The following discussion and analysis of our financial condition and results of our operations should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this report and in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 19, 2026. In addition to historical consolidated financial information, this discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to these differences include, but are not limited to, those identified below, and those discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, in “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q and in any subsequent filing we make with the SEC. Overview The Workiva platform powers trust, transparency, and accountability. Accounting, finance, sustainability, risk, and audit teams from more than 6,700 organizations worldwide, including over 85% of FORTUNE® 1,000 companies, rely on Workiva for their mission-critical work. We transform how customers connect data, unify processes, and empower teams in a secure, audit-ready, collaborative platform. From data to disclosure, the Workiva platform empowers customers by connecting and transforming data from hundreds of enterprise resource planning (“ERP”), human capital management (“HCM”), and customer relationship management (“CRM”) systems, as well as other third-party cloud and on-premise applications. Customers use our platform to create, review and publish data-linked documents, presentations, and reports with greater control, consistency, accuracy, and productivity. Our platform is flexible and scalable, so customers can easily adapt it to define, automate, and change their business processes in real time. While our customers use our platform for more than 100 different use cases, across dozens of vertical industries, we organize our sales and marketing resources into three purpose-built solution groups (financial reporting, sustainability management, and governance, risk and compliance (“GRC”)) focusing primarily on the office of the Chief Financial Officer (“CFO”), Chief Sustainability Officer (“CSO”), and Chief Audit Executive (“CAE”). We operate our business on a SaaS model. Customers enter into annual and multi-year subscription contracts to gain access to our platform. Our subscription fee includes the use of our software and technical support. Our subscription pricing is based primarily on a solution-based licensing model. Under this model, operating metrics related to a customer’s expected use of each solution determine the price. We charge customers additional fees primarily for document setup and XBRL tagging services. We generate sales primarily through our direct sales force. In addition, we augment our direct sales channel with partnerships. Our advisory and service partners offer a wider range of domain and functional expertise that broadens the capabilities of our platform, bringing scale and support to customers and prospects. Our technology partners enable more data and process integrations to help customers connect critical transactional systems directly to our platform. We continue to invest in the development of our solutions, infrastructure and sales and marketing to drive long-term growth. Our full-time employee headcount was 2,887 at June 30, 2026, a slight decrease from 2,896 at June 30, 2025. Our revenue grew to $255.3 million and $502.6 million during the three and six months ended June 30, 2026 from $215.2 million and $421.5 million during the three and six months ended June 30, 2025. We generated net income of $13.4 million and $32.4 million during the three and six months ended 22 Table of Contents June 30, 2026 compared to net losses of $19.4 million and $40.8 million during the three and six months ended June 30, 2025. We continue to invest for future growth and are focused on several key drivers, including our connected audit-ready platform, fit-for-purpose solutions, global expansion, and our partner ecosystem. These growth drivers often require a more sophisticated go-to-market approach and, as a result, we may incur additional costs upfront to obtain new customers and expand our relationships with existing customers, including additional sales and marketing expenses. Effects of Policy and Regulatory Uncertainty Sales of our sustainability management solutions have been, and may continue to be, materially impacted by domestic and global policy uncertainties. Shifts in regulatory priorities, market sentiment, and legal challenges to sustainability-related rules and regulations are affecting our market expansion opportunities in the U.S. and abroad. For example, the EU's Omnibus Directive, which revises CSRD scoping thresholds, removes the climate transition plan requirement, and implements other targeted amendments to the CSRD, entered into force on March 18, 2026. The status of implementing these amendments varies by EU Member States. This variability, together with a mandated EU scope-review process that could result in further recalibration of CSRD applicability in future years, has contributed to uncertainty among our customers regarding their compliance obligations and has influenced the pace of customer adoption of our sustainability solutions. The potential impact on our growth trajectory of these changes, and of global policy uncertainty generally, cannot be accurately predicted. Ongoing regulatory initiatives, including proposed changes to SEC reporting requirements intended to reduce burdens on public companies and enhance the attractiveness of capital markets, could affect the performance of certain of our businesses. The SEC has proposed rule amendments that would permit reporting companies to elect semiannual reporting on a new Form 10-S in lieu of quarterly reporting on Form 10-Q. If adopted and if a significant portion of our current or prospective customers elect semiannual reporting, demand for solutions tied to quarterly reporting cadences could be affected. The SEC has also proposed a number of other regulatory actions. For example, the SEC has proposed (i) a new filer status framework that would raise the Large Accelerated Filer public float threshold from $700 million to $2 billion, simplifying filing requirements for issuers below that threshold; (ii) a 60-month IPO seasoning period before newly public companies become subject to accelerated filing requirements; (iii) exemptions from SOX Section 404(b) auditor attestation requirements for non-accelerated filers; (iv) a long-range plan discussing a potential overhaul of the EDGAR system and the use of AI; and (v) requests for comment on potential XBRL structured data exemptions for smaller filers. These developments may have positive or negative impacts on our business, but the scope and timing of any effects remain uncertain. We continue to monitor regulatory developments and assess potential effects across our business. The full scope of these potential regulatory developments, and their implications for our financial performance, cannot be predicted accurately at this time. Key Factors Affecting Our Performance Generate Growth From Existing Customers. The Workiva platform can exhibit a powerful network effect within an enterprise, meaning that the usefulness of our platform attracts additional users. Since solution-based licensing offers our customers an unlimited number of seats for each solution purchased, we expect customers to add more seats over time. As more employees in an enterprise use our platform, additional opportunities for collaboration and automation drive demand among their colleagues for additional solutions. 23 Table of Contents Pursue New Customers. We sell to organizations that manage large, complex processes with distributed teams of contributors and disparate sets of business data. We market our platform to professionals and executives in the areas of financial and non-financial reporting, including regulatory, multi-entity and management reporting. In addition, we market to teams responsible for sustainability management and GRC programs. We intend to continue to build our sales and marketing organization and leverage our brand equity to attract new customers. Offer More Solutions. We intend to introduce new solutions to continue to meet growing demand for our platform. Our close and trusted relationships with our customers are a source for new use cases, features and solutions. We have a disciplined process for tracking, developing and releasing new solutions that are designed to have immediate, broad applicability, together with a strong value proposition and high return on investment for both Workiva and our customers. Our advance planning team assesses customer needs, conducts industry-based research and defines new markets. This vetting process involves our sales, product marketing, customer success, professional services, research and development, finance and senior management teams. Expand Across Enterprises. Our success in delivering multiple solutions has created demand from customers for a broader-based, enterprise-wide Workiva platform. In response, we have been improving our technology and realigning sales and marketing to capitalize on our growing enterprise-wide opportunities. We believe this expansion will add new users, increase revenue and continue to support our high revenue retention rates. However, we expect that enterprise-wide deals will be larger and more complex, which tend to lengthen the sales cycle. Add Partners. We continue to expand and deepen our relationships with global and regional partners, including consulting firms, system integrators, large and mid-sized independent software vendors, and implementation partners. Our advisory and service partners offer a wider range of domain and functional expertise that broadens our platform’s capabilities and promotes Workiva as part of the digital transformation projects they drive for their customers. Our technology partners enable powerful data and process integrations to help customers connect critical transactional systems directly to our platform, with powerful linking, auditability and control features. We believe that our partner ecosystem extends our global reach, accelerates the usage and adoption of our platform, and enables more efficient delivery of professional services. Investment in growth. We plan to continue to invest in the development of our platform, fit-for-purpose solutions and application marketplace to enhance our current offerings and build new features. For example, we are transforming our platform to be agentic-first where agents will enable customers to accelerate reporting and compliance outcomes with the control and traceability of the Workiva platform. In addition, we expect to continue to invest in our sales, marketing, professional services and customer success organizations to drive additional revenue and support the needs of our growing customer base and to take advantage of opportunities that we have identified in Europe, the Middle East and Africa ("EMEA") and Asia-Pacific ("APAC") regions. Seasonality. Our revenue from professional services has some degree of seasonality. Many of our customers employ our professional services just before they file their Form 10-K, often in the first calendar quarter. Our operating cash flow may be affected by the timing of employee cash bonus payments during the first and fourth calendar quarters and by the timing of payouts under our commission plans in the first quarter. 24 Table of Contents Key Performance Indicators Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (dollars in thousands) Financial metrics Total revenue $ 255,290 $ 215,187 $ 502,596 $ 421,467 Percentage increase in total revenue 18.6 % 21.2 % 19.2 % 19.3 % Subscription and support revenue $ 236,302 $ 198,223 $ 461,657 $ 383,735 Percentage increase in subscription and support revenue 19.2 % 23.3 % 20.3 % 21.5 % Subscription and support as a percent of total revenue 92.6 % 92.1 % 91.9 % 91.0 % As of June 30, 2026 2025 Operating metrics Number of customers 6,750 6,467 Gross retention rate 97.3% 97.5% Net retention rate 110.5% 113.7% Number of customers with annual contract value $100k+ 2,690 2,241 Number of customers with annual contract value $300k+ 656 488 Number of customers with annual contract value $500k+ 276 208 Total customers. We believe total number of customers is a key indicator of our financial success and future revenue potential. We define a customer as a separate and distinct buying entity, such as a company, a government institution, or a distinct business unit of a large company that has an active subscription contract with us or one of our partners to access our platforms as of the measurement date. Companies with publicly-listed securities account for a majority of our customers. As customers acquired through our Sustain.Life acquisition in 2024 renew their contracts with Workiva, they are added to our customer count above. Gross retention rate. Our gross retention rate is based on subscription and support revenue. We calculate our gross retention rate based on all customers that were active at the end of the same calendar quarter of the prior year (“base customers”). We begin by annualizing the subscription and support revenue recorded in the same calendar quarter of the prior year for those base customers who are still active at the end of the current quarter. We divide the result by the annualized subscription and support revenue in the same quarter of the prior year for all base customers. We believe gross retention rates are an important metric to track how the Company retains its base revenue for each year. Our gross retention rate was 97.3% as of June 30, 2026, relatively flat from June 30, 2025. We believe that our success in maintaining a high rate of revenue retention is attributable primarily to our robust technology platform and strong customer service. Customers whose securities were deregistered due to merger or acquisition or financial distress accounted for over half of our revenue attrition in the latest quarter. Net retention rate. Our net retention rate is based on subscription and support revenue, and includes revenue from up-selling or cross-selling additional solutions, and pricing changes for existing customers and securing multi-year contract renewals containing periodic pricing term increases. We calculate our net retention rate by annualizing the subscription and support revenue recorded in the 25 Table of Contents current quarter for our base customers that were active at the end of the current quarter. We divide the result by the annualized subscription and support revenue in the same quarter of the prior year for all base customers. We believe our net retention rate is an important metric to measure the long-term value of customer agreements and our ability to retain our customers. Our net retention rate including add-ons was 110.5% as of the quarter ended June 30, 2026, down from 113.7% as of June 30, 2025. Annual contract value. Our annual contract value (“ACV”) for each customer is calculated by annualizing the subscription and support revenue recognized during each quarter. We believe the increase in the number of larger contracts shows our progress in expanding our customers’ adoption of our platform. As customers acquired through our Sustain.Life acquisition in 2024 renew their contracts with Workiva, they are incorporated into our ACV metrics in the following table. Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Subscription and support revenue from customers with annual contract value of $100k+ as a percent of total subscription and support revenue 80.8% 76.3% 80.4% 75.2% Subscription and support revenue from customers with annual contract value of $300k+ as a percent of total subscription and support revenue 45.1% 40.1% 44.5% 39.2% Subscription and support revenue from customers with annual contract value of $500k+ as a percent of total subscription and support revenue 29.9% 26.6% 29.7% 26.3% Components of Results of Operations Revenue We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. We serve a wide range of customers in many industries, and our revenue is not concentrated with any single customer or small group of customers. For the six months ended June 30, 2026 and 2025, no single customer represented more than 1% of our revenue, and our largest 10 customers accounted for less than 10% of our revenue in the aggregate. We generate sales directly through our sales force and partners. We also identify some sales opportunities with existing customers through our customer success and professional services teams. Our customer contracts typically range in length from 12 to 36 months. We typically invoice our customers for subscription fees annually in advance. For contracts with a two or three year term, customers sometimes elect to pay the entire multi-year subscription term in advance. Our arrangements do not contain general rights of return. Subscription and Support Revenue. We recognize subscription and support revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Amounts that are invoiced are initially recorded as deferred revenue. 26 Table of Contents Professional Services Revenue. We believe our professional services facilitate the sale of our subscription service to certain customers. To date, most of our professional services have consisted of document set up, XBRL tagging, and consulting to help our customers with business processes and best practices for using our platform. Our professional services are not required for customers to utilize our solution. We recognize revenue for document set up when the service is complete and control has transferred to the customer. Revenue from XBRL tagging and consulting services are recognized as the services are performed. Cost of Revenue Cost of revenue consists primarily of personnel and related costs directly associated with our professional services, customer success teams and training personnel, including salaries, benefits, bonuses, travel, and stock-based compensation; the costs of contracted third-party vendors; the costs of third-party hosting fees for server usage by our customers; information technology costs; and facility costs. Sales and Marketing Expenses Sales and marketing expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, commissions, travel, and stock-based compensation. Other costs included in this expense are marketing and promotional events, our annual user conference, online marketing, product marketing, information technology costs, and facility costs. We pay sales commissions for initial contracts and expansions of existing customer contracts. When the relevant amortization period is one year or less, we expense sales commissions as incurred. All other sales commissions are considered incremental costs of obtaining a contract with a customer and are deferred and amortized on a straight-line basis over a period of benefit that we have determined to be three years. Research and Development Expenses Research and development expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, travel, and stock-based compensation; costs of third-party hosting fees for server usage by our developers; information technology costs; and facility costs. General and Administrative Expenses General and administrative expenses consist primarily of personnel and related costs for our executive, finance and accounting, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, travel, and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs. 27 Table of Contents Results of Operations The following table sets forth selected consolidated statement of operations data for each of the periods indicated: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (in thousands) Revenue Subscription and support $ 236,302 $ 198,223 $ 461,657 $ 383,735 Professional services 18,988 16,964 40,939 37,732 Total revenue 255,290 215,187 502,596 421,467 Cost of revenue Subscription and support(1) 36,742 35,277 71,925 69,339 Professional services(1) 13,281 14,266 26,643 28,546 Total cost of revenue 50,023 49,543 98,568 97,885 Gross profit 205,267 165,644 404,028 323,582 Operating expenses Research and development(1) 57,497 54,843 110,410 108,623 Sales and marketing(1) 109,017 104,025 213,502 205,696 General and administrative(1) 27,083 28,922 53,125 56,159 Total operating expenses 193,597 187,790 377,037 370,478 Income (loss) from operations 11,670 (22,146) 26,991 (46,896) Interest income 7,712 8,344 15,815 17,091 Interest expense (3,193) (3,194) (6,387) (6,389) Other income (expense), net 564 (736) 962 (969) Income (loss) before provision for income taxes 16,753 (17,732) 37,381 (37,163) Provision for income taxes 3,311 1,668 4,943 3,608 Net income (loss) $ 13,442 $ (19,400) $ 32,438 $ (40,771) (1) Stock-based compensation expense included in these line items was as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (in thousands) Cost of revenue Subscription and support $ 3,087 $ 2,511 $ 5,935 $ 4,944 Professional services 1,241 1,106 2,430 2,102 Operating expenses Research and development 6,559 6,556 12,960 12,606 Sales and marketing 10,108 9,890 19,955 19,641 General and administrative 8,756 8,404 17,078 17,062 Total stock-based compensation expense $ 29,751 $ 28,467 $ 58,358 $ 56,355 28 Table of Contents The following table sets forth our consolidated statement of operations data as a percentage of revenue for each of the periods indicated: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue Subscription and support 92.6 % 92.1 % 91.9 % 91.0 % Professional services 7.4 7.9 8.1 9.0 Total revenue 100.0 100.0 100.0 100.0 Cost of revenue Subscription and support 14.4 16.4 14.3 16.5 Professional services 5.2 6.6 5.3 6.8 Total cost of revenue 19.6 23.0 19.6 23.3 Gross profit 80.4 77.0 80.4 76.7 Operating expenses Research and development 22.5 25.5 22.0 25.8 Sales and marketing 42.7 48.3 42.5 48.8 General and administrative 10.6 13.4 10.5 13.3 Total operating expenses 75.8 87.2 75.0 87.9 Income (loss) from operations 4.6 (10.2) 5.4 (11.2) Interest income 3.0 3.9 3.1 4.1 Interest expense (1.3) (1.5) (1.3) (1.5) Other income (expense), net 0.2 (0.3) 0.2 (0.2) Income (loss) before provision for income taxes 6.5 (8.1) 7.4 (8.8) Provision for income taxes 1.3 0.8 1.0 0.9 Net income (loss) 5.2 % (8.9) % 6.4 % (9.7) % Comparison of Three and Six Months Ended June 30, 2026 and 2025 Revenue Three months ended June 30, Six months ended June 30, 2026 2025 % Change 2026 2025 % Change (dollars in thousands) Revenue Subscription and support $ 236,302 $ 198,223 19.2% $ 461,657 $ 383,735 20.3% Professional services 18,988 16,964 11.9% 40,939 37,732 8.5% Total revenue $ 255,290 $ 215,187 18.6% $ 502,596 $ 421,467 19.2% Total revenue increased $40.1 million for the three months ended June 30, 2026 compared to the same quarter a year ago due to a $38.1 million increase in subscription and support revenue. Growth in subscription and support revenue in the second quarter was attributable mainly to strong demand and continued solution expansion across our customer base. Revenue from professional services increased $2.0 million for the three months ended June 30, 2026 compared to the same quarter a year ago primarily due to XBRL services. 29 Table of Contents Total revenue increased $81.1 million for the six months ended June 30, 2026 compared to the same period a year ago due to a $77.9 million increase in subscription and support revenue. Growth in subscription and support revenue was attributable mainly to strong demand and continued solution expansion across our customer base. Revenue from professional services increased $3.2 million for the six months ended June 30, 2026 compared to the same period a year ago primarily due to XBRL services. We continue to transition consulting and other services to our partners and expect the revenue growth rate from subscription and support to continue to outpace revenue growth from professional services on an annual basis. Cost of Revenue Three months ended June 30, Six months ended June 30, 2026 2025 % Change 2026 2025 % Change (dollars in thousands) Cost of revenue Subscription and support $ 36,742 $ 35,277 4.2% $ 71,925 $ 69,339 3.7% Professional services 13,281 14,266 (6.9)% 26,643 28,546 (6.7)% Total cost of revenue $ 50,023 $ 49,543 1.0% $ 98,568 $ 97,885 0.7% Cost of revenue increased $0.5 million during the three months ended June 30, 2026 compared to the same quarter a year ago. Subscription and support cost of revenue increased $1.5 million due primarily to $0.6 million in higher cash-based compensation and benefits costs, $0.6 million of additional stock-based compensation, a $0.4 million increase in the cost of licensed platform content, and a $0.4 million increase in the cost of cloud infrastructure services partially offset by a $0.5 million decrease in travel expense. The change in compensation was primarily driven by normal compensation increases for existing headcount and was partially offset by reduced expenses of $0.3 million recognized as a result of our transition from a paid-time-off (“PTO”) model to a flexible-time-off (“FTO”) model which was announced in the second half of 2025 and became effective in 2026. The increase in the cost of licensed platform content and cloud infrastructure services resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue decreased $1.0 million due primarily to a $0.8 million decrease in cash-based compensation and benefits costs and a $0.4 million decrease in travel expense. The change in compensation was primarily driven by our continued transition of consulting and other services to our partners and reduced expenses of $0.3 million recognized as a result of our transition from a PTO model to a FTO model, partially offset by normal compensation increases for existing headcount. 30 Table of Contents Cost of revenue increased $0.7 million during the six months ended June 30, 2026 compared to the same period a year ago. Subscription and support cost of revenue increased $2.6 million due primarily to $0.9 million in higher cash-based compensation and benefits costs, $1.0 million of additional stock-based compensation, a $0.8 million increase in the cost of licensed platform content, and a $0.6 million increase in the cost of cloud infrastructure services partially offset by a $0.6 million decrease in travel expense. The change in compensation was primarily driven by normal compensation increases for existing headcount and was partially offset by reduced expenses of $1.1 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026 as well as a benefit of $0.3 million for a change in the timing of employer 401(k) match contributions in 2026. The increases in the cost of licensed platform content and cloud infrastructure services resulted primarily from our continued investment in and support of our platform and solutions. Professional services cost of revenue decreased $1.9 million due primarily to a $1.7 million decrease in cash-based compensation and benefits costs partially offset by $0.3 million of additional stock-based compensation. The change in compensation was primarily driven by our continued transition of consulting and other services to our partners and reduced expenses of $0.8 million recognized as a result of our transition from a PTO model to a FTO model, partially offset by normal compensation increases for existing headcount. Operating Expenses Three months ended June 30, Six months ended June 30, 2026 2025 % Change 2026 2025 % Change (dollars in thousands) Operating expenses Research and development $ 57,497 $ 54,843 4.8% $ 110,410 $ 108,623 1.6% Sales and marketing 109,017 104,025 4.8% 213,502 205,696 3.8% General and administrative 27,083 28,922 (6.4)% 53,125 56,159 (5.4)% Total operating expenses $ 193,597 $ 187,790 3.1% $ 377,037 $ 370,478 1.8% Research and Development Research and development expenses increased $2.7 million during the three months ended June 30, 2026 compared to the same quarter a year ago due primarily to $0.4 million in higher cash-based compensation and benefits costs, a $0.9 million increase in professional service fees, a $0.9 million increase in software expense, and a $0.6 million increase in internal event costs. The change in compensation was primarily driven by normal compensation increases for existing headcount and was partially offset by reduced expenses of $0.7 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026. The increases in professional service fees and software expense resulted primarily from our continued investment in and support of our platform and solutions. The increase in internal event costs relates to our annual research and development event which spanned the first and second quarters of 2025 but was held in the second quarter of 2026. 31 Table of Contents Research and development expenses increased $1.8 million during the six months ended June 30, 2026 compared to the same period a year ago due primarily to $0.1 million in higher cash-based compensation and benefits costs, $0.4 million of additional stock-based compensation, a $1.5 million increase in professional service fees, and a $1.3 million increase in software expense partially offset by a reduction in intangible asset amortization expense of $1.0 million from intangible assets that are now fully amortized. The change in compensation was primarily driven by normal compensation increases for existing headcount and was partially offset by reduced expenses of $2.7 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026 as well as a benefit of $0.6 million for a change in the timing of employer 401(k) match contributions in 2026. The increases in professional service fees and software expense resulted primarily from our continued investment in and support of our platform and solutions. Sales and Marketing Sales and marketing expenses increased $5.0 million during the three months ended June 30, 2026 compared to the same quarter a year ago due primarily to $3.3 million in higher cash-based compensation and benefits costs, a $1.0 million increase in travel expense, and a $1.3 million increase in internal event costs. The change in compensation was primarily due to an increase in employee headcount and our continued investment in our go-to-market activities and was partially offset by reduced expenses of $1.3 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026. Sales and marketing expenses increased $7.8 million during the six months ended June 30, 2026 compared to the same period a year ago due primarily to $6.9 million in higher cash-based compensation and benefits costs, $0.4 million of additional stock-based compensation, and a $0.5 million increase in professional service fees. The change in compensation was primarily due to an increase in employee headcount and our continued investment in our go-to-market activities and was partially offset by reduced expenses of $3.3 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026 and a benefit of $0.4 million for a change in the timing of employer 401(k) match contributions in 2026. The increases in professional service fees and software expense were the result of our continued investment in and support of our platform and solutions. General and Administrative General and administrative expenses decreased $1.8 million during the three months ended June 30, 2026 compared to the same quarter a year ago due primarily to a $2.6 million decrease in internal event costs partially offset by $0.2 million in higher cash-based compensation and benefits costs and $0.4 million of additional stock-based compensation. The change in compensation was primarily driven by normal compensation increases for existing headcount and was offset by reduced expenses of $0.5 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026. The decrease in internal event costs is due to an internal event held in 2025 that did not recur in 2026. 32 Table of Contents General and administrative expenses decreased $3.0 million during the six months ended June 30, 2026 compared to the same period a year ago due primarily to a $0.7 million decrease in cash-based compensation and benefits costs and a $2.6 million decrease in internal event costs partially offset by $0.2 million of additional stock-based compensation and a $0.4 million increase in professional service fees. The change in compensation was primarily driven by reduced expenses of $1.4 million recognized as a result of our transition from a PTO model to a FTO model which was announced in the second half of 2025 and became effective in 2026 as well as a benefit of $0.3 million for a change in the timing of employer 401(k) match contributions in 2026, partially offset by normal compensation increases for existing headcount. The decrease in internal event costs is due to an internal event held in 2025 that did not recur in 2026. Non-Operating Income (Expenses) Three months ended June 30, Six months ended June 30, 2026 2025 % Change 2026 2025 % Change (dollars in thousands) Interest income $ 7,712 $ 8,344 (7.6)% $ 15,815 $ 17,091 (7.5)% Interest expense (3,193) (3,194) —% (6,387) (6,389) —% Other income (expense), net 564 (736) * 962 (969) * (*) Percentage is not meaningful. Interest Income, Interest Expense, and Other Income (Expense), Net During the three months ended June 30, 2026, interest income decreased $0.6 million compared to the same quarter a year ago primarily due to lower interest rates. Interest expense remained relatively flat compared to the same quarter a year ago. Other income, net increased $1.3 million compared to the same quarter a year ago due primarily to gains on foreign currency transactions. During the six months ended June 30, 2026, interest income decreased $1.3 million compared to the same period a year ago due primarily to lower interest rates. Interest expense remained relatively flat compared to the same period a year ago. Other income, net increased $1.9 million compared to the same period a year ago due primarily to gains on foreign currency transactions. 33 Table of Contents Liquidity and Capital Resources Overview of Sources and Uses of Cash As of June 30, 2026, our principal sources of liquidity were cash, cash equivalents and marketable securities totaling $815.2 million, which were held for working capital purposes. We have financed our operations primarily through cash generated from operations and issuances of convertible debt. We have generated significant operating losses as reflected in our accumulated deficit on our condensed consolidated balance sheets. While we may incur operating losses and negative cash flows from operations in the future, we believe that current cash and cash equivalents and cash flows from operating activities will be sufficient to fund our operations for at least the next twelve months. Convertible Debt In August 2023, we issued $702.0 million aggregate principal amount of our 1.250% 2028 Notes. Proceeds from the issuance of the 2028 Notes totaled $691.1 million, net of initial purchaser discounts and issuance costs. We used $396.9 million of the net proceeds from the 2028 Notes offering to repurchase $273.8 million principal amount, together with accrued and unpaid interest thereon, of our 1.125% 2026 Notes in separate and individually negotiated transactions with certain holders. As of June 30, 2026, we had outstanding debt relating to our 2026 Notes and 2028 Notes of $71.2 million and $697.4 million, with corresponding maturity dates of August 15, 2026 and August 15, 2028, respectively. Share Repurchase Plan On August 1, 2024, we announced that on July 30, 2024, our board of directors authorized a share repurchase plan for up to $100.0 million of our outstanding Class A common stock (the “2024 Repurchase Plan”). On February 16, 2026, our board of directors modified the 2024 Repurchase Plan to authorize an additional $250 million of the Company’s outstanding Class A common stock for repurchase under the plan. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion, and the share repurchase program may be suspended, terminated or modified at any time for any reason. Shares may be repurchased through open market purchases in accordance with the requirements of Exchange Act Rule 10b-18, or privately negotiated transactions, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act. As of June 30, 2026, we have repurchased $244.2 million of our Class A common stock under the 2024 Repurchase Plan. 34 Table of Contents Cash Flows Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 (in thousands) Cash flow provided by operating activities $ 78,308 $ 50,311 $ 104,784 $ 42,953 Cash flow used in investing activities (34,301) (4,283) (12,956) (13,416) Cash flow used in financing activities (124,498) (8,907) (174,529) (53,919) Net (decrease) increase in cash, cash equivalents, and restricted cash, net of impact of exchange rates $ (81,778) $ 42,229 $ (86,287) $ (17,385) Operating Activities Our largest source of operating cash is cash collections from customers for subscription and support access to our platform. Our primary uses of cash from operating activities are for personnel-related expenditures, marketing activities, and costs for software and cloud infrastructure services. Cash provided by operating activities of $78.3 million for the three months ended June 30, 2026 consisted of net income of $13.4 million adjusted for non-cash charges of $32.5 million and net cash inflows of $32.4 million from changes in operating assets and liabilities. The increase in deferred revenue was driven by an increase in the amounts invoiced during the period. The increase in accrued expenses and other liabilities was due in part to timing of accruals and payments. Cash provided by operating activities of $50.3 million for the three months ended June 30, 2025 consisted of a net loss of $19.4 million adjusted for non-cash charges of $30.3 million and net cash inflows of $39.4 million from changes in operating assets and liabilities. The increase in accrued expenses and other liabilities was due in part to timing of accruals and payments. The increase in deferred revenue was driven by an increase in amounts invoiced during the period. Cash provided by operating activities of $104.8 million for the six months ended June 30, 2026 consisted of a net income of $32.4 million adjusted for non-cash charges of $62.7 million and net cash inflows of $9.6 million from changes in operating assets and liabilities. Deferred revenue decreased due in part by the timing of bookings and billings in the current period. The decrease in accounts receivable was due timing of billings and collections. Cash provided by operating activities of $43.0 million for the six months ended June 30, 2025 consisted of a net loss of $40.8 million adjusted for non-cash charges of $59.9 million and net cash inflows of $23.8 million from changes in operating assets and liabilities. The decrease in accounts receivable was due to timing of billings and collections. The decrease in accrued expenses and other liabilities was due in part to timing of accruals and payments. Investing Activities Cash used in investing activities of $34.3 million for the three months ended June 30, 2026 consisted of $123.3 million in purchases of marketable securities and $0.3 million in purchases of fixed assets partially offset by $89.4 million from the maturities of marketable securities. Our capital expenditures primarily consisted of computer equipment in support of our work force. Cash used in investing activities of $4.3 million for the three months ended June 30, 2025 consisted of $103.0 million in purchases of marketable securities and $1.0 million in purchases of fixed assets partially offset by $99.7 million from the maturities of marketable securities. Our capital expenditures were associated primarily with computer equipment in support of our work force. 35 Table of Contents Cash used in investing activities of $13.0 million for the six months ended June 30, 2026 consisted of $214.8 million in purchases of marketable securities, $1.1 million in purchases of fixed assets, and $0.8 million for acquisitions, net of cash, partially offset by $203.7 million from the maturities of marketable securities. Our capital expenditures were associated primarily with computer equipment in support of our work force. Cash used in investing activities of $13.4 million for the six months ended June 30, 2025 consisted of $206.0 million in purchases of marketable securities and $1.8 million in purchases of fixed assets partially offset by $194.4 million from the maturities of marketable securities. Our capital expenditures were associated primarily with computer equipment in support of our work force. Financing Activities Cash used in financing activities of $124.5 million for the three months ended June 30, 2026 consisted of $122.7 million in repurchases of our Class A common stock under the 2024 Repurchase Plan and $2.0 million in taxes paid related to net share settlements of stock-based compensation awards partially offset by $0.3 million in proceeds from option exercises. Cash used in financing activities of $8.9 million for the three months ended June 30, 2025 consisted of $10.0 million in repurchases of our Class A common stock under the 2024 Repurchase Plan and $0.6 million in taxes paid related to net share settlements of stock-based compensation awards partially offset by $1.8 million in proceeds from option exercises. Cash used in financing activities of $174.5 million for the six months ended June 30, 2026 consisted of $172.7 million in repurchases of our Class A common stock under the 2024 Repurchase Plan and $10.6 million in taxes paid related to net share settlements of stock-based compensation awards partially offset by $8.1 million in proceeds from shares issued in connection with our Employee Stock Purchase Plan ("ESPP") and $1.1 million in proceeds from option exercises. Cash used in financing activities of $53.9 million for the six months ended June 30, 2025 consisted of $50.1 million in repurchases of our Class A common stock under the 2024 Repurchase Plan and $13.5 million in taxes paid related to net share settlements of stock-based compensation awards partially offset by $7.5 million in proceeds from shares issued in connection with our ESPP and $2.4 million in proceeds from option exercises. Contractual Obligations and Commitments There were no material changes in our contractual obligations and commitments from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026. Critical Accounting Policies and Estimates Our condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, income taxes and related disclosures. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results may differ from these estimates under different assumptions or conditions. During the six months ended June 30, 2026, there were no significant changes to our critical accounting policies and estimates as described in the financial statements contained in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026. 36 Table of Contents