The following discussion and analysis of our financial condition and results of operations should be read together with our condensed consolidated financial statements and related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our consolidated financial statements and the related notes and other financial information included in our Annual Report on Form 10-K for the year ended December 31, 2025, on file with the Securities and Exchange Commission. The following discussion and analysis contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below, elsewhere in this Quarterly Report on Form 10-Q and in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025. We are a leading AI-powered growth solutions partner for regulated property and casualty insurance entities, enabling the largest insurance carriers and thousands of agents to maximize customer acquisition across digital channels. Fueled by our proprietary data assets and our AI traffic engine, EverQuote is transforming the way providers attract and engage consumers to grow market share. We operate a marketplace to connect insurance providers to a large volume of high-intent, pre-validated consumer referrals that match the insurers’ specific underwriting and profitability requirements. The transparency of our marketplace, as well as the campaign management tools we offer, are designed to make it easy for insurance carriers and third-party agents to evaluate the performance of their marketing spend on our platform and manage their own return on investment. We present consumers with a single starting point for a comprehensive insurance shopping experience where consumers can engage with insurance carriers through multiple channels based on their preferences. Our marketplace enables consumers to choose to visit an insurance provider’s website to purchase a policy or engage with a carrier or agent by phone or submit their data to insurance providers to receive quotes. Our services are free for consumers, and we derive our revenue principally from consumer inquiries sold as referrals to insurance providers. In the three months ended June 30, 2026 and 2025, our total revenue was $195.1 million and $156.6 million, respectively, representing a year-over-year increase of 24.6%. We had net income of $19.2 million and $14.7 million for the three months ended June 30, 2026 and 2025, respectively, and had $30.1 million and $22.0 million in Adjusted EBITDA for the three months ended June 30, 2026 and 2025, respectively. In the six months ended June 30, 2026 and 2025, our total revenue was $385.9 million and $323.3 million, respectively, representing a year-over-year increase of 19.4%. We had net income of $37.9 million and $22.7 million for the six months ended June 30, 2026 and 2025, respectively, and had $59.4 million and $44.5 million in Adjusted EBITDA for the six months ended June 30, 2026 and 2025, respectively. See the section titled “—Non-GAAP Financial Measure” for information regarding our use of Adjusted EBITDA and its reconciliation to net income (loss) determined in accordance with generally accepted accounting principles in the United States, or GAAP. Factors Affecting Our Performance We believe that our performance and future growth depend on a number of factors that present opportunities for us but also pose risks and challenges, including those discussed below, elsewhere in this Quarterly Report on Form 10-Q, and in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025. Auto insurance industry risk For the six months ended June 30, 2026 and 2025, we derived 89% and 90%, respectively, of our revenue from auto insurance providers and our financial results depend on the performance of the auto insurance industry. Furthermore, total revenue from our two largest auto insurance carrier customers was 35% and 11% of our revenue, respectively, for the six months ended June 30, 2026 and total revenue from our two largest auto insurance carrier customers was 39% and 12% of our revenue, respectively, for the six months ended June 30, 2025. Business cycles within the auto insurance industry heavily impact our carrier customers’ advertising spend with us, such as in 2022 and 2023 when the auto insurance industry experienced deteriorated underwriting performance due to a rise in claims, inflation, and inadequate policy premiums, which had a negative impact on the pricing and demand for consumer referrals in our marketplace throughout 2023. 20 Table of Contents Expanding consumer traffic Our success depends in part on the growth of our consumer traffic. We have historically increased consumer traffic to our marketplace by expanding existing advertising channels and adding new channels such as by engaging with consumers through our verified partner network. Over the long term, we plan to increase consumer traffic by leveraging the features and growing the data assets of our platform. While we plan to grow consumer traffic, we have the ability to decrease advertising spend when the revenue associated with such consumer traffic does not result in incremental profit to our business or in response to lower demand for consumer referrals. Further, our profitability will be impacted by our ability to acquire quote requests in significant volume, at prices that are attractive, and that represent high-intent shoppers for which insurance providers will purchase referrals. Increasing the number of insurance providers and their respective spend in our marketplace Our success also depends on our ability to retain and grow our insurance provider network. Historically, we have generally expanded both the number of insurance providers and the spend per provider on our platform. However, we have also experienced periods of decreasing carrier spend in the automotive insurance vertical as described above. Key Business Metrics We regularly review a number of metrics, including GAAP operating results and the key metrics listed below, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make operating and strategic decisions. Some of these metrics are non-financial metrics or are financial metrics that are not defined by GAAP. Adjusted EBITDA We define Adjusted EBITDA as net income (loss), adjusted to exclude: stock-based compensation expense, depreciation and amortization expense, legal settlement expense, interest income and income taxes. Adjusted EBITDA is a non-GAAP financial measure that we present in this Quarterly Report on Form 10-Q to supplement the financial information we present on a GAAP basis. We monitor and present Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. Adjusted EBITDA should not be considered in isolation from, or as an alternative to, measures prepared in accordance with GAAP. Adjusted EBITDA should be considered together with other operating and financial performance measures presented in accordance with GAAP. Also, our definition of Adjusted EBITDA may be different than similarly titled measures presented by other companies, including those in our industry, which may reduce its usefulness as a comparative measure. For further explanation of the uses and limitations of this measure and a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income (loss), please see “—Non-GAAP Financial Measure”. Variable Marketing Dollars and Margin We define variable marketing dollars, or VMD, as revenue, as reported in our consolidated statements of operations and comprehensive income, less advertising costs (a component of sales and marketing expense, as reported in our consolidated statements of operations and comprehensive income). We define variable marketing margin, or VMM, as VMD divided by revenue. We use VMD and VMM to measure the efficiency of individual advertising and consumer acquisition sources and to make trade-off decisions to manage our return on advertising. We do not use VMD or VMM as a measure of profitability. Key Components of Our Results of Operations Revenue We generate our revenue primarily from consumer inquiries sold as referrals to insurance provider customers, consisting of carriers and agents, as well as to indirect distributors. To simplify the quoting process for the consumer and improve performance for the provider, we are able to provide consumer-submitted quote request data along with each referral. We recognize revenue from consumer referrals at the time of delivery. We support three secure consumer referral formats: •Clicks: An online-to-online referral, with a handoff of the consumer to the provider’s website. •Data: An online-to-offline referral, with quote request data transmitted to the provider for follow-up. •Calls: An online-to-offline referral for outbound calls and an offline-to-offline referral for inbound calls, with the consumer and provider connected by phone. 21 Table of Contents For the periods presented, our total revenue consisted of revenue generated within our insurance verticals as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Automotive $ 172,051 $ 139,584 $ 344,437 $ 292,299 Home and renters 23,035 17,034 41,501 30,938 Other — 11 — 24 Total revenue $ 195,086 $ 156,629 $ 385,938 $ 323,261 We expect an overall increase in revenue in 2026 as compared to 2025, driven by our automotive and home and renters verticals, as we anticipate increased spending from our carrier partners. We expect revenue from our other insurance verticals to be insignificant in 2026 as a result of our focus on the P&C market. Cost and Operating Expenses Our cost and operating expenses consist of cost of revenue, sales and marketing, research and development, general and administrative, and legal settlement expense. We allocate certain overhead expenses, such as rent, utilities, office supplies and depreciation and amortization of general office assets, to cost of revenue and operating expense categories based on headcount. As a result, an overhead expense allocation is reflected in cost of revenue, sales and marketing, research and development, and general and administrative expenses. Personnel-related costs included in cost of revenue and operating expense categories include wages, fringe benefit costs and stock-based compensation expense. Cost of Revenue Cost of revenue is comprised primarily of the costs of operating our marketplace and delivering consumer referrals to our customers. These costs consist primarily of technology service costs including hosting, software, data services, and third-party call center costs. In addition, cost of revenue includes depreciation and amortization of our platform technology assets and personnel-related costs. Sales and Marketing Sales and marketing expense consists primarily of advertising and marketing expenditures as well as personnel-related costs for employees engaged in sales, marketing, data analytics and consumer acquisition functions. Advertising expenditures consist of variable costs that are related to attracting consumers to our marketplace, generating consumer quote requests, including the cost of quote requests we acquire from our verified partner network, and promoting our marketplace to carriers and agents. Advertising costs are expensed as incurred. Marketing costs consist primarily of content and creative development, public relations, memberships, and event costs. We expect our sales and marketing expense will increase as we expect increased carrier spend for referrals, which will impact our advertising expenditures. Research and Development Research and development expense consists primarily of personnel-related costs for software development and product management. We have focused our research and development efforts on improving ease of use and functionality of our existing marketplace platform and developing new offerings and internal tools. We primarily expense research and development costs. Direct development costs related to software enhancements that add functionality are capitalized and amortized as a component of cost of revenue. We expect that research and development expense will increase in 2026 as compared to 2025, primarily due to personnel-related costs and technology services. General and Administrative General and administrative expense consists of personnel-related costs and related expenses for executive, finance, legal, human resources, technical support and administrative personnel as well as the costs associated with professional fees for external legal, accounting and other consulting services, insurance premiums and payment processing and billing costs. We expect that general and administrative expense will increase in 2026 as compared to 2025, primarily due to personnel-related costs. 22 Table of Contents Legal settlement Legal settlement includes costs associated with the settlement of our litigation in 2025 with the former owners of certain entities acquired in 2021. Other Income (Expense) Other income (expense) consists of interest income and other income (expense). Interest income consists of interest earned on invested cash balances. Other income (expense) consists of miscellaneous income (expense) unrelated to our core operations. Income Taxes Our income tax expense is based on applying our estimated annual effective tax rate to year-to-date income before income taxes, and adjusting for discrete items occurring in the quarter. Our effective tax rate may vary from period to period, generally based on factors such as changes in forecasts and year-to-date results. As a result of the release of our valuation allowance in the fourth quarter of 2025, we expect an increase to our income tax rate in 2026. To the extent allowed, we intend to use our available net operating loss carryforwards and tax credits to reduce cash tax payment obligations. Non-GAAP Financial Measure To supplement our consolidated financial statements presented in accordance with GAAP and to provide investors with additional information regarding our financial results, we present in this Quarterly Report on Form 10-Q Adjusted EBITDA as a non-GAAP financial measure. Adjusted EBITDA is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies. Adjusted EBITDA. We define Adjusted EBITDA as our net income (loss), excluding the impact of stock-based compensation expense, depreciation and amortization expense, legal settlement expense, interest income and income taxes. The most directly comparable GAAP measure to Adjusted EBITDA is net income (loss). We monitor and present in this Quarterly Report on Form 10-Q Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. In particular, we believe that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance. We use Adjusted EBITDA to evaluate our operating performance and trends and make planning decisions. We believe Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in the calculation of Adjusted EBITDA. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects. Adjusted EBITDA is not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. Some of these limitations are: •Adjusted EBITDA excludes stock-based compensation expense as it has recently been, and will continue to be for the foreseeable future, a significant recurring non-cash expense for our business; •Adjusted EBITDA excludes depreciation and amortization expense and, although this is a non-cash expense, the assets being depreciated and amortized may have to be replaced in the future; •Adjusted EBITDA excludes legal settlement expense that affects cash available to us; •Adjusted EBITDA does not reflect the cash received from interest income on our investments, which affects the cash available to us; •Adjusted EBITDA does not reflect income taxes that affect cash available to us; and •the expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from Adjusted EBITDA when they report their operating results. In addition, other companies may use other measures to evaluate their performance, all of which could reduce the usefulness of our presentation of Adjusted EBITDA as a tool for comparison. 23 Table of Contents The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP. Reconciliation of Net Income to Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Net income $ 19,186 $ 14,701 $ 37,859 $ 22,691 Stock-based compensation 5,672 6,560 10,813 11,980 Depreciation and amortization 971 918 1,756 2,139 Legal settlement — 332 — 8,232 Interest income (1,050 ) (918 ) (2,011 ) (1,626 ) Income taxes 5,324 363 11,015 1,047 Adjusted EBITDA $ 30,103 $ 21,956 $ 59,432 $ 44,463 Results of Operations Comparison of the Three and Six Months Ended June 30, 2026 and 2025 The following tables set forth our results of operations for the periods shown: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Statement of Operations Data: Revenue(1) $ 195,086 $ 156,629 $ 385,938 $ 323,261 Cost and operating expenses(2): Cost of revenue 4,359 4,842 8,624 10,222 Sales and marketing 147,613 121,055 293,025 250,485 Research and development 9,429 7,772 17,977 15,257 General and administrative 10,200 8,460 19,411 16,900 Legal settlement — 332 — 8,232 Total cost and operating expenses 171,601 142,461 339,037 301,096 Income from operations 23,485 14,168 46,901 22,165 Other income (expense): Interest income 1,050 918 2,011 1,626 Other income (expense), net (25 ) (22 ) (38 ) (53 ) Total other income, net 1,025 896 1,973 1,573 Income before income taxes 24,510 15,064 48,874 23,738 Income tax expense (5,324 ) (363 ) (11,015 ) (1,047 ) Net income $ 19,186 $ 14,701 $ 37,859 $ 22,691 Other Financial and Operational Data: Variable marketing dollars $ 56,897 $ 45,520 $ 112,795 $ 92,380 Adjusted EBITDA(3) $ 30,103 $ 21,956 $ 59,432 $ 44,463 (1)  Comprised of revenue from the following distribution channels: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Direct channels 92 % 86 % 91 % 89 % Indirect channels 8 % 14 % 9 % 11 % 100 % 100 % 100 % 100 % 24 Table of Contents (2) Includes stock-based compensation expense as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands) Cost of revenue $ 33 $ 39 $ 63 $ 48 Sales and marketing 1,064 2,006 2,344 3,571 Research and development 1,711 1,558 3,145 2,928 General and administrative 2,864 2,957 5,261 5,433 $ 5,672 $ 6,560 $ 10,813 $ 11,980 (3) See “—Non-GAAP Financial Measure” for information regarding our use of Adjusted EBITDA as a non-GAAP financial measure and a reconciliation of Adjusted EBITDA to its comparable GAAP financial measure. Revenue Three Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) Revenue $ 195,086 $ 156,629 $ 38,457 24.6 % Revenue increased by $38.5 million from $156.6 million for the three months ended June 30, 2025 to $195.1 million for the three months ended June 30, 2026. The increase in revenue was due to an increase of $32.5 million in our automotive vertical and an increase of $6.0 million in our home and renters vertical, due primarily to an increase in carrier spend for referrals. Six Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) Revenue $ 385,938 $ 323,261 $ 62,677 19.4 % Revenue increased by $62.7 million from $323.3 million for the six months ended June 30, 2025 to $385.9 million for the six months ended June 30, 2026. The increase in revenue was due to an increase of $52.1 million in our automotive vertical and an increase of $10.6 million in our home and renters vertical, due primarily to an increase in carrier spend for referrals. Cost of Revenue Three Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) Cost of revenue $ 4,359 $ 4,842 $ (483 ) -10.0 % Percentage of revenue 2.2 % 3.1 % Cost of revenue decreased by $0.5 million from $4.8 million for the three months ended June 30, 2025 to $4.4 million for the three months ended June 30, 2026. Cost of revenue decreased primarily due to a decrease of $0.4 million in third-party call center costs. Six Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) Cost of revenue $ 8,624 $ 10,222 $ (1,598 ) -15.6 % Percentage of revenue 2.2 % 3.2 % 25 Table of Contents Cost of revenue decreased by $1.6 million from $10.2 million for the six months ended June 30, 2025 to $8.6 million for the six months ended June 30, 2026. Cost of revenue decreased primarily due to a decrease of $0.9 million in third-party call center costs and decreases of $0.3 million and $0.2 million in technology services and lead verification services, respectively. Sales and Marketing Three Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) Sales and marketing expense $ 147,613 $ 121,055 $ 26,558 21.9 % Percentage of revenue 75.7 % 77.3 % Sales and marketing expense increased by $26.6 million from $121.1 million for the three months ended June 30, 2025 to $147.6 million for the three months ended June 30, 2026. The increase in sales and marketing expense was primarily due to an increase in advertising costs of $27.1 million due to an increase in carrier spend, partially offset by a decrease in personnel-related costs of $0.5 million. Personnel-related costs included stock-based compensation expense of $1.1 million and $2.0 million for the three months ended June 30, 2026 and 2025, respectively. Six Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) Sales and marketing expense $ 293,025 $ 250,485 $ 42,540 17.0 % Percentage of revenue 75.9 % 77.5 % Sales and marketing expense increased by $42.5 million from $250.5 million for the six months ended June 30, 2025 to $293.0 million for the six months ended June 30, 2026. The increase in sales and marketing expense was primarily due to an increase in advertising costs of $42.3 million due to an increase in carrier spend and increases in technology services and consulting services of $0.3 million and $0.2 million, respectively, partially offset by a decrease in amortization of $0.4 million due to the sale of acquired intangible assets as part of the settlement of litigation in 2025. Research and Development Three Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) Research and development expense $ 9,429 $ 7,772 $ 1,657 21.3 % Percentage of revenue 4.8 % 5.0 % Research and development expense increased by $1.7 million from $7.8 million for the three months ended June 30, 2025 to $9.4 million for the three months ended June 30, 2026. The increase in research and development expense was primarily due to an increase in personnel-related costs of $1.4 million due primarily to increased headcount and overall compensation increases, and an increase in technology services costs of $0.3 million. Six Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) Research and development expense $ 17,977 $ 15,257 $ 2,720 17.8 % Percentage of revenue 4.7 % 4.7 % Research and development expense increased by $2.7 million from $15.3 million for the six months ended June 30, 2025 to $18.0 million for the six months ended June 30, 2026. The increase in research and development expense was primarily due to an 26 Table of Contents increase in personnel-related costs of $2.4 million due primarily to increased headcount and overall compensation increases and an increase in technology services costs of $0.4 million. General and Administrative Three Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) General and administrative expense $ 10,200 $ 8,460 $ 1,740 20.6 % Percentage of revenue 5.2 % 5.4 % General and administrative expenses increased by $1.7 million from $8.5 million for the three months ended June 30, 2025 to $10.2 million for the three months ended June 30, 2026. The increase in general and administrative expenses was primarily due to an increase in personnel-related costs of $0.9 million, an increase in legal fees of $0.7 million and an increase in bank service fees of $0.2 million. Six Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) General and administrative expense $ 19,411 $ 16,900 $ 2,511 14.9 % Percentage of revenue 5.0 % 5.2 % General and administrative expenses increased by $2.5 million from $16.9 million for the six months ended June 30, 2025 to $19.4 million for the six months ended June 30, 2026. The increase in general and administrative expenses was primarily due to an increase in personnel-related costs of $1.2 million, an increase in legal fees of $0.7 million and an increase in bank service fees of $0.5 million. Legal Settlement Legal settlement expense was $0.3 million and $8.2 million for the three and six months ended June 30, 2025, respectively. Legal settlement expense for the three months ended June 30, 2025 consisted of legal expense related to the settlement of $0.4 million, partially offset by a $0.1 million reduction to the litigation accrual. Legal settlement expense for the six months ended June 30, 2025 consisted of the costs to settle the litigation of $7.8 million and legal expense related to the settlement of $0.4 million (see Note 3 to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q). Other Income (Expense) Interest income increased by $0.1 million and $0.4 million in the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively, due to an increase in interest earned on our cash balances. Other income (expense), net was not significant for any periods presented. Income Tax Expense For the three and six months ended June 30, 2026, we recorded income tax expense of $5.3 million and $11.0 million related primarily to U.S. federal and state income taxes. Our effective tax rate for the three and six months ended June 30, 2026 varied from the U.S. federal statutory income tax rate primarily due to state income taxes, partially offset by U.S. federal research and development tax credits. For the three and six months ended June 30, 2025, we recorded income tax expense of $0.4 million and $1.0 million, consisting primarily of state income taxes. Until the fourth quarter of 2025, we maintained a full valuation allowance against our deferred tax assets. 27 Table of Contents Variable Marketing Dollars and Margin Three Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) Revenue $ 195,086 $ 156,629 $ 38,457 24.6 % Less: total advertising expense (a component of sales and marketing expense) 138,189 111,109 Variable marketing dollars $ 56,897 $ 45,520 $ 11,377 25.0 % Variable marketing margin 29.2 % 29.1 % Six Months Ended June 30, Change 2026 2025 Amount % (dollars in thousands) Revenue $ 385,938 $ 323,261 $ 62,677 19.4 % Less: total advertising expense (a component of sales and marketing expense) 273,143 230,881 Variable marketing dollars $ 112,795 $ 92,380 $ 20,415 22.1 % Variable marketing margin 29.2 % 28.6 % The increase in variable marketing dollars in the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 was due primarily to increased carrier spend. Liquidity and Capital Resources As of June 30, 2026, our principal sources of liquidity were cash and cash equivalents of $192.3 million and up to $60.0 million of availability under our revolving line of credit. On August 1, 2025, we entered into a new senior secured revolving credit facility, or the Credit Agreement, with Western Alliance Bank, as administrative agent and collateral agent for the lenders, or the Agent, and as a lender itself, and the other lenders party thereto, or collectively, the Lenders. The Credit Agreement provides for a $60.0 million senior secured revolving line of credit. Subject to customary terms and conditions (including the absence of any default or event of default under the Credit Agreement), we have the right, from time to time, to request one or more increases to the revolving commitments in an aggregate amount not to exceed up to $25.0 million during the term of the Credit Agreement. Availability under the Credit Agreement will terminate on August 1, 2028, or the Revolving Commitment Period, and all outstanding revolving loans must be paid on or before such date. We will pay a commitment fee of 0.075% per annum on the average daily unused portion of commitments under the Credit Agreement during the Revolving Commitment Period. Under the Credit Agreement, we have agreed to certain affirmative and negative covenants, reporting requirements and other customary requirements to which we will remain subject until maturity that may limit our operating flexibility. Specifically, the covenants include limitations on our ability to incur additional indebtedness, pay cash dividends, and engage in certain fundamental business transactions, such as mergers or acquisitions of other businesses. In addition, under the Credit Agreement and through the maturity date, for any period we do not maintain a minimum Adjusted Quick Ratio (as defined in the Credit Agreement) of 1.30 to 1.00, the Agent shall have the ability to use our cash receipts to repay outstanding obligations until such time as the Adjusted Quick Ratio is equal to or greater than 1.30 to 1.00 for two consecutive months. For more information regarding our Credit Agreement, see Note 5 to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q. As of June 30, 2026, we were in compliance with the terms and conditions of our Credit Agreement. On July 22, 2025, our board of directors authorized a share repurchase program for up to $50.0 million of our Class A common stock for one year from the board approval date. Share repurchases under the $50.0 million program were authorized to be made from time to time on the open market, pursuant to Rule 10b5-1 trading plans, or by other legally permissible means. The share repurchase program did not obligate us to acquire a specific number of shares, and could have been suspended, modified, or terminated at any time, without prior notice. During the six months ended June 30, 2026, we repurchased $29.0 million of Class A common shares under the program and as of June 30, 2026, we completed the share repurchase program. We believe our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the consolidated financial statements, without considering the borrowing availability under the Credit Agreement. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our revenue, the timing and extent of spending on business initiatives, purchases of capital 28 Table of Contents equipment to support our growth, sales and marketing activities, expansion of our business through acquisitions or our investments in complementary offerings, technologies or businesses, market acceptance of our platform and overall economic conditions. If we do not achieve our revenue goals as planned, we believe that we can reduce our operating costs. If we need additional funds and are unable to obtain funding on a timely basis, we may need to significantly curtail our operations in an effort to provide sufficient funds to continue our operations, which could adversely affect our business prospects. In addition, we have an effective universal shelf registration statement on Form S-3 with the Securities and Exchange Commission that permits us to sell up to $150.0 million of any combination of our common stock, preferred stock, debt securities, warrants, rights or units from time to time and at prices and on terms that we may determine. The net proceeds of any securities we sell under this registration statement may be used for general corporate purposes, including among other possible uses, the acquisition of companies or businesses, repayment and refinancing of debt, working capital and capital expenditures. Any issuance of equity securities under this registration statement (or otherwise) may cause dilution to our stockholders. However, at this time, we have no plans to sell any securities under this registration statement. Cash Flows The following table shows a summary of our cash flows for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 (in thousands) Net cash provided by operating activities $ 53,922 $ 48,603 Net cash used in investing activities (3,102 ) (2,594 ) Net cash provided by (used in) financing activities (29,882 ) 56 Effect of exchange rate changes on cash, cash equivalents and restricted cash 1 7 Net increase in cash, cash equivalents and restricted cash $ 20,939 $ 46,072 Net cash provided by operating activities Operating activities provided $53.9 million in cash during the six months ended June 30, 2026, primarily resulting from our net income of $37.9 million and adjusting for net non-cash charges of $20.6 million, partially offset by net cash used by changes in our operating assets and liabilities of $4.5 million. Net cash used by changes in our operating assets and liabilities consisted primarily of a net $4.2 million decrease in accounts payable and accrued expenses and other current liabilities and a $0.9 million increase in accounts receivable. Operating activities provided $48.6 million in cash during the six months ended June 30, 2025, primarily resulting from our net income of $22.7 million and adjusting for net non-cash charges of $22.1 million, including a litigation accrual of $7.8 million, and net cash provided by changes in our operating assets and liabilities of $3.8 million. Net cash provided by changes in our operating assets and liabilities consisted primarily of a $6.4 million decrease in accounts receivable and a $1.9 million decrease in commissions receivable, partially offset by a $3.3 million decrease in accounts payable and accrued expenses and other current liabilities and an increase of $1.0 million in prepaid expenses and other current assets. Changes in accounts receivable, accounts payable and accrued expenses and other current liabilities, and prepaid expenses and other current assets were generally due to changes in our business and timing of customer and vendor invoicing and payments. Net cash used in investing activities Net cash used in investing activities of $3.1 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively, was attributable to the acquisition of property and equipment, which included the capitalization of certain software development costs. During the six months ended June 30, 2026 and 2025, we capitalized $2.7 million and $2.3 million, respectively, of software development costs. Net cash provided by (used in) financing activities During the six months ended June 30, 2026, net cash used in financing activities was $29.9 million, primarily due to $29.0 million used to repurchase common stock under our share repurchase program and $1.9 million used for tax withholding payments relating to net share settlements, partially offset by $1.0 million in proceeds received from the exercise of common stock options. 29 Table of Contents During the six months ended June 30, 2025, net cash provided by financing activities was $0.1 million, consisting of proceeds received from the exercise of common stock options, partially offset by tax withholding payments relating to net share settlements. Contractual Obligations and Commitments Our cash flows are dependent on a number of factors in addition to our operational expenditures, including our contractual and other obligations. As a result, our liquidity and capital resources in future periods should be analyzed in conjunction with such factors. There have been no material changes to the contractual obligations reported in our Annual Report on Form 10-K for the year ended December 31, 2025. Critical Accounting Policies and Significant Judgments and Estimates Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of our condensed consolidated financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements. We base our estimates on historical experience, known trends and events, and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions or conditions. There have been no material changes to our critical accounting policies from those disclosed in our financial statements and the related notes and other financial information included in our Annual Report on Form 10-K for the year ended December 31, 2025, on file with the Securities and Exchange Commission. For further disclosure, refer to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our Annual Report on Form 10-K. Recently Issued Accounting Pronouncements A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.