The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited financial statements and related notes included in this Quarterly Report as well as our audited financial statements and related notes and the discussions and analysis in the section titled "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our 2025 Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategies for our business, includes forward-looking statements involving significant risks and uncertainties. As a result of many factors, such as those set forth in "Risk Factors," actual results may differ materially from the results described in, or implied by, these forward-looking statements. See the section "Note About Forward-Looking Statements." Throughout the tables and this discussion and analysis, dollars are in millions, excluding average revenue per user (ARPU), and shares are in thousands. Overview We serve a large market of entrepreneurs through the development and delivery of easy-to-use products in a one-stop shop solution backed by trusted, proactive, informed and personalized guidance. We serve small businesses, individuals, organizations, developers, designers and domain investors. We manage and report our business in the following two segments: •Applications and Commerce (A&C), which primarily consists of sales of products containing our proprietary software, notably our website building products, as well as our proprietary commerce solutions and third-party email and productivity solutions and sales of certain products when they are included in bundled offerings of our proprietary software products. •Core Platform (Core), which primarily consists of sales of domain registrations and renewals, aftermarket domain sales, domain protection, website hosting products and website security products when not included in bundled offerings of our proprietary software products as well as sales of products not containing a software component. Consolidated Second Quarter Financial Highlights Below are our key consolidated financial highlights for the three months ended June 30, 2026, with comparisons to the three months ended June 30, 2025. •Total revenue of $1,298.0 million, an increase of 6.6%, or approximately 6.3% on a constant currency basis(1). •International revenue of $427.1 million, an increase of 7.9%, or approximately 7.1% on a constant currency basis(1). •Total bookings of $1,422.1 million, an increase of 5.7%, or 5.2% on a constant currency basis(1). •Operating income of $342.5 million, an increase of 28.6%. •Net income of $240.1 million, an increase of 20.1%. •Normalized EBITDA(2) of $434.1 million, an increase of 13.7%. •Net cash provided by operating activities of $442.5 million, an increase of 16.5%. (1) The constant currency impact is set forth in "Reconciliation of Constant Currency" below, and a further discussion of constant currency is set forth in "Quantitative and Qualitative Disclosures about Market Risk." (2) A reconciliation of Normalized EBITDA to net income, its most directly comparable GAAP financial measure, is set forth in "Reconciliation of NEBITDA" below. 21 Table of Contents Consolidated Results of Operations The following table sets forth our consolidated results of operations for the periods presented and as a percentage of our total revenue for those periods. The period-to-period comparison of financial results is not necessarily indicative of future results. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 $ % of Total Revenue $ % of Total Revenue $ % of Total Revenue $ % of Total Revenue Revenue: Applications and Commerce $ 514.8 39.7 % $ 463.9 38.1 % $ 1,013.0 39.5 % $ 910.3 37.7 % Core Platform 783.2 60.3 % 753.7 61.9 % 1,551.9 60.5 % 1,501.6 62.3 % Total revenue 1,298.0 100.0 % 1,217.6 100.0 % 2,564.9 100.0 % 2,411.9 100.0 % Costs and operating expenses: Cost of revenue (excluding depreciation and amortization) 469.8 36.2 % 442.3 36.3 % 928.9 36.2 % 882.8 36.6 % Technology and development 211.4 16.3 % 214.3 17.6 % 424.6 16.6 % 419.6 17.4 % Marketing and advertising 89.0 6.9 % 93.4 7.7 % 181.3 7.1 % 193.5 8.0 % Customer care 72.8 5.6 % 73.5 6.0 % 147.2 5.7 % 144.6 6.0 % General and administrative 90.5 7.0 % 96.9 8.0 % 181.5 7.1 % 194.0 8.0 % Restructuring and other 8.7 0.6 % 0.3 — % 10.9 0.4 % 2.4 0.2 % Depreciation and amortization 13.3 1.0 % 30.6 2.5 % 37.5 1.4 % 61.4 2.5 % Total costs and operating expenses 955.5 73.6 % 951.3 78.1 % 1,911.9 74.5 % 1,898.3 78.7 % Operating income 342.5 26.4 % 266.3 21.9 % 653.0 25.5 % 513.6 21.3 % Interest expense (37.4) (2.9) % (38.3) (3.1) % (75.2) (2.9) % (75.5) (3.1) % Other income (expense), net 11.9 0.9 % 11.1 0.8 % 21.1 0.7 % 21.0 0.8 % Income before income taxes 317.0 24.4 % 239.1 19.6 % 598.9 23.3 % 459.1 19.0 % Provision for income taxes (76.9) (5.9) % (39.2) (3.2) % (144.2) (5.6) % (39.7) (1.6) % Net income $ 240.1 18.5 % $ 199.9 16.4 % $ 454.7 17.7 % $ 419.4 17.4 % 22 Table of Contents Non-GAAP Financial Measures, Operating Metrics and Business Metrics In addition to our results determined in accordance with GAAP, we believe that the following non-GAAP financial measures, operating metrics and business metrics may be useful as supplements in evaluating our ongoing operational performance: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Normalized EBITDA $ 434.1 $ 381.7 $ 847.6 $ 746.1 Annualized recurring revenue $ 4,421.4 $ 4,181.0 $ 4,421.4 $ 4,181.0 Total bookings $ 1,422.1 $ 1,345.3 $ 2,877.4 $ 2,762.3 ARPU $ 250 $ 230 $ 250 $ 230 June 30, 2026 December 31, 2025 Total customers at period end (in thousands) 20,457 20,422 Domains under management (in thousands) 81,985 80,793 Normalized EBITDA (NEBITDA). NEBITDA is a supplemental measure of our operating performance used by management to evaluate our business. We calculate NEBITDA as net income excluding depreciation and amortization, interest expense (net), provision or benefit for income taxes, equity-based compensation expense, acquisition-related costs, restructuring-related expenses and certain other items. We believe that the inclusion or exclusion of certain recurring and non-recurring items provides a supplementary measure of our core operating results and permits useful alternative period-over-period comparisons of our operations. NEBITDA should not be viewed as a substitute for comparable GAAP measures. Annualized recurring revenue (ARR). ARR is an operating metric defined as annualized quarterly recurring GAAP revenue, net of refunds, from new and renewed subscription-based services. ARR is exclusive of any revenue that is non-recurring, including, without limitation, domain aftermarket, domain transfers, one-time set-up or migration fees and non-recurring professional website services fees. We believe ARR helps illustrate the scale of certain of our products and facilitates comparisons to other companies in our industry. Total bookings. Total bookings is an operating metric representing the total value of customer contracts entered into during the period, excluding refunds. We believe total bookings provides additional insight into the performance of our business and the effectiveness of our marketing efforts since we typically collect payment at the inception of a customer contract but recognize revenue ratably over the term of the contract. Total customers. We define a customer as an individual or entity, each with a unique account and paid transactions in the trailing twelve months or with paid subscriptions as of the end of the period. Total customers is one way we measure the scale of our business and can be a contributing factor to our ability to increase our revenue base. Average revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU is one measure that provides insight into our ability to sell additional products to our customers. Domains under management (DUM). DUM is a business metric representing the total number of domains that are registered through GoDaddy and its affiliated registrars. 23 Table of Contents Reconciliation of NEBITDA The following table reconciles NEBITDA to net income, its most directly comparable GAAP financial measure: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 240.1 $ 199.9 $ 454.7 $ 419.4 Depreciation and amortization 13.3 30.6 37.5 61.4 Equity-based compensation expense 70.2 81.0 145.5 161.4 Interest expense, net of interest income 26.7 29.5 54.9 57.1 Restructuring and other(1) 6.9 1.5 10.8 7.1 Provision for income taxes 76.9 39.2 144.2 39.7 NEBITDA $ 434.1 $ 381.7 $ 847.6 $ 746.1 _________________________________ (1)In addition to the restructuring and other in our statements of operations, other charges are primarily composed of lease-related expenses associated with closed facilities, charges related to certain legal matters, expenses incurred in relation to the refinancing of our long-term debt, acquisition-related expenses, and incremental expenses associated with certain professional services. Reconciliation of Constant Currency A discussion of constant currency is set forth in "Quantitative and Qualitative Disclosures about Market Risk." The following table provides a reconciliation of constant currency: Three Months Ended June 30, 2026 Revenue $ 1,298.0 Constant currency adjustment (3.6) Constant currency revenue $ 1,294.4 Revenue We generate the majority of our revenue from sales of product subscriptions, as described in our 2025 Form 10-K. Our subscriptions can range from monthly terms to multi-annual terms of up to ten years, depending on the product. Revenue is presented net of refunds, and we maintain a reserve to provide for refunds granted to customers. Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % Applications and Commerce $ 514.8 $ 463.9 $ 50.9 11.0 % $ 1,013.0 $ 910.3 $ 102.7 11.3 % Core Platform 783.2 753.7 29.5 3.9 % 1,551.9 1,501.6 50.3 3.3 % Total revenue $ 1,298.0 $ 1,217.6 $ 80.4 6.6 % $ 2,564.9 $ 2,411.9 $ 153.0 6.3 % Total revenue increased 6.6% and 6.3% for the three and six months ended June 30, 2026, respectively, due to the increases in our A&C and Core revenues, as described below: A&C The $50.9 million, or 11.0%, increase in A&C revenue for the three months ended June 30, 2026, and the $102.7 million, or 11.3%, increase in A&C revenue for the six months ended June 30, 2026 was due to continued customer adoption of our subscription-based products. 24 Table of Contents Core The $29.5 million, or 3.9%, increase in Core revenue for the three months ended June 30, 2026 was driven by $22.6 million growth in domain registration and add-on revenues and $10.4 million growth in aftermarket revenue. The $50.3 million, or 3.3%, increase in Core revenue for the six months ended June 30, 2026 was driven by $45.5 million growth in domain registration and add-on revenues and $11.9 million growth in aftermarket revenue. Bookings The following table presents our total bookings for the periods indicated: Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % Total bookings $ 1,422.1 $ 1,345.3 $ 76.8 5.7 % $ 2,877.4 $ 2,762.3 $ 115.1 4.2 % The $76.8 million, or 5.7%, increase in total bookings for the three months ended June 30, 2026, and the $115.1 million, or 4.2%, increase in total bookings for the six months ended June 30, 2026 were driven by continued customer adoption of our subscription-based A&C products and strength in domain registration and aftermarket. Costs and Operating Expenses Cost of revenue Cost of revenue is primarily the direct costs we incur in connection with selling an incremental product to our customers. Substantially all cost primarily relates to domain registration fees, fees for third-party productivity applications, third-party commissions and payment processing fees. Similar to our billing practices, we pay domain costs at the time of purchase for the life of each subscription but recognize the costs of service ratably over the term of our customer contracts. The terms for domain costs are established by agreements between registries and registrars and can vary significantly depending on the top-level domain (TLD). We expect cost of revenue to increase in absolute dollars in future periods due to increased sales of domains and subscription-based products. However, cost of revenue may fluctuate as a percentage of total revenue, depending on the mix of products sold in a particular period. Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % Cost of revenue (excluding depreciation and amortization) $ 469.8 $ 442.3 $ 27.5 6.2 % $ 928.9 $ 882.8 $ 46.1 5.2 % The 6.2% and 5.2% increases in cost of revenue for the three and six months ended June 30, 2026, respectively, were driven by the increases in revenue described above. 25 Table of Contents Technology and development Technology and development expenses represent the costs associated with the creation, development and distribution of our products and services. These expenses primarily consist of personnel costs associated with the design, development, deployment, testing, operation and enhancement of our products, as well as costs associated with the operation of our data centers and systems infrastructure supporting those products, excluding depreciation expense. We expect technology and development expenses to decrease as a percentage of revenue due to benefits from operational efficiencies and our migration to a unified infrastructure platform. Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % Technology and development $ 211.4 $ 214.3 $ (2.9) (1.4) % $ 424.6 $ 419.6 $ 5.0 1.2 % There was no material change in technology and development expenses for the three and six months ended June 30, 2026. Marketing and advertising Marketing and advertising expenses represent the costs associated with attracting and acquiring customers, primarily consisting of fees paid to third parties for marketing and advertising campaigns across a variety of channels. These expenses also include personnel costs and affiliate program commissions. We expect marketing and advertising expenses to fluctuate in the future depending on both the mix of internal and external marketing resources used, the size and scope of our campaigns and the level of discretionary investments we make in marketing to drive sales and to promote awareness of our AI-native solutions, including Airo. Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % Marketing and advertising $ 89.0 $ 93.4 $ (4.4) (4.7) % $ 181.3 $ 193.5 $ (12.2) (6.3) % There was no material change in marketing and advertising expenses for the three months ended June 30, 2026. The $12.2 million, or 6.3%, decrease in marketing and advertising expenses for the six months ended June 30, 2026, was attributable to the timing of discretionary advertising spend. Customer care Customer care expenses represent the costs to guide and service our customers, primarily consisting of personnel costs. We expect customer care expenses to fluctuate depending on the methods of customer interaction utilized as well as the level of personnel required to support our business. Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % Customer care $ 72.8 $ 73.5 $ (0.7) (1.0) % $ 147.2 $ 144.6 $ 2.6 1.8 % There was no material change in customer care expenses for the three and six months ended June 30, 2026. 26 Table of Contents General and administrative General and administrative expenses primarily consist of personnel costs for our administrative functions, professional service fees, office rent for all locations, acquisition-related expenses and other general costs. We expect general and administrative expenses to fluctuate depending on the level of personnel and other administrative costs required to support our business as well as the significance of any strategic acquisitions we choose to pursue. Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % General and administrative $ 90.5 $ 96.9 $ (6.4) (6.6) % $ 181.5 $ 194.0 $ (12.5) (6.4) % There was no material change in general and administrative expenses for the three months ended June 30, 2026. The $12.5 million, or 6.4%, decrease in general and administrative expenses for the six months ended June 30, 2026, was attributable to a $6.4 million decrease in legal and professional costs. Depreciation and amortization Depreciation and amortization expenses consist of charges relating to the depreciation of the property and equipment used in our operations and the amortization of acquired intangible assets. These expenses may increase or decrease in absolute dollars in future periods depending on our future level of capital investments in hardware and other equipment as well as the significance of any future acquisitions. Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % Depreciation and amortization $ 13.3 $ 30.6 $ (17.3) (56.5) % $ 37.5 $ 61.4 $ (23.9) (38.9) % The $17.3 million, or 56.5%, decrease in depreciation and amortization expense for the three months ended June 30, 2026 was attributable to a $15.1 million decrease in amortization of intangible assets driven by certain intangible assets reaching the end of their useful lives. The $23.9 million, or 38.9%, decrease in depreciation and amortization expense for the six months ended June 30, 2026 was attributable to a $19.5 million decrease in amortization of intangible assets driven by certain intangible assets reaching the end of their useful lives. Interest expense Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % Interest expense $ 37.4 $ 38.3 $ (0.9) (2.3) % $ 75.2 $ 75.5 $ (0.3) (0.4) % There was no material change in interest expense for the three and six months ended June 30, 2026. 27 Table of Contents Other income (expense), net Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % Other income (expense), net $ 11.9 $ 11.1 $ 0.8 7.2 % $ 21.1 $ 21.0 $ 0.1 0.5 % There was no material change in other income (expense), net for the three and six months ended June 30, 2026. Provision for income taxes Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ % 2026 2025 $ % Provision for income taxes $ (76.9) $ (39.2) $ (37.7) 96.2 % $ (144.2) $ (39.7) $ (104.5) NM(1) __________________________ (1)Not meaningful The $37.7 million increase in provision for income taxes for the three months ended June 30, 2026 was driven by higher pre-tax book income and a decrease in excess tax benefits related to stock-based compensation. The $104.5 million increase in provision for income taxes for the six months ended June 30, 2026 was driven by higher pre-tax book income and a decrease in excess tax benefits related to stock-based compensation. Additionally, there was a one-time benefit for the recognition of an uncertain tax position of $34.6 million during the three months ended March 31, 2025. Segment Results of Operations Our two operating segments, A&C and Core, reflect the way we manage and evaluate the performance of our business. Our chief operating decision maker evaluates segment performance based upon several factors, of which the primary financial measures are revenue and Segment EBITDA, our segment measure of profitability. See Note 14 to our financial statements for a reconciliation of Segment EBITDA to net income, its most directly comparable GAAP financial measure. Applications and Commerce The following table presents the results for our A&C segment for the periods indicated: Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ %/bps 2026 2025 $ %/bps Revenue $ 514.8 $ 463.9 $ 50.9 11.0 % $ 1,013.0 $ 910.3 $ 102.7 11.3 % Segment EBITDA $ 241.1 $ 205.8 $ 35.3 17.2 % $ 466.3 $ 402.7 $ 63.6 15.8 % Segment EBITDA Margin 46.8 % 44.4 % n/a 240 bps 46.0 % 44.2 % n/a 180 bps The $35.3 million, or 17.2%, increase in A&C Segment EBITDA for the three months ended June 30, 2026 was attributed to a $50.9 million increase in revenue as described above, partially offset by an $11.2 million increase in cost of revenue. The $63.6 million, or 15.8%, increase in A&C Segment EBITDA for the six months ended June 30, 2026 was attributed to a $102.7 million increase in revenue as described above. This increase was partially offset by a $26.4 million increase in cost of revenue and an $8.9 million increase in technology and development costs (excluding acquisition-related costs and equity-based compensation expense). 28 Table of Contents Core Platform The following table presents the results for our Core segment for the periods indicated: Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 $ %/bps 2026 2025 $ %/bps Revenue $ 783.2 $ 753.7 $ 29.5 3.9 % $ 1,551.9 $ 1,501.6 $ 50.3 3.3 % Segment EBITDA $ 261.9 $ 246.1 $ 15.8 6.4 % $ 515.4 $ 481.4 $ 34.0 7.1 % Segment EBITDA Margin 33.4 % 32.7 % n/a 70 bps 33.2 % 32.1 % n/a 110 bps The $15.8 million, or 6.4%, increase in Core Segment EBITDA for the three months ended June 30, 2026 was attributed to a $29.5 million increase in revenue as described above, partially offset by a $16.1 million increase in cost of revenue. The $34.0 million, or 7.1%, increase in Core Segment EBITDA for the six months ended June 30, 2026 was attributed to a $50.3 million increase in revenue as described above, partially offset by a $19.6 million increase in cost of revenue. Liquidity and Capital Resources Overview Our principal sources of liquidity have been cash flow generated from operations and long-term debt borrowings. Our principal uses of cash have been to fund operations and capital expenditures, to make mandatory principal and interest payments on our long-term debt and to effectuate our share repurchase program. Our liquidity position also benefits from U.S. and state DTAs such that we have not historically paid a significant amount of U.S. federal or state income taxes. In general, we seek to deploy our capital by focusing on requirements for our operations, growth investments and stockholder returns. Our strategy is to deploy capital, whether debt, equity or internally generated cash, depending on the adequacy and availability of the source of capital and which source may be used most efficiently and at the lowest cost at such time. Therefore, while cash from operations is our primary source of operating liquidity and we believe our internally generated cash flows are sufficient to support our day-to-day operations, we may use a variety of capital sources to fund our needs for less predictable investment decisions such as strategic acquisitions and share repurchases. We believe our existing cash and cash equivalents and cash generated by operating activities will be sufficient to meet our anticipated operating cash needs for at least the next 12 months. However, our future capital requirements will depend on many factors, including our growth rate, macroeconomic activity, the timing and extent of spending to support domestic and international development efforts, continued brand development and advertising spend, the level of customer care and general and administrative activities, the introduction of new and enhanced product offerings, the costs to support new and replacement capital equipment, the impact of legal proceedings on our liquidity, the completion of strategic acquisitions or share repurchases. Should we pursue additional strategic acquisitions or share repurchases, we may need to raise additional capital, which may be in the form of long-term debt or equity financings. Cash Flows The following table summarizes our cash flows for the periods indicated: Six Months Ended June 30, 2026 2025 Net cash provided by operating activities $ 914.0 $ 784.6 Net cash used in investing activities (9.7) (10.0) Net cash used in financing activities (828.5) (781.7) Effect of exchange rate changes on cash and cash equivalents (1.2) 4.8 Net increase (decrease) in cash and cash equivalents $ 74.6 $ (2.3) 29 Table of Contents Operating Activities Our primary source of cash from operating activities has been cash collections from our customers. Our primary uses of cash from operating activities have been for domain registration costs paid to registries, software licensing fees related to third-party productivity solutions, personnel costs, discretionary marketing and advertising costs, technology and development costs and interest payments. We expect cash outflows from operating activities to be affected by the timing of payments we make to registries and other operating costs as we continue to grow our business. Net cash provided by operating activities increased $129.4 million driven by an increase in bookings as well as working capital movements. Investing Activities Our investing activities generally consist of strategic investments, dispositions and purchases of property and equipment to support the overall growth of our business. We expect our investing cash flows to be affected by the timing of payments we make for capital expenditures. There was no material change in net cash used in investing activities. Financing Activities Our financing activities generally consist of long-term debt borrowings, the repayment of principal on long-term debt, stock option exercises, employee stock purchase plan proceeds and share repurchases. Net cash used in financing activities increased $46.8 million driven by higher share repurchases. Deferred Revenue See Note 7 to our financial statements for details regarding the expected future recognition of deferred revenue. Material Cash Requirements and Uses of Cash Credit Facility and Senior Notes Our long-term debt consists of our Credit Facility, which includes two tranches of term loans and a revolving credit facility, and our Senior Notes. See Note 9 to our financial statements for additional information regarding our long-term debt. Our long-term debt agreements contain covenants restricting, among other things, our ability, or the ability of our subsidiaries, to incur indebtedness, issue certain types of equity, incur liens, enter into fundamental changes including mergers and consolidations, sell assets, make restricted payments including dividends, distributions and investments, prepay junior indebtedness and engage in operations other than in connection with acting as a holding company, subject to customary exceptions. As of June 30, 2026, we were in compliance with all such covenants and had $998.0 million available for borrowing under the Revolver. As discussed in Note 10 to our financial statements, we have hedged a portion of our long-term debt through the use of cross-currency and interest rate swap derivative instruments. These instruments help us manage and mitigate our risk of exposure to changes in foreign currency exchange rates and interest rates. See "Quantitative and Qualitative Disclosures About Market Risk" for additional discussion of our hedging activities. Share Repurchases In April 2025, the board approved the repurchase of up to $3.0 billion of our Class A common stock through the end of 2027 as further discussed in Note 4 to the financial statements. During the six months ended June 30, 2026, we repurchased a total of approximately 9.6 million shares of our Class A common stock, which were retired upon repurchase, for an aggregate purchase price of $833.6 million. 30 Table of Contents Critical Accounting Policies and Estimates We prepare our financial statements in accordance with GAAP, and in doing so, we make estimates, assumptions and judgments affecting the reported amounts of assets, liabilities, revenues and expenses, as well as the related disclosure of contingent assets and liabilities. We base our estimates, assumptions and judgments on historical experience and on various other factors we believe to be reasonable under the circumstances, and we evaluate these estimates, assumptions and judgments on an ongoing basis. Different assumptions and judgments could change the estimates used in the preparation of our financial statements, which, in turn, could change our results from those reported. We refer to estimates, assumptions and judgments of this type as our critical accounting policies and estimates, which we discussed in our 2025 Form 10-K. We review our critical accounting policies and estimates with the audit and risk committee of our board of directors on an annual basis. There have been no material changes in our critical accounting policies from those disclosed in our 2025 Form 10-K.