DH

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited Condensed Consolidated Financial Statements and related notes included elsewhere in this Quarterly Report and with our audited Consolidated Financial Statements, “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 Form 10-K. As discussed in “Cautionary Note Regarding Forward-Looking Statements,” the following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may materially differ from those discussed in such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in “Risk Factors” under Part II, Item 1A in this Quarterly Report and in Part I, Item 1A of our 2025 Form 10-K. Overview Definitive Healthcare is a leading provider of healthcare data and analytics. We provide accurate, comprehensive information on healthcare providers and their activities, enabling customers to make informed decisions across product development, go-to-market planning, and sales and marketing execution. We also offer claims and consumer analytics built from modeled data on millions of unique consumers to help healthcare organizations target, message, and engage specific healthcare audiences. Delivered through our software as a service products and solutions, our data is important to the commercial success of our approximately 2,200 customers as of June 30, 2026. We generally define a customer as a company that maintains one or more active paid subscriptions. We serve three primary end markets: Life Sciences, Provider, and Diversified. Our Life Sciences customers comprise biopharmaceutical and medical device companies. Providers comprise hospitals, health systems, and other care delivery organizations. Diversified customers include healthcare information technology companies and other organizations operating within the healthcare market, such as staffing firms, commercial real estate firms, financial institutions, and marketing and advertising agencies. Within these organizations, our data serves a broad set of functional groups, including sales, marketing, clinical research, product development, strategy, talent acquisition, and physician network management. Customers access our data products on a subscription basis, and we generate substantially all our revenue from subscription fees. We were founded in 2011 by our Executive Chairman, Jason Krantz. Mr. Krantz founded the company to provide healthcare commercial intelligence designed to drive commercial success for companies that sell into or compete in the healthcare ecosystem, creating large end-markets for us, including life sciences, healthcare information technology ("HCIT"), healthcare providers and other diversified companies, such as staffing firms, commercial real estate firms, financial institutions and other organizations seeking commercial success in the attractive, but complex, healthcare ecosystem. We believe any company selling or competing within the healthcare ecosystem is a potential customer for us and contributes to our estimated current total addressable market of over $11 billion that includes a more focused serviceable addressable market of approximately $7 billion. In total, our target universe includes more than 100,000 potential customers that we believe could benefit from our products. 33 Recent Developments Goodwill Impairment In the first quarter of 2026 and during fiscal year 2025, we experienced declines in our market capitalization as a result of sustained decreases in our stock price, which represented triggering events requiring management to perform quantitative goodwill impairment tests as of the end of the impacted reporting periods. As a result of the impairment tests, we determined that the fair value of our single reporting unit was lower than its carrying value and, accordingly, recorded non-cash, pretax, goodwill impairment charges of $197.2 million during the first quarter of 2026 and $196.1 million during fiscal year 2025. See Note 7. Goodwill and Intangible Assets to our accompanying unaudited condensed consolidated financial statements. The goodwill impairment charges did not affect our liquidity or the financial covenants in our outstanding debt agreement. Restructuring Charges In the first quarter of 2026, we committed to a restructuring plan (the “2026 Restructuring Plan”) intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. The 2026 Restructuring Plan provided for a reduction of our current workforce by approximately 40 people. During the first quarter of 2026, we incurred restructuring and related charges of approximately $1.1 million, consisting of severance payments, employee benefits, and related cash expenses. No additional charges were incurred during the three months ended June 30, 2026. As of June 30, 2026, $0.1 million was included in accrued expenses and other liabilities in the unaudited condensed consolidated balance sheets. We expect these payments will be made over the next three months. In addition, we do not expect to incur further material charges associated with the 2026 Restructuring Plan. There were no charges incurred during the three months ended June 30, 2025 related to previous restructuring plans, and charges incurred during the six months ended June 30, 2025 were not material. In the second quarter of 2026, we incurred $0.2 million in impairment charges of the operating lease right-of-use assets (“ROU assets”) related to a previous consolidation of certain leased office space at our corporate headquarters. These charges were recognized within transaction, integration, and restructuring expenses in our unaudited condensed consolidated statements of operations. Sales Execution Challenges In 2024, we made significant changes to our go-to-market team that reduced overlay expenses, created a separate group and sales motion for our small and medium sized customers, and allocated more resources to our Enterprise Customers (as the term is defined below). These changes created disruptions to our sales efforts beginning in 2024, impacting both new customer acquisition and upsell to existing customers. These factors, in addition to the lower than historical renewal rates we observed through fiscal year 2025, have impacted, and we expect will continue to impact, our results in 2026. Product Innovation and AI Strategy Throughout the year, we have been investing in the build of Turbo, our AI-powered healthcare intelligence platform, and we are beginning an initial pilot in the third quarter with select strategic customers. Turbo is designed to provide a conversational experience that enables customers to leverage our proprietary healthcare intelligence and data assets to support commercial, strategic and product decision-making. We expect customer feedback from the pilot program to inform the platform's broader market launch. Non-Compliance with Nasdaq’s Minimum Bid Requirement On June 18, 2026, we received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that we were not in compliance with the minimum bid price requirement for continued listing on The Nasdaq Global Select Market because the closing bid price of our common stock was below $1.00 per share for 30 consecutive business days. The notice has no immediate effect on the listing or trading of our common stock, which continues to trade under the symbol “DH.” The notice states that we have a compliance period of 180 calendar days, or until December 15, 2026, to regain compliance with the minimum bid price requirement. The notice further states that if we do not regain compliance during the initial 180-calendar-day compliance period, we may be eligible for an additional 180-calendar-day compliance period, provided that we meet certain listing requirements. If it appears to Nasdaq staff that we will not be able to cure the deficiency, or if we are otherwise not eligible for the additional compliance period, Nasdaq will provide notice that our securities will be subject to delisting. We intend to actively monitor the closing bid price of our common stock and consider available options to regain compliance with the minimum bid price requirement. There can be no assurance that we will be able to regain compliance with the minimum bid price requirement during the initial compliance period or any additional compliance period, or that we will otherwise maintain compliance with the other Nasdaq listing requirements. 34 Macroeconomic Conditions Since 2022, our current and prospective customers, along with their business spending, have been affected by challenging macroeconomic conditions to varying degrees. This has contributed to heightened customer churn relative to historical levels. These trends have been particularly pronounced for smaller customers and in the Life Sciences market. The elevated churn has impacted our revenue growth since 2023, and we expect this will continue to have an impact on our growth in 2026. However, late in 2025 and through the first half of 2026, we have been seeing modest signs of improvement in the macroeconomic backdrop, with healthier demand trends, more normalized procurement cycles, improving customer retention dynamics, and increased visibility into customer budgets, all of which are encouraging signs we will continue to monitor. As a corporation with a global footprint, we are subject to risks and exposures caused by significant events and their macroeconomic impacts, including, but not limited to, fluctuating inflation and high interest rates, volatility in the capital markets, international trade policies, including tariffs, sanctions, and trade barriers, and related market uncertainty, the conflict in Ukraine and the regional instability in the Middle East, and global geopolitical tensions. We continuously monitor the direct and indirect impacts, and the potential for future impacts, of these circumstances on our business and financial results, as well as the overall global economy and geopolitical landscape. While our revenue and earnings have historically been relatively predictable as a result of our subscription-based business model, the potential implications of these macroeconomic events on our business, results of operations and overall financial position, particularly in the long term, introduce additional uncertainty. We have been observing changes in the healthcare claims data market as a result of data source disruption in calendar year 2024, including how data providers are reviewing pricing, data availability, and use terms, all of which may negatively impact the prices at which we acquire such data. We are continuing to evaluate these and other past and potential future direct and indirect impacts on our business and results of operations. We worked throughout 2025 to mitigate potential risk through renegotiation of select existing agreements and the addition of new data sources, which includes new data sources introduced into our offerings in 2026. 35 Key Factors Affecting Our Performance We believe that the growth and future success of our business depend on many factors, including the following: Acquiring New Customers We plan to organically grow the number of customers that use our platform by increasing demand for our platform and penetrating our addressable market. Our results of operations and growth prospects will depend, in part, on our ability to attract new customers. We intend to drive new customer acquisition with our efficient go-to-market engine by continuing to invest in our sales and marketing efforts and developing new use cases for our platform. Customers generating more than $100,000 in Annual Recurring Revenue (“ARR”), which we refer to as “Enterprise Customers,” represent the majority of our ARR and are a key focus of our go-to-market programs. Our total customer count, which includes smaller customers, was approximately 2,200 as of June 30, 2026, compared with approximately 2,400 customers as of June 30, 2025. Our Enterprise Customer accounts have decreased by 33 to 477 customers as of June 30, 2026 compared with 510 customers as of June 30, 2025. Our smaller customers have churned at disproportionately higher rates year-over-year, primarily due to current macroeconomic conditions. We have identified more than 100,000 potential customers across the healthcare ecosystem that we believe could benefit from our platform. Our ability to attract and acquire new customers is dependent on the strength of our platform and effectiveness of our go-to-market strategy, as well as macroeconomic factors and their impact on our potential customers’ business spending. Expanding Relationships with Existing Customers We believe there is a significant opportunity to generate additional revenue from our existing customer base of approximately 2,200 customers as of June 30, 2026. Our customers have historically increased their spending by adding functionality and by expanding use-cases across departments. Our customers are typically assigned to one of our vertically focused teams, which is responsible for driving usage and increasing adoption of the platform, identifying expansion opportunities, and driving customer renewals. Real-time input from these customer centric teams feeds directly into our product innovation teams, enhancing the development of new capabilities. We believe this feedback loop and our ability to innovate creates significant opportunities for continual existing customer expansion. Our ability to generate additional revenue from existing customers is also subject to such existing customers’ business spending trends and the impact of macroeconomic conditions thereon. Our progress in expanding usage of our platform with our existing customers is demonstrated by our NDR, which is further described below. Continuing to Innovate and Expand Our Platform The growth of our business is driven in part by our ability to apply our deep healthcare domain expertise to innovate and expand our platform. We have continually created new products since our founding in 2011. We have and plan to continue to invest significantly into our engineering and research and development efforts to enhance our capabilities and functionality and facilitate the expansion of our integrated platform to new use cases and customers. In addition, we work to continuously release updates and new features. While we are primarily focused on organic investments to drive innovation, we will also evaluate strategic acquisitions and investments that further expand our platform. 36 Key Metrics We monitor the following key metrics to help us evaluate our business performance, identify financial trends, formulate business plans, and make strategic operational decisions. Net Dollar Retention Rate (“NDR”) We believe the growth in use of our platform by our existing customers is an important measure of the health of our business and our future growth prospects. We evaluate and report on our NDR on an annual basis to measure this growth. We define NDR as the percentage of ARR retained from existing customers across a defined period, after accounting for upsell, down-sell, pricing changes, and churn. We calculate NDR as beginning ARR for a period, plus (i) expansion ARR (including, but not limited to, upsell and pricing increases), less (ii) churn (including, but not limited to, non-renewals and contractions), divided by (iii) beginning ARR for the same period. Current Remaining Performance Obligations (“cRPO”) We monitor current remaining performance obligations as a metric to help us evaluate the health of our business and identify trends affecting our growth. cRPO represents the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue within the next twelve months. cRPO is not necessarily indicative of future revenue growth. In addition to total contract volume, cRPO is influenced by several factors, including seasonality, disparate contract terms, and the timing of renewals, because renewals tend to be most frequent in the fourth quarter. Due to these factors, it is important to review cRPO in conjunction with revenue and other financial metrics. Our cRPO will continue to be impacted by macroeconomic challenges, which have resulted in elongating deal cycles as customers implement more stringent approval processes or push out final decisions to later periods. We expect this trend, along with the continued pressures on our renewals and other factors, will result in a negative revenue growth rate for 2026 relative to 2025. In addition, we experienced a drop in the mix of new customers committing to multi-year subscriptions versus single-year subscriptions, resulting in reductions to cRPO and total remaining performance obligations. The following table presents our current and total remaining performance obligations as of June 30, 2026 and December 31, 2025: (in thousands) June 30, 2026 December 31, 2025 Current $ 149,986 $ 165,087 Non-current 63,386 75,368 Total $ 213,372 $ 240,455 37 Components of our Results of Operations Revenue For the six months ended June 30, 2026, we derived approximately 96% of our revenue from subscription services and the remainder from professional services. Our subscription services consist primarily of subscription fees for access to our platform and stand-ready support. Our subscription contracts typically have a term ranging from 1 to 3 years and are non-cancellable. We typically bill for services in advance annually, and we typically require payment at the beginning of each annual period. Our subscription revenue is recognized ratably over the contract term. Our professional services revenue typically is derived from non-recurring consulting services or from other one-time deliveries, which are generally capable of being distinct and can be accounted for as separate performance obligations. Revenue related to these professional services is recognized at a point in time when the performance obligations under the terms of the contract are satisfied and control has been transferred to the customer. Sales execution challenges, as previously mentioned, coupled with sustained macroeconomic headwinds, continue to negatively impact our sales efforts. Accordingly, we expect our revenue to decline in 2026 compared with 2025. Cost of Revenue Cost of Revenue. Cost of revenue, excluding amortization of acquired technology and data, consists of direct expenses related to the support and operations of our SaaS platform, such as data and infrastructure costs, personnel costs for our professional services, customer support, and data research teams, including salaries, bonuses, stock-based compensation, and other employee-related benefits, as well as allocated overheads. We anticipate that we will continue to invest in cost of revenue and that cost of revenue as a percentage of revenue will modestly increase as we add to our existing intelligence modules and invest in new products and data sources. Cost of data is included in the cost of revenue and is a fundamental driver of innovation. Amortization. Includes amortization expense for technology and data acquired in business combinations and asset purchase agreements. We anticipate that amortization will only increase if we make additional acquisitions in the future. We have been observing changes in the healthcare claims data market as a result of data source disruption since early 2024, including how data providers are reviewing pricing, data availability, and use terms, all of which may negatively impact the prices at which we acquire such data. We worked throughout 2025 to mitigate potential risk through the renegotiation of select existing agreements and the addition of new data sources, which includes new data sources introduced into our offerings in 2026. Gross Profit Gross profit is revenue less cost of revenue, and gross margin is gross profit as a percentage of revenue. Gross profit and gross margin have been and will continue to be affected by various factors, including the costs associated with third-party data and third-party hosting services, leveraging economies of scale, and the extent to which we introduce new intelligence modules, features, or functionality, or expand our customer support and service organizations, hire additional personnel, or complete additional acquisitions. We expect that our gross profit and gross margin will fluctuate from period to period depending on the interplay of these various factors. Revenue declines, in combination with our largely fixed cost structure, are expected to result in a decrease in gross profit margin in 2026. Additionally, we received one-time credits during fiscal year 2025 resulting from renegotiations on existing data contracts, which will not repeat and will contribute to a year-over-year decrease in gross profit margins in 2026. 38 Operating Expenses The most significant component of our operating expenses is personnel costs, which consist of salaries, bonuses, sales commissions, stock-based compensation, and other employee-related benefits. Operating expenses also include non-personnel costs such as facilities, technology, professional fees, and marketing. In light of macroeconomic conditions and their past and potential future impacts on our business, we have made efforts to contain our operating expenses, including implementing restructuring plans. Inflation, and in particular increases to the cost of labor due to cost-of-living increases, have negatively impacted our operating expenses, and we expect this to continue. However, inflation has not materially affected our business to date. Sales and marketing. Sales and marketing expenses primarily consist of personnel costs such as salaries, bonuses, sales commissions, stock-based compensation, and other employee-related benefits for our sales and marketing teams, as well as non-personnel costs including overhead costs, technology and advertising costs. While we have slowed hiring in response to macroeconomic conditions and expect to maintain slower levels until macroeconomic conditions improve, we have continued to make targeted investments in growth areas like enhancing our digital marketing capabilities. Product development. Product development expenses primarily consist of personnel costs such as salaries, bonuses, stock-based compensation, and other employee-related benefits for our engineering, data science and product teams, as well as non-personnel costs including overhead costs. We believe that our core technologies and ongoing innovation represent a significant competitive advantage for us, and we continue to invest in systems optimization and product improvements for our customers, enhance our software development team and invest in automation and AI to drive higher quality data and deeper insights. In fiscal year 2025, we made investments in software application development tools and have shifted more development efforts to innovation and growth initiatives, both of which have been resulted in increases to capitalized software and payroll. General and administrative. General and administrative expenses primarily consist of personnel costs such as salaries, bonuses, stock-based compensation, and other employee-related benefits for our executive, finance, legal, human resources, IT and operations, and administrative teams, as well as non-personnel costs including overhead costs, professional fees, and other corporate expenses. We have slowed hiring in response to macroeconomic conditions and do not expect to increase it until macroeconomic conditions improve. Depreciation and Amortization. Depreciation and amortization expenses consist primarily of amortization of intangible assets resulting from acquisitions, business combinations, and purchases of data assets, as well as depreciation of property and equipment. We anticipate depreciation of property and equipment as a percentage of revenue to moderately increase as we continue to make investments in internal software development. Transaction, integration, and restructuring expenses. Transaction, integration, and restructuring expenses are costs directly associated with various acquisition, strategic partnership, and integration activities we have undertaken, primarily accounting, legal due diligence, consulting, and advisory fees, restructuring initiatives, and office relocations and consolidations. Goodwill impairment. Goodwill represents the excess of consideration transferred over the fair value of tangible and identifiable intangible net assets acquired and the liabilities assumed in a business combination. Substantially all of our goodwill was recognized in the purchase price allocations when we were acquired in 2019 by Advent (the “Advent Acquisition”), with smaller incremental amounts recognized in subsequent business combinations. Goodwill is not amortized but is rather tested for impairment at the reporting unit level annually and more frequently if indicators of potential impairment arise. In conducting the impairment test, we first review qualitative factors to determine whether it is more likely than not that the fair value of our single reporting unit is less than its carrying amount. When testing goodwill for impairment, we have the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If we elect to bypass the qualitative assessment, or if a qualitative assessment indicates it is more likely than not that carrying value exceeds its fair value, we perform a quantitative goodwill impairment test. Under the quantitative goodwill impairment test, if our reporting unit’s carrying amount exceeds its fair value, we will record an impairment charge based on that difference. In the first quarter of 2026 and during fiscal year 2025, we experienced declines in our market capitalization as a result of sustained decreases in our stock price, which represented triggering events requiring our management to perform quantitative goodwill impairment tests as of the end of each impacted reporting period. As a result of the impairment tests, we determined that the fair value of our single reporting unit was lower than its carrying value and, accordingly, recorded non-cash, pre-tax, goodwill impairment charges of $197.2 million in the first quarter of 2026 and $196.1 million during fiscal year 2025. The goodwill impairment charges did not affect our liquidity or the financial covenants in our outstanding debt agreement. 39 Other (Expense) Income, Net Interest expense consists of interest expense on our debt obligations and the amortization of debt discounts and debt issuance costs. Interest income consists of earnings resulting from our cash and cash equivalents and short-term investments. Other income (expense), net consists primarily of the revaluation of TRA liabilities, realized and unrealized gains and losses related to the impact of transactions denominated in a foreign currency, and the loss on partial extinguishment of debt resulting from the refinancing of our credit agreement in fiscal year 2025. Significant changes in the projected liability resulting from the TRA may occur based on changes in anticipated future taxable income, changes in applicable tax rates, or other changes in tax attributes that may occur and could affect the expected future tax benefits to be received by us. We do not have significant exposure to foreign exchange volatility and do not anticipate foreign currency transaction gains or losses to materially impact our results of operations. 40 Results of Operations The following table sets forth a summary of our unaudited condensed consolidated statements of operations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Revenue $ 55,195 $ 60,750 $ 111,124 $ 119,941 Cost of revenue: Cost of revenue exclusive of amortization 9,418 8,800 18,773 18,941 Amortization 5,236 5,337 10,160 10,627 Total cost of revenue 14,654 14,137 28,933 29,568 Gross profit 40,541 46,613 82,191 90,373 Operating expenses: Sales and marketing 19,158 20,469 38,736 41,122 Product development 6,756 7,968 13,255 17,269 General and administrative 10,806 12,673 22,890 24,942 Depreciation and amortization 8,542 9,001 16,867 17,528 Transaction, integration, and restructuring expenses 2,027 672 1,262 1,937 Goodwill impairment — — 197,219 176,531 Total operating expenses 47,289 50,783 290,229 279,329 Loss from operations (6,748 ) (4,170 ) (208,038 ) (188,956 ) Total other (expense) income, net (1,049 ) (4,639 ) 4,452 14,168 Net loss before income taxes (7,797 ) (8,809 ) (203,586 ) (174,788 ) Benefit from (provision for) income taxes 345 (456 ) 3,780 10,430 Net loss (7,452 ) (9,265 ) (199,806 ) (164,358 ) Less: Net loss attributable to noncontrolling interests (2,030 ) (1,714 ) (55,763 ) (49,579 ) Net loss attributable to Definitive Healthcare Corp. $ (5,422 ) $ (7,551 ) $ (144,043 ) $ (114,779 ) 41 Three Months Ended June 30, 2026 compared to Three Months Ended June 30, 2025 Revenue Revenue decreased $5.6 million, or 9%, in the three months ended June 30, 2026 compared with the same period in the prior year due to lower subscription revenue of $5.4 million and lower professional services revenue of $0.2 million. Revenue attributable to customers that existed prior to the start of 2026 decreased $7.8 million, which was partially offset by a $2.2 million increase in revenue from new customers in 2026. Cost of Revenue Cost of revenue increased $0.5 million, or 4%, in the three months ended June 30, 2026 compared with the same period in the prior year. The increase was primarily due to a $1.0 million increase in hosting fees and data subscription and collection costs, driven by expanded customer usage of our platform, and a $0.2 million increase in revenue sharing costs aimed at growing the activation line of our business. Also contributing to the year-over-year increase were one-time credits received in the prior year period from data contract renegotiations that did not repeat in the current period. These increases were partially offset by a decrease of $0.6 million in personnel costs resulting from a decrease in headcount and a $0.1 million decrease in amortization expense resulting primarily from certain data assets that were fully amortized during 2025. Operating Expenses Operating expenses decreased $3.5 million, or 7%, during the three months ended June 30, 2026 compared with the same period in the prior year. The decrease was primarily due to: •A decrease in sales and marketing expense of $1.3 million for the three months ended June 30, 2026, primarily driven by lower personnel costs, including stock-based compensation expense, resulting from reduced headcount; •A decrease in product development expense of $1.2 million for the three months ended June 30, 2026, primarily driven by lower personnel costs, including stock-based compensation expense, resulting from the 2026 Restructuring Plan and the departure of certain executive-level employees, combined with increased capitalized labor and overhead relating to product development initiatives, partially offset by an increase in recruiting fees; •A decrease in general and administrative expense of $1.9 million for the three months ended June 30, 2026, primarily driven by lower personnel costs, including stock-based compensation expense, resulting from a decrease in headcount and equity grants issued at lower stock prices, lower franchise taxes, lower recruiting fees, and the absence of consulting fees and severance costs, which were incurred in the prior year period, associated with strategic transition initiatives; •A decrease in depreciation and amortization expense of $0.5 million for the three months ended June 30, 2026, primarily as a result of certain customer relationship intangible assets utilizing economic consumption amortization methods with lower amortization in the current period; and •An increase in transaction, integration, and restructuring expenses of $1.4 million for the three months ended June 30, 2026, primarily driven by the settlement of an earnout matter in the current period. 42 Total Other Expense, Net Total other expense, net was $1.1 million for the three months ended June 30, 2026 compared to $4.6 million in the same period in the prior year, primarily due to variability in the remeasurement of the TRA liability, which is driven by future realizability of tax attributes payable under the TRA. Benefit From (Provision For) Income Taxes Benefit from income taxes was $0.3 million for the three months ended June 30, 2026 compared to a provision for income taxes of $0.5 million in the comparable prior year period. There were no individually significant drivers that contributed to the change from the comparable period in the prior year. 43 Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025 Revenue Revenue decreased $8.8 million, or 7%, in the six months ended June 30, 2026 compared with the same period in the prior year due to lower subscription revenue of $9.1 million, partially offset by higher professional services revenue of $0.3 million. Revenue attributable to customers that existed prior to the start of 2026 decreased $12.0 million, which was partially offset by a $3.2 million increase in revenue from new customers in 2026. Cost of Revenue Cost of revenue decreased $0.6 million, or 2%, in the six months ended June 30, 2026 compared with the same period in the prior year. The decrease was driven primarily by a $0.9 million decrease in data subscription and collection costs, primarily as a result of favorable renegotiations on and exits from major data contracts during the prior year. We also experienced a $0.5 million decrease in amortization expense resulting primarily from certain data assets that were fully amortized during 2025, along with a decrease of $0.8 million in personnel costs resulting from a decrease in headcount. These decreases were partially offset by a $1.1 million increase in hosting fees driven by expanded customer usage of our platform, and a $0.5 million increase in revenue sharing costs aimed at growing the activation line of our business. Operating Expenses Operating expenses increased $10.9 million, or 4%, during the six months ended June 30, 2026 compared with the same period in the prior year. The increase was primarily due to a goodwill impairment charge of $197.2 million incurred in the current year period, compared to $176.5 million incurred in the prior year period, partially offset by: •A decrease in sales and marketing expense of $2.4 million for the six months ended June 30, 2026, primarily due to lower personnel costs in the current period, including stock-based compensation expense, resulting from reduced headcount, lower costs associated with new software applications compared with the prior year, and lower consulting fees, partially offset by increased costs associated with certain sales and marketing events and campaigns in the current period; •A decrease in product development expense of $4.0 million for the six months ended June 30, 2026, primarily driven by lower personnel costs, including stock-based compensation expense, resulting from the 2026 Restructuring Plan and the departure of certain executive-level employees, combined with increased capitalized labor and overhead relating to product development initiatives, partially offset by increased costs associated with new software applications and an increase in recruiting fees; •A decrease in general and administrative expense of $2.1 million for the six months ended June 30, 2026, primarily driven by lower personnel costs, including stock-based compensation expense, resulting from a decrease in headcount and equity grants issued at lower stock prices, lower franchise taxes, lower recruiting fees, and the absence of consulting fees and severance costs, which were incurred in the prior year period, associated with strategic transition initiatives, partially offset by an increase in professional fees in connection with the evaluation of strategic, financial, tax, and capital structure alternatives; •A decrease in depreciation and amortization expense of $0.7 million for the six months ended June 30, 2026, primarily driven by certain customer relationship intangible assets utilizing economic consumption amortization methods with lower amortization in the current period; and •A decrease in transaction, integration, and restructuring expenses of $0.7 million for the six months ended June 30, 2026, primarily driven by an adjustment in the current period for a favorable settlement of a major data contract that was terminated in 2025 while integrating a prior acquisition, partially offset by the settlement of an earnout matter in the current period and restructuring costs incurred associated with the 2026 Restructuring Plan. 44 Total Other Income, Net Total other income, net was $4.5 million for the six months ended June 30, 2026 compared to $14.2 million in the same period in the prior year, primarily due to variability in the remeasurement of the TRA liability resulting primarily from goodwill impairment activity during the respective periods, which can affect the expected amount and timing of future TRA payments. While overall goodwill impairment levels were somewhat comparable year over year, the impact on the TRA liability in the current period was more limited, resulting in a smaller remeasurement gain compared to the prior year. Benefit From Income Taxes Benefit from income taxes was $3.8 million for the six months ended June 30, 2026 compared to $10.4 million in the comparable prior year period. Benefits from income taxes were primarily driven by goodwill impairments in both periods, resulting in reductions of indefinite-lived deferred tax liabilities. The decrease in the benefit from income taxes year-over-year was primarily driven by variability in the allocation of the goodwill impairment charges to applicable subsidiaries. 45 Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we believe certain non-GAAP measures are useful in evaluating our operating performance. Non-GAAP measures include, but are not limited to, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin. We believe these non-GAAP measures are useful to investors because they eliminate certain items that affect period-over-period comparability and provide consistency with past financial performance and additional information about our underlying results and trends by excluding certain items that may not be indicative of our business, results of operations, or outlook. We view Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin as operating performance measures. As such, we believe the most directly comparable GAAP financial measures to Adjusted Gross Profit and Adjusted Gross Margin are GAAP Gross Profit and GAAP Gross Margin, respectively, and the most directly comparable GAAP financial measures to Adjusted EBITDA and Adjusted EBITDA Margin are GAAP net loss and GAAP net loss margin, respectively. Non-GAAP measures are supplemental financial measures of our performance and should not be considered substitutes for net loss, gross profit, or any other measure derived in accordance with GAAP. This information should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items or events being adjusted. In addition, other companies may use different measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Adjusted Gross Profit and Adjusted Gross Margin We define Adjusted Gross Profit as gross profit, excluding acquisition-related depreciation and amortization, and equity-based compensation costs. We exclude acquisition-related depreciation and amortization expenses as they have no direct correlation to the cost of operating our business on an ongoing basis. A small portion of equity-based compensation is included in cost of revenue in accordance with GAAP, but is excluded from our Adjusted Gross Profit calculations due to its non-cash nature. Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue. These are key metrics used by management and our Board to assess our operations. The following table presents a reconciliation of gross profit and gross margin to adjusted gross profit and adjusted gross margin, respectively, for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Amount % of Revenue Amount % of Revenue Amount % of Revenue Amount % of Revenue Reported gross profit and margin $ 40,541 73 % $ 46,613 77 % $ 82,191 74 % $ 90,373 75 % Amortization of intangible assets resulting from acquisition-related purchase accounting adjustments(a) 3,525 6 % 3,188 5 % 7,012 6 % 6,341 5 % Equity-based compensation costs 94 0 % 180 0 % 176 0 % 340 0 % Adjusted gross profit and margin $ 44,160 80 % $ 49,981 82 % $ 89,379 80 % $ 97,054 81 % a)Amortization of intangible assets resulting from purchase accounting adjustments represents non-cash amortization of acquired intangibles, primarily resulting from the Advent Acquisition. 46 Adjusted EBITDA and Adjusted EBITDA Margin We present “Adjusted EBITDA” as a measure of our operating performance. EBITDA is defined as earnings before (i) debt-related costs, including interest expense, net and loss on partial extinguishment of debt, (ii) benefit from income taxes, and (iii) depreciation and amortization. Management further adjusts EBITDA in its presentation of Adjusted EBITDA to exclude (i) other income, net, (ii) equity-based compensation, (iii) transaction, integration, and restructuring expenses, (iv) goodwill impairments, and (v) other non-core items. We exclude these items because they are by nature non-cash, non-recurring, and/or unrelated to our core operations, and therefore we do not believe them to be representative of ongoing operational performance. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue. Adjusted EBITDA and Adjusted EBITDA Margin are key metrics used by management and our Board to assess the profitability of our operations. We believe these metrics provide useful measures to investors to assess our operating performance and in measuring the profitability of our operations on a consolidated level. The following table presents a reconciliation of net loss and margin to Adjusted EBITDA and Adjusted EBITDA margin, respectively, for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, except percentages) Amount % of Revenue Amount % of Revenue Amount % of Revenue Amount % of Revenue Net loss and margin $ (7,452 ) (14 )% $ (9,265 ) (15 )% $ (199,806 ) (180 )% $ (164,358 ) (137 )% Interest expense, net 1,375 2 % 1,241 2 % 2,707 2 % 1,622 1 % (Benefit from) provision for income taxes (345 ) (1 )% 456 1 % (3,780 ) (3 )% (10,430 ) (9 )% Loss on partial extinguishment of debt — 0 % — 0 % — 0 % 507 0 % Depreciation & amortization 13,778 25 % 14,338 24 % 27,027 24 % 28,155 23 % EBITDA and margin 7,356 13 % 6,770 11 % (173,852 ) (156 )% (144,504 ) (120 )% Other (income) expense, net (a) (326 ) (1 )% 3,398 6 % (7,159 ) (6 )% (16,297 ) (14 )% Equity-based compensation (b) 5,254 10 % 6,980 11 % 10,474 9 % 14,299 12 % Transaction, integration, and restructuring expenses (c) 2,027 4 % 672 1 % 1,262 1 % 1,937 2 % Goodwill impairment (d) — 0 % — 0 % 197,219 177 % 176,531 147 % Other non-core items (e) 310 1 % 836 1 % 2,003 2 % 1,396 1 % Adjusted EBITDA and margin $ 14,621 26 % $ 18,656 31 % $ 29,947 27 % $ 33,362 28 % (a)Primarily represents foreign exchange and TRA liability remeasurement gains and losses. (b)Equity-based compensation represents non-cash compensation expense recognized in association with equity awards made to employees and directors. (c)Transaction and integration expenses consist primarily of legal, accounting, consulting, and other costs incurred in connection with acquisitions and strategic partnerships, including fair value adjustments related to contingent consideration. For the periods presented, these expenses include a first quarter 2026 adjustment from the favorable settlement of a significant data contract terminated in 2025 in connection with the integration of a prior acquisition, and a second quarter 2026 adjustment related to the settlement of an earnout matter. Restructuring expenses consist primarily of severance and other employee separation benefits under the Company’s restructuring plans, as well as impairment and other charges related to office closures, relocations, and consolidations. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Merger and acquisition due diligence and transaction costs $ 1,844 $ 270 $ 2,196 $ 1,448 Integration costs — 402 (2,169 ) 959 Fair value adjustment for contingent consideration — — — (690 ) Restructuring charges for severance and other separation costs — — 1,052 28 Office closure and relocation restructuring charges and impairments 183 — 183 192 Total transaction, integration and restructuring expenses $ 2,027 $ 672 $ 1,262 $ 1,937 47 (d)Goodwill impairment represents non-cash, pre-tax, goodwill impairment charges. We experienced declines in our market capitalization as a result of sustained decreases in our stock price, which represented triggering events requiring our management to perform quantitative goodwill impairment tests as of the end of the first quarters of 2026 and 2025. As a result of the impairment tests conducted, we determined that the fair value of our single reporting unit was lower than its carrying value and, accordingly, recorded the impairment charges. (e)Other non-core items represent expenses driven by events that are typically by nature one-time, non-operational, and/or unrelated to our core operations. These expenses are comprised of non-core legal, regulatory and advisory costs isolated to unique and extraordinary litigation, legal, regulatory, and other matters that are not considered normal and recurring business activity, including professional fees in connection with the evaluation of strategic, financial, tax, and capital structure alternatives. Other non-core items also include consulting fees and severance costs associated with strategic transition initiatives, as well as other non-core items. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Non-core legal, regulatory, and advisory $ 279 $ (22 ) $ 1,955 $ 31 Consulting and severance costs for strategic transition initiatives — 790 — 958 Other non-core expenses 31 68 48 407 Total other non-core items $ 310 $ 836 $ 2,003 $ 1,396 48 Liquidity and Capital Resources Overview As of June 30, 2026, we had $170.9 million of cash and cash equivalents, $12.7 million of short-term investments, and $49.7 million available under our Revolving Credit Facility (as the term is defined below). Our principal sources of liquidity are cash and cash equivalents and short-term investments on hand, as well as the cash flows we generate from operations. Our principal uses of liquidity have been, and are expected to continue to be, primarily for investment in long-term growth of the business through capital expenditures and acquisitions, as well as for various other financing activities, including debt services (see Note 9. Long-Term Debt to our accompanying unaudited condensed consolidated financial statements for further details), repurchases of our Class A common stock, distributions to members of Definitive OpCo, and payments under our TRA liability. All of our business is conducted through Definitive OpCo and its consolidated subsidiaries and affiliates, and the financial results are included in the unaudited condensed consolidated financial statements of Definitive Healthcare Corp. Definitive Healthcare Corp. has no independent means of generating revenue. The Amended LLC Agreement provides that certain distributions will be made to cover Definitive Healthcare Corp.’s taxes and such tax distributions are also expected to be used by Definitive Healthcare Corp. to satisfy its obligations under the TRA. We have broad discretion to make distributions out of Definitive OpCo. In the event Definitive Healthcare Corp. declares any cash dividend, we expect to cause Definitive OpCo to make distributions to us, in an amount sufficient to cover such cash dividends declared by us. Deterioration in the financial condition, earnings, or cash flow of Definitive OpCo and its subsidiaries for any reason could limit or impair their ability to pay such distributions. In addition, the terms of our 2021 Credit Agreement contain covenants that may restrict DH Holdings and its subsidiaries from paying such distributions, subject to certain exceptions. Further, Definitive OpCo and Definitive Healthcare Corp. are generally prohibited under Delaware law from making a distribution to a member to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of Definitive OpCo and DH Holdings (with certain exceptions), as applicable, exceed the fair value of its assets. Subsidiaries of DH Holdings are generally subject to similar legal limitations on their ability to make distributions to DH Holdings. We believe that our cash flow from operations, availability under the 2021 Credit Agreement and available cash and cash equivalents and short-term investments will be sufficient to meet our liquidity needs for at least the next twelve months and in the long term. We anticipate that to the extent that we require additional liquidity, it will be funded through the incurrence of additional indebtedness, the issuance of additional equity, or a combination thereof. We cannot provide assurance that we will be able to obtain this additional liquidity on reasonable terms, or at all. Additionally, our liquidity and our ability to meet our obligations and fund our capital requirements are dependent on our future financial performance, which is subject to general economic, financial, and other factors that are beyond our control. See “Risk Factors” in our 2025 Form 10-K and the factors described elsewhere in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Macroeconomic conditions, including fluctuating inflation and high interest rates, could increase our anticipated funding requirements. In the event we need to seek additional funding, high interest rates, stock market volatility, or other unfavorable macroeconomic conditions may also prevent us from obtaining additional financing on favorable terms or at all. Future adverse developments with respect to specific financial institutions or the broader financial services industry may lead to market-wide liquidity shortages that could impact us and our customers, and materially harm our business and financial condition. Our ability to access our cash, cash equivalents and investments, including transferring funds, making payments or receiving funds could be threatened and our ability to raise additional capital could be substantially impaired, any of which could materially and adversely affect our business and financial condition. Accordingly, we cannot provide assurance that our business will generate sufficient cash flow from operations or that future borrowings will be available from additional indebtedness or otherwise to meet our liquidity needs. In addition, if we decide to pursue one or more significant acquisitions, we may incur additional debt or sell or issue additional equity to finance such acquisitions, which could possibly result in additional expenses or dilution. In addition, if we are unable to regain compliance with Nasdaq’s continued listing requirements, our ability to access capital markets and raise additional financing on favorable terms could be adversely affected. Credit Risk Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, and trade and other receivables. We hold cash with reputable financial institutions that often exceed federally insured limits. We manage our credit risk by concentrating our cash deposits and short-term investments with high-quality financial institutions and periodically evaluating the credit quality of those institutions. The carrying value of our financial instruments approximate fair value. 49 Impact of Inflation We do not believe inflation has had a material effect on our business, financial condition, or results of operations. However, if our costs were to become subject to significant inflationary pressures, we may not be able to fully offset higher costs through price increases and our inability or failure to do so could potentially harm our business, financial condition, and results of operations. 50 Cash Flows The following table summarizes our cash flows for the periods presented: Six Months Ended June 30, (in thousands) 2026 2025 Cash provided by (used in): Operating activities $ 23,020 $ 35,370 Investing activities (1,318 ) 73,383 Financing activities (13,898 ) (134,406 ) Change in cash and cash equivalents (excluding effect of exchange rate changes) $ 7,804 $ (25,653 ) Cash Provided by Operating Activities Net cash provided by operating activities was $23.0 million during the six months ended June 30, 2026, primarily as a result of a net loss of $199.8 million, offset by non-cash charges of $231.9 million. The non-cash charges were primarily comprised of $197.2 million in goodwill impairment charges recorded during the six months ended June 30, 2026, a gain on remeasurement of the TRA of $6.6 million, amortization of intangible assets of $25.0 million, equity compensation costs of $10.5 million, amortization of deferred contract costs of $7.4 million, and a decrease in deferred taxes of $4.0 million. The net decrease in operating assets and liabilities of $9.1 million for the six months ended June 30, 2026 was primarily driven by cash outflows resulting from lower accounts payable, accrued expenses, and other liabilities, collectively, of $13.5 million, an increase in deferred contract costs of $5.8 million, an increase in prepaid expenses and other assets of $0.9 million, and a decrease in deferred revenue of $10.0 million due to the timing of billings and cash received in advance of revenue recognition for subscription services. These factors were partially offset by cash inflows resulting from a decrease in accounts receivable of $21.2 million. Cash (Used in) Provided by Investing Activities Cash used in investing activities during the six months ended June 30, 2026 was $1.3 million, driven primarily by $12.5 million in purchases of short-term investments and $6.1 million in purchases of property (including software), equipment, and data assets, partially offset by $17.3 million in maturities of short-term investments. Cash Used in Financing Activities Cash used in financing activities during the six months ended June 30, 2026 was $13.9 million, driven by payments of $8.1 million under the TRA, net repayments of the 2021 Term Loan (as defined below) of $4.4 million, and taxes paid related to the net share settlement of equity awards of $1.4 million. Refer to Debt Obligations for additional information related to our debt obligations. 51 Debt Obligations We are party to a credit agreement, as amended (the “2021 Credit Agreement”), providing for a $175.0 million term loan facility (the “2021 Term Loan”) and a $50.0 million revolving credit facility (the “Revolving Credit Facility”), each of which matures on January 16, 2030. The obligations under the 2021 Credit Agreement are secured by pledges of assets as described in the 2025 Form 10-K. During the six months ended June 30, 2026, we repaid $4.4 million in outstanding principal of the 2021 Term Loan. As of June 30, 2026, we had no outstanding borrowings under the Revolving Credit Facility and had $49.7 million of available borrowing capacity after giving effect to $0.3 million of outstanding letters of credit. We were in compliance with our financial covenants under the 2021 Credit Agreement as of June 30, 2026. Unamortized financing costs related to the Revolving Credit Facility, which were included in other assets in the unaudited condensed consolidated balance sheets, were $0.4 million and $0.5 million as of June 30, 2026 and December 31, 2025, respectively. Financing Obligations Financing obligations generally include repayment of principal amounts of the 2021 Term Loan, lease payments, and purchase obligations. There have been no material changes to our financing obligations during the six months ended June 30, 2026. Refer to Note 5. Leases and Note 14. Commitments and Contingencies to our consolidated financial statements included in our 2025 Form 10-K for further information. Stock Repurchase Programs In May 2024, our Board authorized a stock repurchase program of up to $20.0 million of our Class A common stock, which expired on December 31, 2024 (the “2024 Repurchase Program”). In November 2024, our Board announced a new stock repurchase program (the “2025 Repurchase Program” and, together with the 2024 Repurchase Program, the “Repurchase Programs”) of our Class A common stock authorizing up to $100.0 million in share repurchases. The 2025 Repurchase Program expired on December 31, 2025. In total, 13,880,866 shares of our Class A common stock were repurchased under the Repurchase Programs from May 2024 through December 31, 2025. 52 Tax Receivable Agreement In connection with the Reorganization Transactions and the IPO, the Company entered into the TRA with certain of our pre- IPO holders of LLC Units and the former shareholders of certain Blocker Companies. The TRA provides for the payment by Definitive Healthcare Corp. of 85.0% of the amount of any tax benefits that it actually realizes, or in some cases is deemed to realize, as a result of (i) certain tax attributes that it acquired from the Blocker Companies in the Reorganization Transactions (including net operating losses and the unamortized portion of the increase in tax basis in the tangible and intangible assets of Definitive OpCo and its subsidiaries resulting from the prior acquisitions of interests in Definitive OpCo by the Blocker Companies), (ii) certain tax basis adjustments resulting from the acquisition of LLC Units by Definitive Healthcare Corp and (iii) certain payments made under the TRA. In each case, these tax basis adjustments generated over time may increase (for tax purposes) the Definitive Healthcare Corp.’s depreciation and amortization deductions and, therefore, may reduce the amount of tax that the Definitive Healthcare Corp. would otherwise be required to pay in the future, although the IRS may challenge all or part of the validity of that tax basis, and a court could sustain such a challenge. The anticipated tax basis adjustments upon redemptions or exchanges of LLC Units may also decrease gains (or increase losses) on future dispositions of certain assets to the extent tax basis is allocated to those assets. The payment obligations under the TRA are an obligation of Definitive Healthcare Corp., but not of Definitive OpCo. Definitive Healthcare Corp. expects to benefit from the remaining 15% of realized cash tax benefits. For purposes of the TRA, the realized cash tax benefits will be computed by comparing the actual income tax liability of Definitive Healthcare Corp. (calculated with certain assumptions) to the amount of such taxes that Definitive Healthcare Corp. would have been required to pay had there been no tax basis adjustments of the assets of Definitive Healthcare Corp. as a result of redemptions or exchanges and no utilization of certain tax attributes of the Blocker Companies, and had Definitive Healthcare Corp. not entered into the TRA. The term of the TRA will continue until all such tax benefits have been utilized or expired, unless (i) Definitive Healthcare Corp. exercises its right to terminate the TRA for an amount based on the agreed payments remaining to be made under the agreement, (ii) Definitive Healthcare Corp. breaches any of its material obligations under the TRA in which case all obligations (including any additional interest due relating to any deferred payments) generally will be accelerated and due as if Definitive Healthcare Corp. had exercised its right to terminate the TRA, or (iii) there is a change of control of Definitive Healthcare Corp., in which case, all obligations (including any additional interest due relating to any deferred payments) generally will be accelerated and due as if Definitive Healthcare Corp. had exercised its right to terminate the TRA as described above in clause (i). Estimating the amount of payments that may be made under the TRA is by its nature imprecise, insofar as the calculation of amounts payable depends on a variety of factors. The amount of the anticipated tax basis adjustments, as well as the amount and timing of any payments under the TRA, will vary depending upon a number of factors, including the timing of exchanges, the price of shares of our Class A common stock at the time of an exchange, the extent to which such exchanges are taxable, the amount of tax attributes, and the amount and timing of our income. We expect that as a result of the size of the anticipated tax basis adjustment of the tangible and intangible assets of Definitive OpCo upon the exchange or redemption of LLC Units and our possible utilization of certain tax attributes, the payments that Definitive Healthcare Corp. may make under the TRA will be substantial. The payments under the TRA are not conditioned upon continued ownership of us by the exchanging holders of LLC Units. See Note 15. Income Taxes to our accompanying unaudited condensed consolidated financial statements. 53 Off-Balance Sheet Arrangements As a requirement of our lease agreement for our corporate headquarters, in lieu of a security deposit, we provided a standby letter of credit of $0.3 million, which is effective through March 2038. Capital Expenditures Capital expenditures decreased by $3.9 million to $6.1 million for the six months ended June 30, 2026 compared to $10.0 million for the same period in the prior year, primarily driven by lower spend on software, using both internal and third-party resources, and data assets in the current year compared with the comparable prior year period. Critical Accounting Policies and Estimates Our unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect reported amounts. The estimates and assumptions are based on historical experience and on other factors that we believe to be reasonable. Actual results may differ from those estimates. We review these estimates on a periodic basis to ensure reasonableness. Although actual amounts may differ from such estimated amounts, we believe such differences are not likely to be material. For additional detail regarding our critical accounting policies and estimates including business combinations, goodwill and indefinite-lived intangible assets, and income taxes, see our discussion for the year ended December 31, 2025 included in our 2025 Form 10-K. There have been no material changes to these policies or estimates as of June 30, 2026. New Accounting Pronouncements See new accounting pronouncements described under “—Recently Issued Accounting Pronouncements Not Yet Adopted” within Note 1. Organization and Basis of Presentation to our accompanying unaudited condensed consolidated financial statements. 54