Qualys Inc.

05/05/2026 | Press release | Distributed by Public on 05/05/2026 15:09

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
This Quarterly Report on Form 10-Q, including this Management's Discussion and Analysis of Financial Condition and Results of Operations, should be read in conjunction with (1) our unaudited condensed consolidated financial statements and the related notes included elsewhere in this report, and (2) the audited consolidated financial statements and the related notes and section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
In addition to historical information, this Quarterly Report on Form 10-Q contains "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, it is possible to identify forward-looking statements because they contain words such as "anticipates," "believes," "contemplates," "continue," "could," "would," "estimates," "expects," "future," "intends," "likely," "may," "plans," "potential," "predicts," "projects," "forecasts," "seek," "should," "target," or "will," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:
•our financial performance, including our revenues, costs, expenditures, growth rates, operating expenses and ability to generate positive cash flow to fund our operations and sustain profitability;
•anticipated technology trends, such as the use of cloud solutions, and use of artificial intelligence ("AI");
•our ability to adapt to changing market conditions;
•economic and financial conditions, including volatility in foreign exchange rates, inflation concerns, high interest rates, recessionary fears, significant volatility of global markets, reduced spending, budget scrutiny and extended sales cycles, and geopolitical conflicts;
•our ability to diversify our sources of revenues, including selling additional solutions to our existing customers and our ability to pursue new customers;
•the effects of increased competition in our market;
•our ability to innovate and enhance our cloud solutions and platform and introduce new solutions;
•our ability to effectively manage our growth;
•our anticipated investments in sales and marketing, our infrastructure, new solutions, research and development, and acquisitions;
•maintaining and enhancing our relationships with channel partners;
•our ability to maintain, protect and enhance our brand and intellectual property;
•costs associated with defending intellectual property infringement and other claims;
•our ability to attract and retain qualified employees and key personnel, including sales and marketing personnel;
•our ability to successfully enter new markets and manage our international expansion;
•our expectations, assumptions and conclusions related to our income tax provision, our deferred tax assets and our effective tax rate;
•our expectations regarding the performance of, and our future trading activity with respect to, the marketable securities we hold;
•our expectations regarding our share repurchase program; and
•other factors discussed in this Quarterly Report on Form 10-Q in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."
We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The results, events and circumstances reflected in these forward-looking statements are subject to risks, uncertainties, assumptions, and other factors including those described in Part II, Item 1A (Risk Factors) of this Quarterly Report on Form 10-Q and those discussed in other documents we file with the U.S. Securities and Exchange Commission (SEC). Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements used herein. We cannot provide assurance that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
You should not rely on forward-looking statements as predictions of future events. Except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements, and
we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Overview
We are a leading provider of a cloud-based platform delivering information technology ("IT"), security and compliance solutions that enable organizations to identify security risks to their IT infrastructures, help protect their IT systems and applications from ever-evolving cyber-attacks and achieve compliance with internal policies and external regulations. Our cloud platform addresses the growing security and compliance complexities and risks that are amplified by the dissolving boundaries between IT infrastructures and web environments, the rapid adoption of cloud computing, containers and serverless IT models, and the proliferation of geographically dispersed IT assets. Our integrated suite of IT, security and compliance solutions delivered on Qualys' Enterprise TruRisk Platform enables our customers to identify and manage their IT and operational technology ("OT") assets, collect and analyze large amounts of IT security data, discover and prioritize vulnerabilities, quantify cyber risk exposure, recommend and implement remediation actions and verify the implementation of such actions. Organizations use our integrated suite of solutions to cost-effectively obtain a unified view of their internal and external IT and OT asset inventory as well as security and compliance posture across globally-distributed IT infrastructures as our solution offers a single platform for IT, information security, application security, endpoint, developer security and cloud teams.
We were founded and incorporated in December 1999 with a vision of transforming the way organizations secure and protect their IT infrastructure and applications and initially launched our first cloud solution, Vulnerability Management ("VM"), in 2000. As VM gained acceptance, we introduced additional solutions to help customers manage increasing IT, security and compliance requirements. Today, the suite of solutions that we offer on our cloud platform and refer to as the Qualys Cloud Apps help our customers detect, measure, prioritize and remediate cyber risk spanning a range of assets across on-premises, endpoints, cloud, containers, and mobile environments.
We provide our solutions through a software-as-a-service model, primarily with renewable annual subscriptions. These subscriptions require customers to pay a fee in order to access each of our cloud solutions. We generally invoice our customers for the entire subscription amount at the start of the subscription term, and the invoiced amounts are treated as deferred revenues and are recognized ratably over the term of each subscription. We continue to experience revenue growth from our existing customers as they renew and purchase additional subscriptions, as well as from the addition of new customers to our cloud platform.
We market and sell our solutions to enterprises, government entities and small and medium-sized businesses across a broad range of industries, including education, financial services, government, healthcare, insurance, manufacturing, media, retail, technology and utilities. For the three months ended March 31, 2026 and 2025, approximately 55% and 57%, respectively, of our revenues were derived from customers in the United States based on our customers' billing addresses. We sell our solutions to enterprises and government entities primarily through our field sales force and to small and medium-sized businesses through our inside sales force. We generate a significant portion of sales through our channel partners, including managed security service providers, leading cloud providers, value-added resellers and consulting firms in the United States and internationally.
Impacts of Current Macroeconomic Environment
The uncertainty surrounding macroeconomic factors in the U.S. and globally characterized by inflationary pressure, high interest rates, significant volatility of global markets, reduced spending and extended sales cycles, tariff and non-tariff trade barriers, economic and regulatory uncertainty, and geopolitical conflicts could have a material adverse effect on our long-term business and could lead to further economic disruption and expose us to greater risk as our current and potential customers may reduce or eliminate their overall spending on IT security. We will continue to evaluate the nature and extent of the impact to our business, financial position, results of operations and cash flows.
Key Components of Results of Operations
Revenues
We derive revenues from the sale of subscriptions to our IT, security and compliance solutions, which are delivered on our cloud platform. Subscriptions to our solutions allow customers to access our cloud-based IT, security and compliance solutions through a unified, web-based interface. Customers generally enter into one-year renewable subscriptions. The subscription fee entitles the customer to an unlimited number of scans for a specified number of devices or web applications and, if requested by a customer as part of their subscription, a specified number of physical or virtual scanner appliances. Our physical and virtual scanner appliances are requested by certain customers as part of their subscriptions in order to scan IT infrastructures within their firewalls and do not function without, and are not sold separately from, subscriptions for our solutions. In some cases, we also provide certain computer equipment used to extend our cloud platform into our customers' private cloud environment. Customers are required to return physical scanner appliances and computer equipment if they do not renew their subscriptions.
We typically invoice our customers for the entire subscription amount at the start of the subscription term. Invoiced amounts are reflected on our condensed consolidated balance sheets as accounts receivable or as cash when collected, and as deferred revenues until earned and recognized ratably over the subscription period. Accordingly, deferred revenues represent the amount billed to customers that has not yet been earned or recognized as revenues, pursuant to subscriptions entered into in current and prior periods.
Cost of Revenues
Cost of revenues consists primarily of personnel expenses, comprised of salaries, benefits, performance-based compensation and stock-based compensation, for employees who operate our shared cloud platforms and provide support services to our customers. Other expenses include depreciation of shared cloud platform equipment, physical scanner appliances and computer hardware provided to certain customers as part of their subscriptions, expenses related to the use of shared cloud platforms, amortization of software and license fees, amortization of intangibles related to acquisitions, maintenance support, fees paid to contractors who supplement or support our operations center personnel and overhead allocations. We expect to continue to expand our shared cloud platform infrastructures and invest in our customer support and operations teams to support our customers and operations, which in turn, is expected to increase the cost of revenues in absolute dollars.
Operating Expenses
Research and Development
Research and development expenses consist primarily of personnel expenses, comprised of salaries, benefits, performance-based compensation and stock-based compensation, for our research and development teams. Other expenses include third-party contractor fees, software and license fees, amortization of intangibles related to acquisitions and overhead allocations. We expect to continue to devote resources to research and development in an effort to continuously improve our existing solutions as well as develop new solutions and capabilities, which in turn, is expected to increase the research and development expenses in absolute dollars.
Sales and Marketing
Sales and marketing expenses consist primarily of personnel expenses, comprised of salaries, benefits, sales commissions, performance-based compensation and stock-based compensation for our worldwide sales and marketing teams. Other expenses include marketing and promotional events, lead-generation marketing programs, public relations, travel, software licenses and overhead allocations. Sales commissions related to new business and upsells are capitalized as an asset. We amortize the capitalized commission cost as a selling expense on a straight-line basis over a period of five years. We expense sales commissions related to contract renewals as incurred. Our new sales personnel are typically not immediately productive, and the resulting increase in sales and marketing expenses we incur when we add new personnel may not result in increased revenues if these new sales personnel fail to become productive. The timing of our hiring of sales personnel, or the participation in new marketing events or programs, and the rate at which these generate incremental revenues, may affect our future operating results. We expect to continue to invest in sales and marketing teams and also in more marketing programs to support new solutions on our platform, which in turn, is expected to increase sales and marketing expenses in absolute dollars.
General and Administrative
General and administrative expenses consist primarily of personnel expenses, comprised of salaries, benefits, performance-based compensation and stock-based compensation for our executive, finance and accounting, IT, legal and human resources teams, as well as professional services, fees, software licenses and overhead allocations. We expect to continue to invest in our people and incur professional services to support our growth and compliance with legal and regulatory requirements, which in turn, is expected to increase general and administrative expenses in absolute dollars.
Other Income (Expense), Net
Our other income (expense), net consists primarily of interest and returns from our cash equivalent, short-term and long-term marketable securities, non-marketable securities gains, losses and impairments of non-marketable securities, and foreign exchange gains and losses.
Income Tax Provision
We are subject to federal, state and foreign income taxes for jurisdictions in which we operate, and we use estimates in determining our income tax provision and deferred tax assets. Earnings from our non-U.S. activities are subject to income taxes in the local countries at rates which are generally similar to the U.S. statutory tax rate. We regularly assess the realizability of our net deferred tax assets. As of March 31, 2026, valuation allowances remain in certain jurisdictions where we believe it is necessary to see positive evidence, such as sustained achievement of sufficient profits, to meet a more likely than not stance that the valuation allowance should be reversed. The exact timing and amount of the valuation allowance release is subject to change based on the level of profitability achieved in future periods. Release of the valuation allowance would result in the recognition of deferred tax assets and a corresponding decrease to income tax expense in the period the release is recorded.
On July 4, 2025, OBBBA was signed into law. Beginning in 2026, the OBBBA changes to FDDEI Deduction and NCTI become effective. We have recognized the effects of these OBBBA provisions in our financial results for the three months ended March 31, 2026. These changes generally resulted in a decrease to our income tax provision for the period. We will continue to monitor the impact of the OBBBA and the range of potential outcomes, which will depend on facts in each year and anticipated guidance from the U.S. Department of the Treasury.
Results of Operations
The following table sets forth selected condensed consolidated statements of operations data for each of the periods presented as a percentage of revenues:
Three Months Ended
March 31,
2026 2025
Revenues 100 % 100 %
Cost of revenues 17 18
Gross profit 83 82
Operating expenses:
Research and development 17 18
Sales and marketing 21 21
General and administrative 10 11
Total operating expenses 48 50
Income from operations 35 32
Total other income, net 2 4
Income before income taxes 37 36
Income tax provision 8 6
Net income 29 % 30 %
Comparison of Three Months Ended March 31, 2026 and 2025
Revenues
Three Months Ended
March 31, 		Change
2026 2025 $ %
(in thousands, except percentages)
Revenues $ 175,638 $ 159,899 $ 15,739 10 %
Revenues increased by $15.7 million for the three months ended March 31, 2026 compared to the same period in 2025, driven by increased demand for our subscription services by our end customers. Of the total increase of $15.7 million in revenues, 96% was from revenues from customers existing prior to January 1, 2026, and the remaining 4% was from new customers added in the three months ended March 31, 2026. Of the total increase of $15.7 million, 35% was from customers in the United States and the remaining 65% was from customers in foreign countries. Of the total increase of $15.7 million, 14% was from direct customers and the remaining 86% was from partners. In the three months ended March 31, 2026, 48% of total revenue was direct and the remaining 52% was from partners.
With our strong market position driving further demand for our solutions, we expect revenue growth from new and existing customers to continue.
Cost of Revenues
Three Months Ended
March 31, 		Change
2026 2025 $ %
(in thousands, except percentages)
Cost of revenues $ 29,990 $ 28,926 $ 1,064 4 %
Cost of revenues increased by $1.1 million for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to an increase in personnel costs of $0.9 million, driven by additional employees hired to support the growth of our business, an impairment of our property and equipment of $0.6 million, an increase in shared cloud platform cost of $0.2 million, partially offset by a decrease in depreciation and amortization expense of $0.6 million resulting from certain of our assets that became fully depreciated or amortized.
Research and Development Expenses
Three Months Ended
March 31, 		Change
2026 2025 $ %
(in thousands, except percentages)
Research and development $ 29,020 $ 29,154 $ (134) - %
Research and development expenses remained relatively flat for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to lower average personnel costs, including stock-based compensation, driven by lower average grant-date fair value and geographic mix of the increased headcount to support product development, resulting in cost savings of $0.6 million, partially offset by an increase in overhead allocations of $0.5 million.
Sales and Marketing Expenses
Three Months Ended
March 31, 		Change
2026 2025 $ %
(in thousands, except percentages)
Sales and marketing $ 38,760 $ 32,660 $ 6,100 19 %
Sales and marketing expenses increased by $6.1 million for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to an increase in personnel costs, including stock-based compensation, of $5.8 million, driven by an increase in headcount and higher sales commissions and incentive compensation, an increase in sales event and sponsorship of $0.5 million, an increase in travel expenses of $0.5 million, and an increase in overhead allocations of $0.6 million, partially offset by a decrease in marketing expenses of $1.3 million, primarily related to digital advertising.
General and Administrative Expenses
Three Months Ended
March 31, 		Change
2026 2025 $ %
(in thousands, except percentages)
General and administrative $ 16,983 $ 17,404 $ (421) (2 %)
General and administrative expenses decreased by $0.4 million for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to a decrease in overhead allocations to other expense categories of $1.0 million, partially offset by an increase in license expenses and professional service expenses of $0.4 million, and an increase in personnel costs, including stock-based compensation, of $0.2 million, driven by an increase in headcount.
Total other income, net
Three Months Ended
March 31, 		Change
2026 2025 $ %
(in thousands, except percentages)
Total other income, net $ 4,105 $ 6,552 $ (2,447) (37) %
Total other income, net decreased by $2.4 million for the three months ended March 31, 2026, compared to the same periods in 2025, primarily due to an impairment to our non-marketable security of $2.0 million, and unfavorable changes in foreign currency of $0.4 million.
Income tax provision
Three Months Ended
March 31, 		Change
2026 2025 $ %
(in thousands, except percentages)
Income tax provision $ 14,347 $ 10,773 $ 3,574 33 %
Income tax provision increased by $3.6 million for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to an increase in non-deductible stock-based compensation, a decrease in benefit from the R&D credit, and an increase in tax expense arising from discrete adjustments in the period, partially offset by an increase in the tax benefit from FDDEI rules that became effective in 2026 under OBBBA.
Key Operating and Non-GAAP Financial Performance Metrics
In addition to measures of financial performance presented in our condensed consolidated financial statements, we monitor the key metrics set forth below to help us evaluate growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts and assess operational efficiencies.
Net Dollar Expansion Rate
We evaluate our ability to retain and grow existing customers by assessing our net dollar expansion rate on a last twelve months, or LTM, basis. This metric is used to appropriately manage resources and customer retention and expansion. We calculate the net dollar expansion rate on a foreign exchange neutral basis by dividing a numerator by a denominator, each defined as follows:
Denominator: To calculate our net dollar expansion rate as of the end of a reporting period, we first determine the annual recurring revenue, or ARR, from all active subscriptions as of the last day of the same reporting period in the prior year. This represents recurring payments that we expect to receive in the next 12-month period from the cohort of customers that existed on the last day of the same reporting period in the prior year.
Numerator: We measure the ARR for that same cohort of customers representing all active subscriptions as of the end of the reporting period, using the same foreign exchange rate from the prior year.
Our net dollar expansion rates were 104% and 103% as of March 31, 2026 and March 31, 2025, respectively.
Adjusted EBITDA
We monitor Adjusted EBITDA, a non-GAAP financial measure, to analyze our financial results and believe that it is useful to investors, as a supplement to U.S. GAAP measures, in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance. We believe that Adjusted EBITDA helps illustrate underlying trends in our business that could otherwise be masked by the effect of the income or expenses that we exclude in Adjusted EBITDA. Furthermore, we use this measure to establish budgets and operational goals for managing our business and evaluating our performance. We also believe that Adjusted EBITDA provides an additional tool for investors to use in comparing our recurring core business operating results over multiple periods with other companies in our industry.
Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. We calculate Adjusted EBITDA as net income before (1) other (income) expense, net, which includes interest income, interest expense and other income and expense, (2) income tax provision (benefit), (3) depreciation and amortization of property and equipment, (4) amortization of intangible assets, (5) stock-based compensation and (6) non-recurring expenses that do not reflect ongoing costs of operating the business.
Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from or as a substitute for the measures presented in accordance with U.S. GAAP. Some of these limitations are:
•Adjusted EBITDA does not reflect certain cash and non-cash charges that are recurring;
•Adjusted EBITDA does not reflect income tax payments that reduce cash available to us;
•Adjusted EBITDA excludes depreciation and amortization of property and equipment and amortization of intangible assets, although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future; and
•Other companies, including companies in our industry, may calculate Adjusted EBITDA differently or not at all, which reduces its usefulness as a comparative measure.
Because of these limitations, Adjusted EBITDA should be considered alongside other financial performance measures, including revenues, net income, cash flows from operating activities and our financial results presented in accordance with U.S. GAAP. The following unaudited table presents the reconciliation of net income to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
2026 2025
(in thousands, except percentages)
Net income $ 50,643 $ 47,534
Net income as a percentage of revenues 29 % 30 %
Depreciation and amortization of property and equipment 2,403 3,537
Amortization of intangible assets 640 640
Income tax provision 14,347 10,773
Stock-based compensation 19,340 18,820
Total other income, net
(4,105) (6,552)
Adjusted EBITDA $ 83,268 $ 74,752
Adjusted EBITDA as a percentage of revenues 47 % 47 %
Liquidity and Capital Resources
As of March 31, 2026, our principal source of liquidity was cash, cash equivalents and marketable securities of $729.3 million, including $190.8 million of cash held outside of the United States. The following summary of cash flows for the periods indicated has been derived from our condensed consolidated financial statements included elsewhere in this report:
Three Months Ended
March 31,
2026 2025
(in thousands)
Net cash provided by operating activities $ 95,294 $ 109,588
Net cash used in investing activities
(6,376) (7,031)
Net cash used in financing activities (59,708) (44,068)
Net increase in cash, cash equivalents and restricted cash $ 29,210 $ 58,489
Operating Activities
During the three months ended March 31, 2026, we generated $77.1 million of cash from our net income, as adjusted for non-cash items mainly related to stock-based compensation expense, depreciation and amortization expense, impairment of non-marketable securities, and deferred taxes, as compared to $65.3 million during the three months ended March 31, 2025. In addition, we also generated $18.2 million of cash from changes in working capital during the three months ended March 31, 2026, of which $27.8 million was related to a net favorable change in accounts receivable and deferred revenue due to the timing of billings and collections, partially offset by an $9.6 million net unfavorable change in prepaid expenses and payables and accrued liabilities primarily due to the timing of payments. During the three months ended March 31, 2025, we generated $44.3 million of cash from changes in working capital, of which $36.0 million was attributed to a net favorable change in accounts receivable and deferred revenue due to the timing of collections and billings, and a $8.3 million net favorable change in payables and accrued liabilities primarily driven by the timing of payments.
Investing Activities
During the three months ended March 31, 2026, we used $4.7 million of cash for purchases of marketable securities net of sales and maturities, and used $1.7 million of cash in capital expenditures mainly related to purchases of computer equipment to support our growth and development, as compared to $5.0 million of cash for purchases of marketable securities net of sales and maturities, and $2.0 million of cash used in capital expenditures mainly related to purchases of computer equipment to support our growth and development and leasehold improvements for expansion of our office spaces during the three months ended March 31, 2025.
Financing Activities
During the three months ended March 31, 2026, we used $53.5 million of cash for share repurchases, $10.4 million of cash in payment of employee withholding taxes upon vesting of restricted stock units, partially offset by $3.9 million of proceeds from issuance of common stock through our ESPP, and $0.3 million of proceeds from employee exercise of stock options, as compared to $39.7 million of cash used for share repurchases, and $10.8 million of cash used in payment of employee withholding taxes upon vesting of restricted stock units, partially offset by $3.8 million of proceeds from issuance of common stock through our ESPP, and $2.6 million of proceeds from employee exercise of stock options during the three months ended March 31, 2025.
Material Cash Requirements
We believe our existing cash and cash equivalents, marketable securities and our expected cash flow generated from operations will be sufficient to fund our operations for the next twelve months and beyond. If we repatriate funds from our foreign subsidiaries, we could be subject to foreign withholding taxes.
Operating lease obligations
Our material cash requirements include our operating lease obligations to make payments under our non-cancelable lease agreements for our facilities and shared cloud platforms. We had fixed operating lease payment obligations of $69.2 million as of March 31, 2026, with $13.8 million expected to be paid within the next 12 months.
Purchase Commitments
As of March 31, 2026, other than the changes described above in this section entitled "Liquidity and Capital Resources" in this Quarterly Report on Form 10-Q, there have been no other material changes to our cash requirements for purchase commitments as described in "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Share Repurchases
We expect to continue to use cash to repurchase shares in 2026 under our share repurchase program authorized by our board of directors on February 5, 2018. On February 5, 2026, we announced that our board of directors authorized an additional $200.0 million to the share repurchase program authorization, increasing the total amount of authorized repurchase to $1.6 billion. As of March 31, 2026, approximately $306.6 million remained available under our share repurchase program. Shares will be repurchased from time to time in privately negotiated transactions or on the open market in accordance with Rule 10b-18 of the Exchange Act of 1934, including pursuant to a pre-set trading plan adopted in accordance with Rule 10b5-1 under the Exchange Act.
Recent Accounting Pronouncements
See Note 1 "Description of Business and Summary of Significant Accounting Policies" to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion of recent accounting pronouncements.
Critical Accounting Estimates
There have been no material changes to our critical accounting estimates as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
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