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Accounting Changes and Error Corrections | 9 Months Ended
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Sep. 30, 2025
Accounting Changes and Error Corrections [Abstract] |
Error Correction |
13. Revision of Prior Period Financial Statements
During the three months ended September 30, 2025, we identified a prior period error related to the previously recorded valuation allowance. This error resulted in an understatement of the deferred tax liability by $15.5 million as of December 31, 2024, March 31, 2025 and June 30, 2025, and a corresponding overstatement of the income tax benefit and an understatement of the net loss for the year ended December 31, 2024. There was no impact to our income tax provision for the first and second quarters of 2025. In evaluating whether our previously issued consolidated financial statements were materially misstated, we considered the guidance in Accounting Standard Codification (ASC) Topic 250, Accounting Changes and Error Corrections, including ASC Topic 250-10-S99-1 (SAB Topic 1.M), Assessing Materiality, and ASC Topic 250-10-S99-2 (SAB Topic 1.N), Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. We concluded that the valuation allowance error was not material to any of the prior reporting periods impacted an d, therefore, amendments of previously filed reports were not required. However, the effect of correcting the valuation allowance error in the current period would have been material to the consolidated financial statements for the three and nine months ended September 30, 2025, and would be material to the forecasted consolidated results of operations for the year ending December 31, 2025. Accordingly, the correction of the valuation allowance error, along with other unrelated immaterial prior period errors, has been reflected as a revision to the applicable prior periods in the financial information presented herein and will be reflected in future filings that include such periods. In accordance with Rule 10D-1(b) under the Securities Exchange Act of 1934, we performed a recovery analysis of incentive-based compensation received by our executive officers during the applicable recovery period. Based on this analysis, no clawback of compensation was required by applicable SEC rules. We have revised certain prior period financial statements to correct for an accounting error related to the valuation allowance as well as other unrelated immaterial errors. See Note 2, Basis of Presentation, for further information. A summary of revisions to our previously reported financial statements is presented below. Revised consolidated balance sheets
(dollars in millions) | As of December 31, 2023
As reported | Adjustment | As revised
Prepaid expenses and other current assets | $ | 99.3 |  | $ | 0.1 |  | $ | 99.4 |
Total current assets | 929.8 |  | 0.1 |  | 929.9 |
Total assets | 2,912.3 |  | 0.1 |  | 2,912.4 |
Accrued expenses and other current liabilities | 64.3 |  | 0.6 |  | 64.9 |
Deferred revenue, current portion | 392.5 |  | (1.7) |  | 390.9 |
Total current liabilities | 1,197.1 |  | (1.1) |  | 1,196.1 |
Total liabilities | 2,103.6 |  | (1.1) |  | 2,102.5 |
Retained earnings | 198.9 |  | 1.2 |  | 200.1 |
Total stockholders' equity | 808.7 |  | 1.2 |  | 809.9 |
Total liabilities and stockholders’ equity | 2,912.3 |  | 0.1 |  | 2,912.4 |
Revised consolidated balance sheets (continued)
(dollars in millions) | As of March 31, 2024 | As of June 30, 2024 | As of September 30, 2024 | As of December 31, 2024
As reported | Adjustment | As revised | As reported | Adjustment | As revised | As reported | Adjustment | As revised | As reported | Adjustment | As revised
Prepaid expenses and other current assets | $ | 94.6 |  | $ | 0.1 |  | $ | 94.7 |  | $ | 92.3 |  | $ | 0.1 |  | $ | 92.4 |  | $ | 87.5 |  | $ | 0.2 |  | $ | 87.7 |  | $ | 81.3 |  | $ | 0.3 |  | $ | 81.6 |
Total current assets | 577.1 |  | 0.1 |  | 577.2 |  | 1,079.2 |  | 0.1 |  | 1,079.3 |  | 655.6 |  | 0.2 |  | 655.8 |  | 976.3 |  | 0.3 |  | 976.6 |
Total assets | 2,549.1 |  | 0.1 |  | 2,549.3 |  | 3,042.7 |  | 0.1 |  | 3,042.9 |  | 2,601.0 |  | 0.2 |  | 2,601.2 |  | 2,495.7 |  | 0.3 |  | 2,496.0 |
Accrued expenses and other current liabilities | 75.3 |  | 0.8 |  | 76.1 |  | 51.7 |  | 0.8 |  | 52.5 |  | 48.7 |  | 0.9 |  | 49.6 |  | 75.5 |  | 0.9 |  | 76.5 |
Deferred revenue, current portion | 360.4 |  | (1.2) |  | 359.2 |  | 427.1 |  | (1.3) |  | 425.8 |  | 411.6 |  | (1.1) |  | 410.4 |  | 359.5 |  | (1.0) |  | 358.5 |
Total current liabilities | 862.6 |  | (0.4) |  | 862.2 |  | 1,349.0 |  | (0.5) |  | 1,348.5 |  | 962.2 |  | (0.2) |  | 962.0 |  | 1,252.1 |  | — |  | 1,252.1 |
Deferred tax liability | 82.4 |  | 0.6 |  | 83.0 |  | 75.4 |  | 0.4 |  | 75.8 |  | 68.2 |  | — |  | 68.2 |  | 9.5 |  | 15.5 |  | 25.0 |
Total noncurrent liabilities | 1,152.5 |  | 0.6 |  | 1,153.0 |  | 1,116.4 |  | 0.4 |  | 1,116.9 |  | 1,094.4 |  | — |  | 1,094.4 |  | 1,101.6 |  | 15.5 |  | 1,117.1 |
Total liabilities | 2,015.1 |  | 0.1 |  | 2,015.2 |  | 2,465.4 |  | — |  | 2,465.4 |  | 2,056.6 |  | (0.2) |  | 2,056.4 |  | 2,353.7 |  | 15.4 |  | 2,369.2 |
Additional paid-in capital | 1,184.3 |  | (3.3) |  | 1,181.1 |  | 1,208.6 |  | (2.6) |  | 1,206.1 |  | 1,227.2 |  | — |  | 1,227.2 |  | 1,291.4 |  | — |  | 1,291.4 |
Retained earnings (accumulated deficit) | 204.1 |  | 3.3 |  | 207.4 |  | 225.9 |  | 2.7 |  | 228.6 |  | 246.5 |  | 0.4 |  | 246.9 |  | (84.3) |  | (15.2) |  | (99.5) |
Total stockholders' equity | 534.1 |  | — |  | 534.0 |  | 577.3 |  | 0.1 |  | 577.5 |  | 544.3 |  | 0.4 |  | 544.8 |  | 142.0 |  | (15.2) |  | 126.8 |
Total liabilities and stockholders’ equity | 2,549.1 |  | 0.1 |  | 2,549.3 |  | 3,042.7 |  | 0.1 |  | 3,042.9 |  | 2,601.0 |  | 0.2 |  | 2,601.2 |  | 2,495.7 |  | 0.3 |  | 2,496.0 |
(dollars in millions) | As of March 31, 2025 | As of June 30, 2025
As reported | Adjustment | As revised | As reported | Adjustment | As revised
Accounts receivable, net of allowance | $ | 78.1 |  | $ | — |  | $ | 78.1 |  | $ | 145.2 |  | $ | 0.8 |  | $ | 146.0 |
Prepaid expenses and other current assets | 88.2 |  | 0.1 |  | 88.3 |  | 91.2 |  | 0.3 |  | 91.6 |
Total current assets | 627.5 |  | 0.1 |  | 627.6 |  | 1,154.0 |  | 1.1 |  | 1,155.1 |
Total assets | 2,102.2 |  | 0.1 |  | 2,102.4 |  | 2,629.4 |  | 1.1 |  | 2,630.5 |
Accrued expenses and other current liabilities | 45.1 |  | 1.0 |  | 46.1 |  | 40.9 |  | 1.2 |  | 42.1 |
Deferred revenue, current portion | 326.2 |  | (0.7) |  | 325.6 |  | 399.2 |  | (0.4) |  | 398.8 |
Total current liabilities | 863.9 |  | 0.4 |  | 864.3 |  | 1,380.1 |  | 0.9 |  | 1,380.9 |
Deferred tax liability | 9.6 |  | 15.5 |  | 25.1 |  | 9.8 |  | 15.5 |  | 25.3 |
Total noncurrent liabilities | 1,205.1 |  | 15.5 |  | 1,220.6 |  | 1,161.4 |  | 15.5 |  | 1,176.9 |
Total liabilities | 2,069.0 |  | 15.8 |  | 2,084.9 |  | 2,541.4 |  | 16.3 |  | 2,557.8 |
Accumulated deficit | (79.4) |  | (15.7) |  | (95.1) |  | (53.5) |  | (15.2) |  | (68.7) |
Total stockholders' equity | 33.2 |  | (15.7) |  | 17.5 |  | 88.0 |  | (15.2) |  | 72.7 |
Total liabilities and stockholders’ equity | 2,102.2 |  | 0.1 |  | 2,102.4 |  | 2,629.4 |  | 1.1 |  | 2,630.5 |
Revised consolidated statements of comprehensive (loss) income
(dollars in millions, except per share amounts) | Twelve months ended December 31, 2023
As reported | Adjustment | As revised
Revenue | $ | 1,105.4 |  | $ | 1.6 |  | $ | 1,107.1 |
Cost of revenue | 502.2 |  | 5.8 |  | 508.0 |
Gross profit | 603.2 |  | (4.2) |  | 599.1 |
Research and development | 153.3 |  | (5.8) |  | 147.5 |
Total operating expenses | 558.5 |  | (5.8) |  | 552.7 |
Income from operations | 44.7 |  | 1.6 |  | 46.4 |
Income before provision for income taxes | 17.6 |  | 1.6 |  | 19.3 |
Income tax provision | 15.8 |  | 0.5 |  | 16.3 |
Net income | 1.8 |  | 1.2 |  | 3.0 |
Earnings per share |  |  |
Basic | 0.03 |  | 0.03 |  | 0.06 |
Diluted | 0.03 |  | 0.03 |  | 0.06 |
Comprehensive (loss) | (8.8) |  | 1.2 |  | (7.6) |
(dollars in millions, except per share amounts) | Three months ended March 31, 2024 | Three months ended June 30, 2024 | Three months ended September 30, 2024 |
As reported | Adjustment | As revised | As reported | Adjustment | As revised | As reported | Adjustment | As revised |  |  |
Revenue | $ | 279.3 |  | $ | (0.7) |  | $ | 278.6 |  | $ | 287.3 |  | $ | 0.1 |  | $ | 287.3 |  | $ | 286.7 |  | $ | (0.1) |  | $ | 286.6 |  |  |  |
Cost of revenue | 126.2 |  | 1.7 |  | 127.9 |  | 124.7 |  | 1.7 |  | 126.4 |  | 127.5 |  | 1.8 |  | 129.3 |  |  |  |
Gross profit | 153.0 |  | (2.3) |  | 150.7 |  | 162.6 |  | (1.7) |  | 160.9 |  | 159.2 |  | (1.9) |  | 157.3 |  |  |  |
Sales, marketing and customer success | 50.9 |  | (0.5) |  | 50.4 |  | 47.1 |  | 0.1 |  | 47.2 |  | 49.5 |  | 0.4 |  | 49.8 |  |  |  |
Research and development | 42.8 |  | (2.1) |  | 40.7 |  | 39.1 |  | (1.7) |  | 37.4 |  | 39.4 |  | (1.5) |  | 37.9 |  |  |  |
General and administrative | 47.8 |  | (2.4) |  | 45.4 |  | 33.4 |  | 0.5 |  | 34.0 |  | 25.6 |  | 1.9 |  | 27.5 |  |  |  |
Total operating expenses | 142.3 |  | (5.0) |  | 137.4 |  | 120.5 |  | (1.0) |  | 119.5 |  | 115.4 |  | 0.8 |  | 116.2 |  |  |  |
Income (loss) from operations | 10.7 |  | 2.6 |  | 13.3 |  | 42.1 |  | (0.7) |  | 41.4 |  | 43.8 |  | (2.7) |  | 41.1 |  |  |  |
Income (loss) before (benefit) provision for income taxes | 3.8 |  | 2.6 |  | 6.4 |  | 29.7 |  | (0.7) |  | 29.0 |  | 32.7 |  | (2.7) |  | 30.0 |  |  |  |
Income tax (benefit) provision | (1.5) |  | 0.6 |  | (0.9) |  | 7.9 |  | (0.1) |  | 7.8 |  | 12.1 |  | (0.4) |  | 11.7 |  |  |  |
Net income (loss) | 5.2 |  | 2.1 |  | 7.3 |  | 21.8 |  | (0.6) |  | 21.2 |  | 20.5 |  | (2.3) |  | 18.3 |  |  |  |
Earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Basic | 0.10 |  | 0.04 |  | 0.14 |  | 0.43 |  | (0.01) |  | 0.42 |  | 0.41 |  | (0.05) |  | 0.36 |  |  |  |
Diluted | 0.10 |  | 0.04 |  | 0.14 |  | 0.42 |  | (0.01) |  | 0.41 |  | 0.40 |  | (0.05) |  | 0.35 |  |  |  |
Comprehensive income (loss) | 8.2 |  | 2.1 |  | 10.2 |  | 20.8 |  | (0.6) |  | 20.2 |  | 13.5 |  | (2.3) |  | 11.2 |  |  |  |
Revised consolidated statements of comprehensive (loss) income (continued)
(dollars in millions, except per share amounts) | Six months ended June 30, 2024 | Nine months ended September 30, 2024 | Twelve months ended December 31, 2024
As reported | Adjustment | As revised | As reported | Adjustment | As revised | As reported | Adjustment | As revised
Revenue | $ | 566.5 |  | $ | (0.6) |  | $ | 565.9 |  | $ | 853.3 |  | $ | (0.8) |  | $ | 852.5 |  | $ | 1,155.5 |  | $ | (0.9) |  | $ | 1,154.6 |
Cost of revenue | 250.9 |  | 3.4 |  | 254.3 |  | 378.4 |  | 5.2 |  | 383.6 |  | 516.3 |  | 6.9 |  | 523.2 |
Gross profit | 315.6 |  | (4.0) |  | 311.6 |  | 474.8 |  | (5.9) |  | 468.9 |  | 639.2 |  | (7.8) |  | 631.4 |
Sales, marketing and customer success | 97.9 |  | (0.4) |  | 97.6 |  | 147.4 |  | — |  | 147.4 |  | 197.5 |  | — |  | 197.5 |
Research and development | 81.9 |  | (3.7) |  | 78.1 |  | 121.2 |  | (5.2) |  | 116.0 |  | 160.6 |  | (6.9) |  | 153.7 |
General and administrative | 81.2 |  | (1.9) |  | 79.3 |  | 106.8 |  | — |  | 106.8 |  | 142.7 |  | — |  | 142.7 |
Total operating expenses | 262.8 |  | (6.0) |  | 256.9 |  | 378.2 |  | (5.2) |  | 373.0 |  | 909.7 |  | (6.9) |  | 902.8 |
Income (loss) from operations | 52.8 |  | 1.9 |  | 54.7 |  | 96.6 |  | (0.8) |  | 95.9 |  | (270.5) |  | (0.9) |  | (271.4) |
Income (loss) before provision (benefit) for income taxes | 33.5 |  | 1.9 |  | 35.4 |  | 66.2 |  | (0.8) |  | 65.4 |  | (311.6) |  | (0.9) |  | (312.5) |
Income tax provision (benefit) | 6.4 |  | 0.4 |  | 6.9 |  | 18.6 |  | — |  | 18.6 |  | (28.4) |  | 15.5 |  | (12.9) |
Net income (loss) | 27.1 |  | 1.5 |  | 28.6 |  | 47.6 |  | (0.8) |  | 46.8 |  | (283.2) |  | (16.4) |  | (299.5) |
Earnings (loss) per share |  |  |  |  |  |  |  |  |
Basic | 0.53 |  | 0.03 |  | 0.56 |  | 0.93 |  | (0.01) |  | 0.92 |  | (5.60) |  | (0.32) |  | (5.92) |
Diluted | 0.52 |  | 0.03 |  | 0.55 |  | 0.91 |  | (0.01) |  | 0.90 |  | (5.60) |  | (0.32) |  | (5.92) |
Comprehensive income (loss) | 28.9 |  | 1.5 |  | 30.4 |  | 42.4 |  | (0.8) |  | 41.6 |  | (286.4) |  | (16.4) |  | (302.7) |
(dollars in millions, except per share amounts) | Three months ended March 31, 2025 | Three months ended June 30, 2025 | Six months ended June 30, 2025
As reported | Adjustment | As revised | As reported | Adjustment | As revised | As reported | Adjustment | As revised
Revenue | $ | 270.7 |  | $ | (0.7) |  | $ | 269.9 |  | $ | 281.4 |  | $ | 0.6 |  | $ | 282.0 |  | $ | 552.0 |  | $ | (0.1) |  | $ | 552.0 |
Gross profit | 155.8 |  | (0.7) |  | 155.1 |  | 167.7 |  | 0.6 |  | 168.4 |  | 323.6 |  | (0.1) |  | 323.5 |
Income from operations | 20.4 |  | (0.7) |  | 19.7 |  | 56.7 |  | 0.6 |  | 57.3 |  | 77.1 |  | (0.1) |  | 77.0 |
Income before provision for income taxes | 5.6 |  | (0.7) |  | 4.9 |  | 39.4 |  | 0.6 |  | 40.0 |  | 45.0 |  | (0.1) |  | 44.9 |
Income tax provision | 0.7 |  | (0.2) |  | 0.5 |  | 13.4 |  | 0.2 |  | 13.6 |  | 14.1 |  | — |  | 14.1 |
Net income | 4.9 |  | (0.5) |  | 4.3 |  | 26.0 |  | 0.5 |  | 26.5 |  | 30.8 |  | (0.1) |  | 30.8 |
Earnings per share |  |  |  |  |  |  |  |  |
Basic | 0.10 |  | (0.01) |  | 0.09 |  | 0.54 |  | 0.01 |  | 0.55 |  | 0.64 |  | — |  | 0.64 |
Diluted | 0.10 |  | (0.01) |  | 0.09 |  | 0.54 |  | 0.01 |  | 0.55 |  | 0.63 |  | — |  | 0.63 |
Comprehensive income | 1.4 |  | (0.5) |  | 0.9 |  | 28.0 |  | 0.5 |  | 28.5 |  | 29.4 |  | (0.1) |  | 29.4 |
Revised consolidated statements of cash flows
(dollars in millions) | Twelve months ended December 31, 2023
As reported | Adjustment | As revised
Cash flows from operating activities |  |  |
Net income | $ | 1.8 |  | $ | 1.2 |  | $ | 3.0 |
Changes in operating assets and liabilities, net of acquisition and disposal of businesses: |  |  |
Prepaid expenses and other assets | 16.9 |  | (0.1) |  | 16.7 |
Accrued expenses and other liabilities | (30.3) |  | 0.6 |  | (29.7) |
Deferred revenue | 8.9 |  | (1.7) |  | 7.2 |
Net cash provided by operating activities | 199.6 |  | — |  | 199.6 |
(dollars in millions) | Three months ended March 31, 2024 | Six months ended June 30, 2024 | Nine months ended September 30, 2024 | Twelve months ended December 31, 2024
As reported | Adjustment | As revised | As reported | Adjustment | As revised | As reported | Adjustment | As revised | As reported | Adjustment | As revised
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 5.2 |  | $ | 2.1 |  | $ | 7.3 |  | $ | 27.1 |  | $ | 1.5 |  | $ | 28.6 |  | $ | 47.6 |  | $ | (0.8) |  | $ | 46.8 |  | $ | (283.2) |  | $ | (16.4) |  | $ | (299.5) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation expense | 33.6 |  | (3.3) |  | 30.3 |  | 57.9 |  | (2.6) |  | 55.3 |  | 76.4 |  | — |  | 76.4 |  | 105.0 |  | — |  | 105.0 |
Deferred taxes | (12.2) |  | 0.6 |  | (11.7) |  | (18.8) |  | 0.4 |  | (18.4) |  | (21.8) |  | — |  | (21.8) |  | (85.0) |  | 15.5 |  | (69.5) |
Changes in operating assets and liabilities, net of acquisition and disposal of businesses: |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other assets | (3.3) |  | — |  | (3.2) |  | (2.5) |  | — |  | (2.5) |  | (0.9) |  | (0.1) |  | (0.9) |  | 3.3 |  | (0.1) |  | 3.2 |
Trade accounts payable | 23.1 |  | 0.7 |  | 23.8 |  | 19.1 |  | — |  | 19.1 |  | 18.3 |  | — |  | 18.3 |  | 28.3 |  | — |  | 28.3 |
Accrued expenses and other liabilities | 7.9 |  | 0.2 |  | 8.1 |  | (13.6) |  | 0.2 |  | (13.4) |  | (16.4) |  | 0.3 |  | (16.1) |  | (13.3) |  | 0.3 |  | (13.0) |
Deferred revenue | (25.8) |  | 0.5 |  | (25.4) |  | 36.2 |  | 0.4 |  | 36.6 |  | 19.0 |  | 0.5 |  | 19.5 |  | (2.5) |  | 0.7 |  | (1.9) |
Net cash provided by operating activities | 64.6 |  | 0.7 |  | 65.3 |  | 118.4 |  | — |  | 118.4 |  | 222.4 |  | — |  | 222.4 |  | 296.0 |  | — |  | 296.0 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment | (0.3) |  | (0.7) |  | (1.0) |  | (6.1) |  | — |  | (6.1) |  | (7.2) |  | — |  | (7.2) |  | (7.4) |  | — |  | (7.4) |
Net cash used in investing activities | (14.5) |  | (0.7) |  | (15.2) |  | (40.7) |  | — |  | (40.7) |  | (56.3) |  | — |  | (56.3) |  | (73.4) |  | — |  | (73.4) |
Revised consolidated statements of cash flows (continued)
(dollars in millions) | Three months ended March 31, 2025 | Six months ended June 30, 2025
As reported | Adjustment | As revised | As reported | Adjustment | As revised
Cash flows from operating activities |  |  |  |  |  |
Net income | $ | 4.9 |  | $ | (0.5) |  | $ | 4.3 |  | $ | 30.8 |  | $ | (0.1) |  | $ | 30.8 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Provision for credit losses and sales returns | 0.8 |  | — |  | 0.8 |  | 3.8 |  | (0.8) |  | 3.0 |
Changes in operating assets and liabilities, net of acquisition and disposal of businesses: |  |  |  |  |  |
Prepaid expenses and other assets | (5.3) |  | 0.1 |  | (5.2) |  | (8.9) |  | — |  | (9.0) |
Accrued expenses and other liabilities | (8.2) |  | 0.1 |  | (8.1) |  | (10.2) |  | 0.3 |  | (9.9) |
Deferred revenue | (29.8) |  | 0.3 |  | (29.4) |  | 38.2 |  | 0.6 |  | 38.8 |
Net cash provided by operating activities | 1.4 |  | — |  | 1.4 |  | 68.3 |  | — |  | 68.3 |
Revised consolidated statements of stockholders' equity
| Retained earnings (accumulated deficit) | Total stockholders' equity
(dollars in millions) | As reported | Adjustment | As revised | As reported | Adjustment | As revised
Balance at December 31, 2022 | $ | 197.0 |  | $ | — |  | $ | 197.0 |  | $ | 744.0 |  | $ | — |  | $ | 744.0 |
Net income | 1.8 |  | 1.2 |  | 3.0 |  | 1.8 |  | 1.2 |  | 3.0 |
Balance at December 31, 2023 | 198.9 |  | 1.2 |  | 200.1 |  | 808.7 |  | 1.2 |  | 809.9 |
Net (loss) | (283.2) |  | (16.4) |  | (299.5) |  | (283.2) |  | (16.4) |  | (299.5) |
Balance at December 31, 2024 | (84.3) |  | (15.2) |  | (99.5) |  | 142.0 |  | (15.2) |  | 126.8 |
Revised consolidated statements of stockholders' equity (continued)
| Additional paid-in capital | Retained earnings (accumulated deficit) | Total stockholders' equity
(dollars in millions) | As reported | Adjustment | As revised | As reported | Adjustment | As revised | As reported | Adjustment | As revised
Balance at December 31, 2023 | $ | 1,203.0 |  | $ | — |  | $ | 1,203.0 |  | $ | 198.9 |  | $ | 1.2 |  | $ | 200.1 |  | $ | 808.7 |  | $ | 1.2 |  | $ | 809.9 |
Net income | — |  | — |  | — |  | 5.2 |  | 2.1 |  | 7.3 |  | 5.2 |  | 2.1 |  | 7.3 |
Stock-based compensation | 33.6 |  | (3.3) |  | 30.3 |  | — |  | — |  | — |  | 33.6 |  | (3.3) |  | 30.3 |
Balance at March 31, 2024 | 1,184.3 |  | (3.3) |  | 1,181.1 |  | 204.1 |  | 3.3 |  | 207.4 |  | 534.1 |  | — |  | 534.0 |
Net income | — |  | — |  | — |  | 21.8 |  | (0.6) |  | 21.2 |  | 21.8 |  | (0.6) |  | 21.2 |
Stock-based compensation | 24.3 |  | 0.7 |  | 25.0 |  | — |  | — |  | — |  | 24.3 |  | 0.7 |  | 25.0 |
Balance at June 30, 2024 | 1,208.6 |  | (2.6) |  | 1,206.1 |  | 225.9 |  | 2.7 |  | 228.6 |  | 577.3 |  | 0.1 |  | 577.5 |
Net income | — |  | — |  | — |  | 20.5 |  | (2.3) |  | 18.3 |  | 20.5 |  | (2.3) |  | 18.3 |
Stock-based compensation | 18.6 |  | 2.6 |  | 21.1 |  | — |  | — |  | — |  | 18.6 |  | 2.6 |  | 21.1 |
Balance at September 30, 2024 | 1,227.2 |  | — |  | 1,227.2 |  | 246.5 |  | 0.4 |  | 246.9 |  | 544.3 |  | 0.4 |  | 544.8 |
Balance at December 31, 2024 | 1,291.4 |  | — |  | 1,291.4 |  | (84.3) |  | (15.2) |  | (99.5) |  | 142.0 |  | (15.2) |  | 126.8 |
Net income | — |  | — |  | — |  | 4.9 |  | (0.5) |  | 4.3 |  | 4.9 |  | (0.5) |  | 4.3 |
Balance at March 31, 2025 | 1,319.6 |  | — |  | 1,319.6 |  | (79.4) |  | (15.7) |  | (95.1) |  | 33.2 |  | (15.7) |  | 17.5 |
Net income | — |  | — |  | — |  | 26.0 |  | 0.5 |  | 26.5 |  | 26.0 |  | 0.5 |  | 26.5 |
Balance at June 30, 2025 | 1,347.2 |  | — |  | 1,347.2 |  | (53.5) |  | (15.2) |  | (68.7) |  | 88.0 |  | (15.2) |  | 72.7 |

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