significant include interest and other income, net and income tax expense , which are reflected in the unaudited condensed consolidated statements of operations.

Concentrations of Credit Risk and Significant Clients

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The Company maintains its cash and cash equivalents with multiple high credit quality financial institutions.

The Company is exposed to credit risk for cash and cash equivalents held in financial institutions to the extent that such amounts recorded on the balance sheet are in excess of amounts that are insured by the Federal Deposit Insurance Corporation.

The Company is exposed to credit risk for cash and cash equivalents held in financial institutions to the extent that such amounts recorded on the unaudited condensed consolidated balance sheets are in excess of amounts that are insured by the Federal Deposit Insurance Corporation.

The Company has not experienced any such losses.

No client individually accounted for 10% or more of the Company’s revenues for either of the three and nine months ended March 31, 2025 and 2024.

As of March 31, 2025 , no client individually accounted for 10% or more of the Company’s total accounts receivable.

No client individually accounted for 10% or more of the Company’s revenues for either of the three months ended September 30, 2025 and 2024.

As of September 30, 2025, no client individually accounted for 10% or more of the Company’s total accounts receivable.

As of June 30, 2025, one client individually accounted for 17 % of the Company’s total accounts receivable.

Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU No.

2023-07, Segment Reporting (ASC 280):

Improvements to Reportable Segment Disclosures , which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

This guidance will be applied retrospectively and will be effective for the Company for fiscal year ending June 30, 2025, and for interim periods beginning July 1, 2025.

The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

In December 2023, the FASB issued ASU No.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2023-09, Income Taxes (ASC 740):

Improvements to Income Tax Disclosures , which requires additional income tax disclosures to better assess how an entity’s operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects of future cash flows.

This guidance will be effective for the Company’s fiscal year beginning July 1, 2025, and should be applied on a prospective or retrospective basis.

The Company expects the adoption to result in additional disclosures only.

The Company adopted this standard prospectively for the fiscal year beginning July 1, 2025.

The Company will provide the new disclosures required beginning with its annual financial statements for the fiscal year ending June 30, 2026.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No.

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The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

In July 2025, the FASB issued ASU No.

2025-05, Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period for eligible assets.

This guidance will be effective for the Company’s interim and annual reporting periods beginning July 1, 2026, and should be applied on a prospective basis.

Early adoption is permitted.

The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

In September 2025, the FASB issued ASU No.

2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) , which modernizes the accounting guidance for internal-use software costs by eliminating the requirement to assess software development stages and introduces a new capitalization threshold.

This guidance will be effective for the Company’s interim and annual reporting periods beginning July 1, 2028, and should be applied using a prospective, retrospective or modified transition approach.

Early adoption is permitted.

The Company is currently evaluating the impact of the adoption on its consolidated financial statements.

Disaggregation of Revenues

Revenues by geography were as follows (in thousands):

Three Months Ended March 31,

Nine Months Ended March 31,

Revenues by geography, based on the shipping address of our clients, were as follows (in thousands):

Three Months Ended September 30,

$ 97,010 $ 78,572

20,704 20,003

Rest of the world 21,313 20,230

No country other than those listed above accounted for 10% or more of the Company’s total revenues during the three and nine months ended March 31, 2025 and 2024.

Total $ 139,027 $ 118,805

No country other than those listed above accounted for 10% or more of the Company’s total revenues during the three months ended September 30, 2025 and 2024.

Deferred Commissions

Deferred commissions were $ 31.7 million and $ 32.4 million as of March 31, 2025 and June 30, 2024 , respectively.

Amortization expense with respect to deferred commissions, which is included in sales and marketing expense in the Company’s unaudited condensed consolidated statements of operations, was $ 4.1 million and $ 12.2 million for the three and nine months ended March 31, 2025 , respectively, and $ 3.7 million and $ 10.8 million for the three and nine months ended March 31, 2024 .

Deferred commissions were $ 35.9 million and $ 36.4 million as of September 30, 2025 and June 30, 2025, respectively.

Amortization expense with respect to deferred commissions, which is included in Sales and marketing expense in the Company’s unaudited condensed consolidated statements of operations, was $ 4.6 million and $ 4.0 million for the three months ended September 30, 2025 and 2024, respectively.

There was no impairment loss in relation to the costs capitalized for the periods presented.

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The Company’s contract assets and liabilities were as follows (in thousands):

March 31, 2025

June 30, 2024

September 30, 2025 June 30, 2025

Unbilled accounts receivable (1)

$ 17,663 $ 19,519

Deferred revenue, net $ 239,221 $ 258,996

(1) The long-term portion of $ 65 thousand and $ 63 thousand as of March 31, 2025 and June 30, 2024 , respectively is included in other assets on the unaudited condensed consolidated balance sheets.

There was no allowance for credit losses associated with unbilled receivables as of March 31, 2025 and June 30, 2024.

During the nine months ended March 31, 2025 and 2024 the Company recognized $ 187.8 million and $ 176.4 million in revenue pertaining to deferred revenue as of June 30, 2024 and 2023, respectively.

(1) The long-term portion of $ 72 thousand and $ 57 thousand as of September 30, 2025 and June 30, 2025, respectively is included in Other assets on the unaudited condensed consolidated balance sheets.

There was no allowance for credit losses associated with unbilled receivables as of September 30, 2025 and June 30, 2025.

During the three months ended September 30, 2025 and 2024 the Company recognized $ 105.4 million and $ 88.5 million in revenue pertaining to deferred revenue as of June 30, 2025 and 2024, respectively.

Remaining Performance Obligations

Remaining performance obligations represent non-cancellable contracted revenues that have not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenues in future periods.

Remaining performance obligations represent non-cancelable contracted revenues that have not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenues in future periods.

SaaS subscription is typically satisfied over one to three years , license is typically satisfied at a point in time, support services are generally satisfied within one year, and professional services are typically satisfied within one year.

Professional services contracts are not included in the performance obligations amount.

As of March 31, 2025, approximately $ 621.5 million of revenues is expected to be recognized from remaining performance obligations with approximately 55 % over the next 12 months and the remainder thereafter.

As of September 30, 2025, approximately $ 715.2 million of revenues is expected to be recognized from remaining performance obligations with approximately 55 % over the next 12 months and the remainder thereafter.

Business Combinations

In connection with the acquisition of TermSheet, LLC (“TermSheet”) on April 21, 2025 , during the three months ended September 30, 2025, the Company finalized the purchase price allocation and paid an immaterial amount to the seller for certain working capital adjustments which was recorded as an increase to Goodwill on the unaudited condensed consolidated balance sheet.

This was accounted for as a measurement period adjustment reflecting facts and circumstances that existed as of the acquisition date.

For further information refer to Note 4.

“Business Combinations” in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

In connection with the acquisition of Transform Data International B.V.

and its subsidiaries (“TDI”) on May 1, 2024 , the Company paid $ 0.9 million to the seller for certain working capital adjustments during the nine months ended March 31, 2025.

and its subsidiaries (“TDI”) on May 1, 2024 , the Company paid $ 0.9 million to the seller for certain working capital adjustments during the three months ended September 30, 2024.

This was included in the purchase price and is recorded in investing activities in the Company’s unaudited condensed consolidated statements of cash flows.

For further information refer to Note 4, Business Combinations , in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

In April 2025, the Company entered into an agreement to acquire all of the issued and outstanding units of TermSheet, LLC, a Delaware limited liability company.

See Note 14, Subsequent Events to our unaudited condensed consolidated financial statements for additional information.

Goodwill and Intangible Assets

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Balance as of June 30, 2025 $ 326,260

Purchase price adjustment 9

Foreign currency translation adjustment ( 168 )

Balance as of March 31, 2025

Balance as of September 30, 2025 $ 326,101

Intangible Assets

Intangible assets acquired through business combinations consisted of the following (in thousands):

March 31, 2025

Gross Carrying Amount

Net Carrying Amount

Client relationships

Non-compete agreements

Trademarks and trade names

Core technology

September 30, 2025

(In years) Gross Carrying Amount Accumulated

Amortization Net Carrying Amount

Client relationships 9 to 15

$ 52,074 $ ( 33,982 ) $ 18,092

Non-compete agreements 3 to 5

4,907 ( 4,708 ) 199

Trademarks and trade names Indefinite 4,683 — 4,683

Trademarks and trade names 5 to 10

7,825 ( 6,290 ) 1,535

Core technology 2 to 7

68,089 ( 54,782 ) 13,307

Backlog 2 1,027 ( 1,013 ) 14

Intangible assets, net $ 138,605 $ ( 100,775 ) $ 37,830

June 30, 2025

Gross Carrying Amount

Net Carrying Amount

Client relationships

Non-compete agreements

Trademarks and trade names

Core technology

(In years) Gross Carrying Amount Accumulated

Amortization Net Carrying Amount

Client relationships 9 to 15

$ 52,080 $ ( 33,004 ) $ 19,076

Non-compete agreements 3 to 5

4,907 ( 4,651 ) 256

Trademarks and trade names Indefinite 4,683 — 4,683

Trademarks and trade names 5 to 10

7,844 ( 6,199 ) 1,645

Core technology 2 to 7

69,614 ( 54,595 ) 15,019

Backlog 2 1,027 ( 1,007 ) 20

Intangible assets, net $ 140,155 $ ( 99,456 ) $ 40,699

Amortization expense related to acquired intangible assets was recognized as follows (in thousands):

Three Months Ended March 31,

Nine Months Ended March 31,

Three Months Ended September 30,

Cost of SaaS $ 1,711 $ 1,571

Sales and marketing 1,100 1,268

1 unchanged sentence

Total amortization expense $ 2,868 $ 3,002

As of March 31, 2025, the estimated future amortization expense for acquired intangible assets is as follows (in thousands):

Fiscal Year Ending June 30,

As of September 30, 2025, the estimated future amortization expense for acquired intangible assets is as follows (in thousands):

Fiscal Year Ending June 30, Amount

2026 (remaining 9 months) $ 7,715

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Money market funds are classified as Level 1 as the assets are valued using quoted prices in active markets.

The convertible debt instrument is classified as Level 3 due to the use of unobservable valuation inputs and limited market activity.

Liabilities for contingent consideration related to business combinations are classified as Level 3 liabilities as the Company uses unobservable inputs in the valuation, specifically related to the projected total contract value generated by the acquired businesses for a distinct period of time.

The following table sets forth the Company’s financial assets that were measured at fair value on a recurring basis as of the date indicated by level within the fair value hierarchy (in thousands):

March 31, 2025

Financial assets:

Cash equivalents:

Money market funds

Total financial assets

June 30, 2024

Financial Assets and Liabilities

The following table sets forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the date indicated by level within the fair value hierarchy (in thousands):

September 30, 2025 June 30, 2025

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

Financial Assets:

1 unchanged sentence

Money market funds $ 216,294 $ — $ — $ 216,294 $ 243,232 $ — $ — $ 243,232

Other assets:

Convertible debt instrument — — 2,990 2,990 — — — —

Total financial assets $ 216,294 $ — $ 2,990 $ 219,284 $ 243,232 $ — $ — $ 243,232

The following tables set forth the Company’s financial liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):

March 31, 2025

Financial Liabilities:

Liability for contingent consideration, current portion $ — $ — $ 500 $ 500 $ — $ — $ — $ —

Liability for contingent consideration, non-current portion

Total financial liabilities

June 30, 2024

Financial Liabilities:

Liability for contingent consideration, current portion

Liability for contingent consideration, non-current portion

Liability for contingent consideration, noncurrent portion — — 92 92 — — 86 86

Total financial liabilities $ — $ — $ 592 $ 592 $ — $ — $ 86 $ 86

In connection with the acquisition of TDI, the Company is obligated to pay up to $ 1.1 million in cash on achievement of certain performance measures and in some cases, continued employment or service with the Company or its subsidiaries.

The fair value of the contingent consideration liability was measured based on the probability of achieving certain performance measures pursuant to the acquisition agreement.

The total fair value of the contingent consideration liability was $ 0.8 million as of March 31, 2025 and June 30, 2024 , of which $ 0.1 million was included as part of purchase consideration upon acquisition and $ 0.7 million was accounted for as post-combination compensation costs to be recognized over the required service period.

Accordingly, the Company recorded a contingent consideration liability of $ 0.4 million as of March 31, 2025 and $ 0.2 million as of June 30, 2024 in other liabilities on the unaudited condensed consolidated balance sheets.

In connection with the acquisition of TDI, the Company recorded a contingent liability of $ 0.2 million on the acquisition date for the estimated fair value of the contingent consideration, which was measured based on the probability of achieving certain performance measures pursuant to the acquisition agreement.

Accordingly, the Company recorded a contingent consideration liability of $ 0.1 million as of September 30, 2025 and June 30, 2025, which was included in Other liabilities on the unaudited condensed consolidated balance sheets.

In connection with the acquisition of Paragon Data Labs, Inc.

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The fair value was measured based on the probability of achieving certain performance measures pursuant to the acquisition agreement.

During the nine months ended March 31, 2025 , the Company made a fair value adjustment of $ 1.0 million based on the probability of achieving certain performance measures and paid $ 1.4 million related to the contingent consideration.

Accordingly, the contingent consideration was nil as of March 31, 2025 , as compared to the fair value of $ 2.4 million as of June 30, 2024, which was included in other current liabilities on the unaudited condensed consolidated balance sheets.

During the three months ended September 30, 2024, the Company made a fair value adjustment of $ 1.0 million based on the probability of achieving certain performance measures and paid $ 1.4 million related to the contingent consideration.

In addition, during the three months ended September 30, 2025, the Company made a fair value adjustment of $ 0.5 million based on a finalized targeted earnout true-up.

Accordingly, the contingent consideration was $ 0.5 million as of September 30, 2025 and nil as of June 30, 2025, and was included in Other current liabilities on the unaudited condensed consolidated balance sheets.

The fair value of the contingent consideration was initially estimated on the acquisition date using the Monte Carlo simulation and included key assumptions used by management related to the estimated probability of occurrence and discount rates.

Subsequent changes in the fair value of the contingent consideration liabilities, resulting from management’s revision of key assumptions and estimates, have been recorded in general and administrative expenses in the unaudited condensed consolidated statements of operations.

Gains and losses arising from exchange rate fluctuation on these liabilities not denominated in U.S.

dollars have been included in interest and other income, net on the unaudited condensed consolidated statements of operations.

Subsequent changes in the fair value of the contingent consideration liabilities, resulting from management’s revision of key assumptions and estimates, have been recorded in General and administrative expenses on the unaudited condensed consolidated statements of operations.

Gains and losses resulting from exchange rate fluctuation on contingent consideration liabilities denominated in currencies other than U.S.

dollars are recognized in interest and other income, net on the unaudited condensed consolidated statements of operations.

Changes in contingent consideration liabilities were as follows (in thousands):

Nine Months Ended March 31,

Three Months Ended September 30,

Balance, beginning of period $ 86 $ 2,558

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Other financial instruments consist of accounts receivable, accounts payable, accrued expenses, accrued liabilities and other current liabilities, which are stated at their carrying value as it approximates fair value due to the short time to expected receipt or payment.

Strategic Investments

As of September 30, 2025 and June 30, 2025, the total amount of strategic investments included in Other assets on the Company’s unaudited condensed consolidated balance sheets were $ 5.0 million and $ 2.0 million, respectively.

The Company did not recognize any unrealized gain or loss on the strategic investments for the periods presented.

Internal-Use Software Costs

Capitalized Internal-Use Software

Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development, or costs related to development of our hosted SaaS products are capitalized during the application development stage.

Capitalized internal-use software costs are recorded in property and equipment on the Company’s unaudited condensed consolidated balance sheets and the amortization expense was recognized in cost of revenues related to SaaS in the unaudited condensed consolidated statements of operations.

Capitalized Internal-Use Software Costs

Capitalized internal-use software costs, net consisted of the following (in thousands):

March 31, 2025

June 30, 2024

September 30, 2025 June 30, 2025

Capitalized internal-use software costs $ 33,556 $ 31,564

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Activity related to capitalized internal-use software costs was as follows (in thousands):

Three Months Ended March 31,

Nine Months Ended March 31,

Three Months Ended September 30,

Additions to capitalized internal-use software (1)

$ 1,992 $ 1,631

Amortization (2)

(1) Additions to c apitalized stock-based compensation costs, which is included in these amounts, were $ 0.2 million during the three and nine months ended March 31, 2025, respectively, and were not material during the three and nine months ended March 31, 2024.

(2) Amortization expense related to capitalized stock-based compensation costs, which is included in these amounts, was not material during the three and nine months ended March 31, 2025 and 2024, respectively.

$ 1,180 $ 946

(1) Additions to capitalized stock-based compensation costs, which is included in these amounts, were $ 0.2 million during the three months ended September 30, 2025, and were not material during the three months ended September 30, 2024.

(2) Amortization expense related to capitalized stock-based compensation costs, which is included in these amounts, was not material during the three months ended September 30, 2025 and 2024, respectively.

The impairment charges during the periods presented were not material.

Capitalized Cloud Computing Implementation Costs

Qualifying implementation costs incurred in cloud computing arrangements incurred during the application development stage are capitalized based on the existing guidance for internal-use software, which is presented as part of our prepaid expenses and other assets based on the term of the associated cloud computing arrangement.

The capitalized implementation costs are amortized on a straight-line basis over the term of the associated cloud computing arrangement when the module or component of the cloud computing arrangement is ready for its intended use in the same line item as fees for the associated cloud computing arrangement in the unaudited condensed consolidated statements of operations.

Capitalized cloud computing implementation costs, net consisted of the following (in thousands):

March 31, 2025

June 30, 2024

September 30, 2025 June 30, 2025

Capitalized cloud computing implementation costs $ 8,345 $ 8,464

3 unchanged sentences

Activity related to capitalized cloud computing implementation costs was as follows (in thousands):

Three Months Ended March 31,

Nine Months Ended March 31,

Three Months Ended September 30,

Additions to capitalized cloud computing implementation costs (1)

$ 1,047 $ 823

Amortization (2)

(1) Additions to capitalized stock-based compensation costs, which is included in these amounts, were $ 0.1 million during the three and nine months ended March 31, 2025, respectively, and were not material during the three and nine months ended March 31, 2024.

The Company has no t recorded any impairment charges during the periods presented.

The Company leases the majority of its office space in the U.S., U.K., Netherlands, Ukraine, Germany, Singapore and Portugal under non-cancelable operating lease agreements, which have various expiration dates through November 2030 , some of which include options to extend the leases for up to 5 years .

(1) Additions to capitalized stock-based compensation costs, which is included in these amounts, were $ 0.1 million during the three months ended September 30, 2025, respectively, and were not material during the three months ended September 30, 2024.

During the three months ended September 30, 2025 and 2024, the Company recorded impairment charges from its digital transformation initiative of $ 1.4 million and nil , respectively, which were included in General and administrative expense on the unaudited condensed consolidated statement of operations.

The Company leases the majority of its office space in the U.S., U.K., Germany, Netherlands, Portugal, Ukraine and Singapore under non-cancelable operating lease agreements, which have various expiration dates through November 2030, some of which include options to extend the leases for up to 5 years.

The components of lease costs were as follows (in thousands):

Three Months Ended March 31,

Nine Months Ended March 31,

Three Months Ended September 30,

Operating Leases:

4 unchanged sentences

Lease Term and Discount Rate:

March 31, 2025

March 31, 2024

September 30, 2025 September 30, 2024

Weighted-average remaining lease term (in years) 4.1 5.2

1 unchanged sentence

The following table presents supplemental cash flow information related to the Company’s operating leases (in thousands):

Nine Months Ended March 31,

Three Months Ended September 30,

Cash payments included in the measurement of operating lease liabilities $ 1,707 $ 2,151

ROU assets obtained in exchange for new operating lease liabilities $ 2,573 $ ( 70 )

Current operating lease liabilities of $ 4.9 million and $ 6.0 million were included in other current liabilities on the Company’s unaudited condensed consolidated balance sheets as of March 31, 2025 and June 30, 2024, respectively.

As of March 31, 2025, remaining maturities of operating lease liabilities are as follows (in thousands):

Fiscal Year Ending June 30,

Current operating lease liabilities of $ 7.6 million and $ 6.5 million were included in Other current liabilities on the Company’s unaudited condensed consolidated balance sheets as of September 30, 2025 and June 30, 2025, respectively.

As of September 30, 2025, remaining maturities of operating lease liabilities are as follows (in thousands):

Fiscal Year Ending June 30, Amount

2026 (remaining 9 months) $ 7,000

6 unchanged sentences

The Company’s other purchase commitments primarily consist of third-party cloud services, support fees and software subscriptions to support operations in the ordinary course of business.

There were no material purchase commitments that were entered into during the nine months ended March 31, 2025.

In December 2021, the Company entered into an agreement with Microsoft, pursuant to which the Company is committed to spend a minimum of $ 110.0 million on cloud services.

There were no material purchase commitments that were entered into during the three months ended September 30, 2025.

In December 2021, the Company entered into an agreement with Microsoft Corp., pursuant to which the Company is committed to spend a minimum of $ 110.0 million on cloud services.

The committed spend period concludes at the end of December 2028 , with the Company having the option to extend any remaining commitment into a further 12 -month period to the end of December 2029 .

As of March 31, 2025, the Company had $ 81.6 million remaining on this commitment.

As of September 30, 2025, the Company had $ 71.3 million remaining on this commitment.

From time to time, the Company is a party to claims, lawsuits, and proceedings which arise in the ordinary course of business.

13 unchanged sentences

It also contains affirmative, negative and financial covenants, including limitations on certain other indebtedness, loans and investments, liens, mergers, asset sales, and transactions with affiliates, as well as customary events of default.

The Company was in compliance with all covenants as of March 31, 2025.

As of March 31, 2025 and June 30, 2024 , there were no outstanding borrowings under the JPMorgan Credit Facility.

S tockholders' Equity and Stock-Based Compensation

The Company was in compliance with all covenants as of September 30, 2025.

As of September 30, 2025 and June 30, 2025, there were no outstanding borrowings under the JPMorgan Credit Facility.

Stock-Based Compensation

Equity Incentive Plans

8 unchanged sentences

Stock options granted generally become exercisable ratably over a four-year period following the date of grant and expire ten years from the date of grant.

Stock option activity under the Company’s equity incentive plans during the nine months ended March 31, 2025 was as follows (in thousands, except per share data):

Stock option activity under the Company’s equity incentive plans during the three months ended September 30, 2025 was as follows (in thousands, except per share data):

Options Weighted-

Price Weighted-

(in years) Aggregate

Balance as of June 30, 2025 2,628 $ 11.42 3.8 $ 105,632

Balance as of March 31, 2025

Vested and exercisable as of March 31, 2025

Vested and expected to vest as of March 31, 2025

Exercised ( 340 ) 8.25

Balance as of September 30, 2025 2,288 $ 11.89 3.8 $ 66,380

Vested and exercisable as of September 30, 2025 2,288 $ 11.89 3.8 $ 66,380

Vested and expected to vest as of September 30, 2025 2,288 $ 11.89 3.8 $ 66,380

(1) Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s common stock as of the end of the period, multiplied by the number of stock options outstanding.

There were no stock options granted during the nine months ended March 31, 2025.

The total intrinsic value of stock options exercised and the proceeds from option exercises during the nine months ended March 31, 2025 were $ 154.9 million and $ 36.1 million, respectively.

There were no stock options granted during the three months ended September 30, 2025.

The total intrinsic value of stock options exercised and the proceeds from option exercises during the three months ended September 30, 2025 were $ 11.8 million and $ 2.8 million, respectively.

PSUs and RSUs

During the nine months ended March 31, 2025, the Company granted PSUs to certain of its employees with vesting terms based on meeting certain operating performance targets, including annual recurring revenue and profitability targets, and continued service conditions.

During the three months ended September 30, 2025, the Company granted PSUs to certain of its employees with vesting terms based on meeting certain operating performance targets, including annual recurring revenue and profitability targets, and continued service conditions.

The Company also granted RSUs to certain employees that vest based on continued service.

PSU activity during the nine months ended March 31, 2025 was as follows (in thousands, except per share data):

Number of Shares

PSU activity during the three months ended September 30, 2025 was as follows (in thousands, except per share data):

Number of Shares Weighted-

Balance as of June 30, 2025 2,010 $ 37.98

Balance as of March 31, 2025

RSU activity during the nine months ended March 31, 2025 was as follows (in thousands, except per share data):

Number of Shares

Granted 886 46.77

Vested ( 228 ) 31.49

Forfeited ( 87 ) 40.48

Balance as of September 30, 2025 2,581 $ 41.48

RSU activity during the three months ended September 30, 2025 was as follows (in thousands, except per share data):

Number of Shares Weighted-

Balance as of June 30, 2025 3,306 $ 41.27

Balance as of March 31, 2025

Granted 1,375 42.49

Vested ( 355 ) 35.30

Forfeited ( 138 ) 40.30

Balance as of September 30, 2025 4,188 $ 42.20

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the unaudited condensed consolidated statements of operations as follows (in thousands):

Three Months Ended March 31,

Nine Months Ended March 31,

Three Months Ended September 30,

Cost of revenues

Cost of SaaS $ 786 $ 664

Cost of license 177 189

4 unchanged sentences

Total stock-based compensation $ 27,287 $ 19,989

During the nine months ended March 31, 2025 , the Company modified the performance conditions related to certain PSU awards, which results in an improbable-to-probable modification with an increase in unrecognized stock-based compensation expense of approximately $ 14.8 million to be recognized through the remaining requisite service period.

As of March 31, 2025 , there was approximately $ 160.7 million of unrecognized compensation cost related to unvested stock-based awards granted, which is expected to be recognized over the weighted-average period of approximately 2.5 years.

As of September 30, 2025, there was approximately $ 221.9 million of unrecognized compensation cost related to unvested stock-based awards granted, which is expected to be recognized over the weighted-average period of approximately 2.6 years.

2021 Employee Stock Purchase Plan

1 unchanged sentence

The ESPP provides an offering period that begins on June 1 and December 1 of each year and each offering period consists of one six-month purchase period.

During the nine months ended March 31, 2025 , 67,464 shares were purchased under the ESPP.

As of March 31, 2025 , total unrecognized compensation cost related to the ESPP was $ 0.2 million, which will be amortized over a weighted-average vesting term of 0.2 years.

As of September 30, 2025, total unrecognized compensation cost related to the ESPP was $ 0.3 million, which will be amortized over a weighted-average vesting term of 0.2 years.

The Company determines its income tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items occurring during the periods presented.

The primary difference between its effective tax rate and the federal statutory

rate is the full valuation allowance the Company has established on its federal and state net operating losses and credits.

Income taxes from international operations were not material for the three and nine months ended March 31, 2025 and 2024.

The primary difference between its effective tax rate and the federal statutory rate is the full valuation allowance the Company has established on its federal and state net operating losses and credits.

Income taxes from international operations were not material for the three months ended September 30, 2025 and 2024.

The Company files income tax returns in the U.S.

10 unchanged sentences

The following table sets forth the computation of basic and diluted net loss per share for the periods presented (in thousands, except per share data):

Three Months Ended March 31,

Nine Months Ended March 31,

Three Months Ended September 30,

Net loss $ ( 14,353 ) $ ( 4,520 )

Weighted-average shares used to compute net loss per share, basic and diluted 81,878 75,604

1 unchanged sentence

The Company excluded the following potential shares of common stock from the calculation of diluted net loss per share because their effect would be anti-dilutive (in thousands):

Three and Nine Months Ended March 31,

As of September 30,

Outstanding stock options to purchase common stock 2,288 4,815

1 unchanged sentence

Shares issuable under ESPP 66 67

Shares issuable related to acquisition

Subsequent Events

In April 2025, the Company made a $ 1.2 million payment related to a cash holdback from a prior acquisition.

In April 2025, the Company entered into an agreement to acquire all of the issued and outstanding units of TermSheet, LLC, a Delaware limited liability company (“TermSheet”) for an initial purchase price of $ 60.0 million (in cash consideration, shares and share units subject to vesting conditions), subject to certain closing adjustments and transaction expenses, plus a maximum $ 15.0 million in cash payments in the next two fiscal years.

TermSheet is a provider of software for real estate teams.

The transaction was consummated in April 2025 and is expected to be accounted for as a business combination.

Total 9,123 12,147

Stockholders’ Equity

Stock Repurchase Program

On August 7, 2025, the Company’s Board of Directors authorized a common stock repurchase program of up to $ 150.0 million, which was announced on August 12, 2025 .

The Company may purchase shares of its common stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans or through the use of other techniques.

The stock repurchase program does not have an expiration date.

The timing and number of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions.

The repurchase program does not obligate the Company to repurchase any of its common stock, or to acquire a specified number of shares, and may be modified, suspended or discontinued at the Company’s discretion.

During the three months ended September 30, 2025, the Company repurchased approximately 1.1 million shares of its common stock for $ 50.0 million.

The repurchased shares of common stock were retired.

As of September 30, 2025, $ 100.0 million remained available and authorized for repurchases.

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.

What changed 10-Q

Item 1. Financial Statements