What changed in this filing

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Item 1. Financial Statements

2026-02-03 compared with 2025-11-04 · 140 added, 82 removed, 473 unchanged (32% of the section changed)

2 unchanged sentences

(in thousands, except per share data)

September 30, 2025 June 30, 2025

December 31, 2025 June 30, 2025

Current assets:

1 unchanged sentence

Restricted cash 200 200

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

Accounts receivable, net of allowance of $ 1,237 and $ 968 as of December 31, 2025 and June 30, 2025, respectively

119,318 89,667

27 unchanged sentences

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

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

80,235 and 81,877 shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively

Additional paid-in capital 1,085,919 1,025,712

6 unchanged sentences

(in thousands, except per share data)

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

SaaS $ 102,458 $ 79,976 $ 199,982 $ 156,852

14 unchanged sentences

Operating loss ( 7,177 ) ( 10,186 ) ( 21,632 ) ( 17,440 )

Interest and other income, net 1,059 3,422

Interest and other income (expense), net 1,915 ( 202 ) 2,974 3,220

Net loss before income taxes ( 5,262 ) ( 10,388 ) ( 18,658 ) ( 14,220 )

Income tax expense ( 957 ) ( 688 )

Income tax (expense) benefit ( 672 ) 171 ( 1,629 ) ( 517 )

Net loss $ ( 5,934 ) $ ( 10,217 ) $ ( 20,287 ) $ ( 14,737 )

4 unchanged sentences

(in thousands)

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Net loss $ ( 5,934 ) $ ( 10,217 ) $ ( 20,287 ) $ ( 14,737 )

Other comprehensive income:

Other comprehensive (loss) income:

Foreign currency translation adjustments — ( 560 ) ( 169 ) ( 65 )

Foreign currency impact from dissolution of subsidiary — — 799 —

Other comprehensive income 630 495

Other comprehensive (loss) income — ( 560 ) 630 ( 65 )

Comprehensive loss $ ( 5,934 ) $ ( 10,777 ) $ ( 19,657 ) $ ( 14,802 )

2 unchanged sentences

(in thousands)

Three Months Ended September 30, 2025

Three Months Ended December 31, 2025

Common Stock Additional

4 unchanged sentences

Shares Amount

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

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

Issuance of common stock upon exercise of stock options 482 1 5,331 — — 5,332

Vesting of performance stock units and restricted stock units, net of shares withheld for taxes 335 — ( 8,558 ) — — ( 8,558 )

Issuance of common stock under employee stock purchase plan 59 — 2,153 — — 2,153

Repurchases of common stock ( 2,335 ) ( 2 ) — — ( 100,044 ) ( 100,046 )

Stock-based compensation — — 30,941 — — 30,941

Net loss — — — — ( 5,934 ) ( 5,934 )

Balance as of December 31, 2025 80,235 $ 81 $ 1,085,919 $ — $ ( 675,751 ) $ 410,249

Three Months Ended December 31, 2024

Common Stock Additional

Capital Accumulated

Comprehensive

Loss Accumulated

Deficit Total Stockholders’

Shares Amount

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

Issuance of common stock upon exercise of stock options 1,123 1 9,665 — — 9,666

Vesting of performance stock units and restricted stock units 759 — — — — —

Issuance of common stock under employee stock purchase plan 67 — 1,970 — — 1,970

Stock-based compensation — — 25,411 — — 25,411

Foreign currency translation adjustments — — — ( 560 ) — ( 560 )

Net loss — — — — ( 10,217 ) ( 10,217 )

Balance as of December 31, 2024 79,234 $ 79 $ 971,631 $ ( 1,401 ) $ ( 501,919 ) $ 468,390

Six Months Ended December 31, 2025

Common Stock Additional

Capital Accumulated

Comprehensive

Loss Accumulated

Deficit Total Stockholders'

Shares Amount

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

Issuance of common stock upon exercise of stock options 822 1 8,133 — — 8,134

Vesting of performance stock units and restricted stock units, net of shares withheld for taxes 918 1 ( 8,559 ) — — ( 8,558 )

Issuance of common stock under employee stock purchase plan 59 — 2,153 — — 2,153

Repurchases of common stock ( 3,441 ) ( 3 ) — — ( 150,065 ) ( 150,068 )

3 unchanged sentences

Net loss — — — — ( 20,287 ) ( 20,287 )

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

Three Months Ended September 30, 2024

Balance as of December 31, 2025 80,235 $ 81 $ 1,085,919 $ — $ ( 675,751 ) $ 410,249

Six Months Ended December 31, 2024

Common Stock Additional

2 unchanged sentences

Loss Accumulated

Deficit Total Stockholders’

Deficit Total Stockholders’ Equity

Shares Amount

2 unchanged sentences

Vesting of performance stock units and restricted stock units 1,382 1 ( 1 ) — — —

Issuance of common stock under employee stock purchase plan 67 — 1,970 — — 1,970

Stock-based compensation — — 45,400 — — 45,400

1 unchanged sentence

Net loss — — — — ( 14,737 ) ( 14,737 )

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

Balance as of December 31, 2024 79,234 $ 79 $ 971,631 $ ( 1,401 ) $ ( 501,919 ) $ 468,390

See accompanying notes to unaudited condensed consolidated financial statements.

1 unchanged sentence

(in thousands)

Three Months Ended September 30,

Six Months Ended December 31,

Cash Flows from Operating Activities:

27 unchanged sentences

Proceeds from stock option exercises 8,134 32,584

Proceeds from employee stock purchase plan 2,153 1,970

Payments related to tax withholding for vested equity awards ( 8,558 ) —

Payments of contingent consideration and holdback associated with acquisitions ( 1,236 ) ( 2,410 )

32 unchanged sentences

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

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

Use of Estimates

22 unchanged sentences

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 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 (expense), 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.

16 unchanged sentences

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.

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

Concentrations of Credit Risk and Significant Clients

3 unchanged sentences

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 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.

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

As of December 31, 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.

27 unchanged sentences

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

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

$ 95,157 $ 83,138 $ 192,167 $ 161,710

22,398 18,217 43,102 38,220

Rest of the world 22,653 19,854 43,966 40,084

Total $ 140,208 $ 121,209 $ 279,235 $ 240,014

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.

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

Deferred Commissions

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.

Deferred commissions were $ 38.7 million and $ 36.4 million as of December 31, 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 $ 4.8 million and $ 9.4 million for the three and six months ended December 31, 2025, respectively, and $ 4.1 million and $ 8.0 million for the three and six months ended December 31, 2024.

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

1 unchanged sentence

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

September 30, 2025 June 30, 2025

December 31, 2025 June 30, 2025

Unbilled accounts receivable (1)

1 unchanged sentence

Deferred revenue, net $ 287,084 $ 258,996

(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.

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

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

During the six months ended December 31, 2025 and 2024 the Company recognized $ 179.6 million and $ 149.3 million in revenue pertaining to deferred revenue as of June 30, 2025 and 2024, respectively.

Remaining Performance Obligations

2 unchanged sentences

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

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.

As of December 31, 2025, approximately $ 777.1 million of revenues is expected to be recognized from remaining performance obligations with approximately 54 % over the next 12 months and the remainder thereafter.

Business Combinations

1 unchanged sentence

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

During the three months ended December 31, 2025, the Company amended the purchase agreement such that the Company’s obligation to make cash payments of up to $ 15.0 million, which has been accounted for as post-combination compensation, was extended from over the next two fiscal years, as previously disclosed on the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, to over the next three fiscal years, subject to certain performance measures and in some cases, certain service conditions.

For further information refer to Note 4.

1 unchanged sentence

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 three months ended September 30, 2024.

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

5 unchanged sentences

Foreign currency translation adjustment ( 168 )

Balance as of September 30, 2025 $ 326,101

Balance as of December 31, 2025 $ 326,101

Intangible Assets

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

September 30, 2025

December 31, 2025

(In years) Gross Carrying Amount Accumulated

26 unchanged sentences

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

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Cost of SaaS $ 1,710 $ 1,509 $ 3,421 $ 3,080

2 unchanged sentences

Total amortization expense $ 2,869 $ 2,940 $ 5,737 $ 5,942

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

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

Fiscal Year Ending June 30, Amount

12 unchanged sentences

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

December 31, 2025 June 30, 2025

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

10 unchanged sentences

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.

Accordingly, the Company recorded a contingent consideration liability of $ 0.1 million as of December 31, 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.

1 unchanged sentence

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

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.

During the six months ended December 31, 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.

During the six months ended December 31, 2025, the Company made a fair value adjustment of based on a finalized targeted earnout true-up and made a payment of $ 0.5 million.

Accordingly, the contingent consideration was nil as of December 31, 2025 and June 30, 2025, respectively.

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.

3 unchanged sentences

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

Three Months Ended September 30,

Six Months Ended December 31,

Balance, beginning of period $ 86 $ 2,558

Payment of contingent consideration — ( 1,387 )

Change of contingent consideration 506 ( 848 )

Payment of contingent consideration ( 500 ) ( 1,401 )

Effect of foreign currency exchange rate changes — ( 4 )

2 unchanged sentences

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.

As of December 31, 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.

2 unchanged sentences

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

September 30, 2025 June 30, 2025

December 31, 2025 June 30, 2025

Capitalized internal-use software costs $ 35,787 $ 31,564

2 unchanged sentences

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

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Additions to capitalized internal-use software (1)

2 unchanged sentences

$ 1,255 $ 926 $ 2,435 $ 1,872

(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.

(1) Additions to capitalized stock-based compensation costs, which is included in these amounts, were $ 0.3 million and $ 0.5 million during the three and six months ended December 31, 2025, respectively, and were not material during the three and six months ended December 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 six months ended December 31, 2025 and 2024, respectively.

The Company has not recorded any impairment charges during the periods presented.

Capitalized Cloud Computing Implementation Costs

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

September 30, 2025 June 30, 2025

December 31, 2025 June 30, 2025

Capitalized cloud computing implementation costs $ 8,905 $ 8,464

3 unchanged sentences

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

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Additions to capitalized cloud computing implementation costs (1)

1 unchanged sentence

Amortization (2)

(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.

$ 462 $ 155 $ 875 $ 240

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

Impairment charges with respect to the Company’s digital transformation initiative, which are included in General and administrative expense on the unaudited condensed consolidated statement of operations, were nil and $ 1.4 million for the three and six ended December 31, 2025, respectively, and nil for the three and six months ended December 31, 2024.

The Company leases the majority of its office space in the U.S., U.K., Germany, Portugal, Netherlands, Ukraine and Singapore under non-cancelable operating lease agreements, which have various expiration dates through June 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 September 30,

Three Months Ended December 31, Six Months Ended December 31,

Operating Leases:

2025 2024 2025 2024

Operating lease cost $ 1,882 $ 1,678 $ 3,697 $ 3,383

3 unchanged sentences

Lease Term and Discount Rate:

September 30, 2025 September 30, 2024

December 31, 2025 December 31, 2024

Weighted-average remaining lease term (in years) 3.9 5.0

1 unchanged sentence

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

Three Months Ended September 30,

Six Months Ended December 31,

Cash payments included in the measurement of operating lease liabilities $ 3,835 $ 3,461

ROU assets obtained in exchange for new operating lease liabilities $ 2,526 $ ( 419 )

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):

Current operating lease liabilities of $ 7.1 million and $ 6.5 million were included in Other current liabilities on the Company’s unaudited condensed consolidated balance sheets as of December 31, 2025 and June 30, 2025, respectively.

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

Fiscal Year Ending June 30, Amount

7 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 three months ended September 30, 2025.

There were no material purchase commitments that were entered into during the six months ended December 31, 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 September 30, 2025, the Company had $ 71.3 million remaining on this commitment.

As of December 31, 2025, the Company had $ 66.1 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 September 30, 2025.

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

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

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

Stock-Based Compensation

9 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 three months ended September 30, 2025 was as follows (in thousands, except per share data):

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

Options Weighted-

3 unchanged sentences

Exercised ( 822 ) 9.91

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

Forfeited/Expired ( 1 ) 3.99

Balance as of December 31, 2025 1,805 $ 12.11 3.7 $ 60,829

Vested and exercisable as of December 31, 2025 1,805 $ 12.11 3.7 $ 60,829

Vested and expected to vest as of December 31, 2025 1,805 $ 12.11 3.7 $ 60,829

(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 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.

There were no stock options granted during the six months ended December 31, 2025.

The total intrinsic value of stock options exercised and the proceeds from option exercises during the six months ended December 31, 2025 were $ 26.8 million and $ 8.1 million, respectively.

PSUs and RSUs

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.

During the six months ended December 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.

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

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

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

Number of Shares Weighted-

3 unchanged sentences

Forfeited ( 176 ) 30.28

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):

Balance as of December 31, 2025 2,445 $ 42.36

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

Number of Shares Weighted-

3 unchanged sentences

Forfeited ( 255 ) 40.39

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

Balance as of December 31, 2025 3,854 $ 42.64

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 September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Cost of revenues

6 unchanged sentences

Total stock-based compensation $ 30,697 $ 25,411 $ 57,984 $ 45,400

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.

As of December 31, 2025, there was approximately $ 200.4 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 2.4 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.

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.

During the six months ended December 31, 2025, 59,345 shares were purchased under the ESPP.

As of December 31, 2025, total unrecognized compensation cost related to the ESPP was $ 0.7 million, which will be amortized over a weighted-average vesting term of 0.4 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 months ended September 30, 2025 and 2024.

Income taxes from international operations were not material for the three and six months ended December 31, 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 September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Net loss $ ( 5,934 ) $ ( 10,217 ) $ ( 20,287 ) $ ( 14,737 )

2 unchanged sentences

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):

As of September 30,

As of December 31,

Outstanding stock options to purchase common stock 1,805 3,681

9 unchanged sentences

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.

During the three and six months ended December 31, 2025, the Company repurchased approximately 2.3 million and 3.4 million shares of its common stock for $ 100.0 million and $ 150.0 million, excluding broker fees, respectively.

The repurchased shares of common stock were retired.

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

As of December 31, 2025, there were no remaining funds authorized or available for stock repurchases.

On January 29, 2026, the Company’s Board of Directors authorized a new common stock repurchase program of up to $ 200.0 million.

For further information, refer to Note 15.

“Subsequent Events” in the Company’s condensed consolidated financial statements.

Subsequent Events

In January 2026, the Company initiated a restructuring plan to reduce costs and optimize its structure by reducing its workforce and facility footprint in the Netherlands.

The Company preliminarily expects to incur total restructuring charges of approximately $ 5.0 million in fiscal year 2026, these expenses are expected to consist primarily of employee severance and termination benefits.

On January 29, 2026, the Company’s Board of Directors authorized a new common stock repurchase program of up to $ 200.0 million.

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 any time at the Company’s discretion.

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