Form 8-K

8-K — LEGALZOOM.COM, INC.

Accession: 0001286139-26-000020

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001286139

SIC: 7374 (SERVICES-COMPUTER PROCESSING & DATA PREPARATION)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Documents

8-K — lz-20260506.htm (Primary)

EX-99.1 (lz-q12026earningsxexx991.htm)

GRAPHIC (lz_logoxblackxnopaddinga.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: lz-20260506.htm · Sequence: 1

lz-20260506

FALSE0001286139954 Villa StreetMountain ViewCalifornia00012861392026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________

FORM 8-K

____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

____________________

LegalZoom.com, Inc.

(Exact name of Registrant as Specified in Its Charter)

____________________

Delaware 001-35618 95-4752856

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

954 Villa Street,

Mountain View, California

94041

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: (323) 962-8600

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.001 per share LZ The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2026, LegalZoom.com, Inc. (“LegalZoom”) issued a press release announcing its results of operations for the three months ended March 31, 2026. A copy of that press release is furnished as Exhibit 99.1 to this report.

The information furnished pursuant to Item 2.02 of this report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless LegalZoom specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 7.01 Regulation FD Disclosure.

Also on May 6, 2026, LegalZoom updated its investor presentation and supplemental financial report, which contain financial results and related information regarding LegalZoom. The investor presentation and supplemental financial report are available on LegalZoom’s Investor Relations website at https://investors.legalzoom.com.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Earnings Press Release of LegalZoom.com, Inc. dated May 6, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

LegalZoom.com, Inc.

Date: May 6, 2026

By: /s/ Noel Watson

Noel Watson

Chief Financial Officer

EX-99.1

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Document

Exhibit 99.1

LegalZoom Reports First Quarter Financial Results Ahead of Expectations; Raises Full-Year Revenue Outlook

•Revenue of $206.8 million, up 13% year-over-year; reflecting continued growth in higher-value subscriptions and contributions from compliance product enhancements

•Subscription revenue of $130.2 million up 12% year-over-year, driven by growth in differentiated human-in-the-loop service offerings

•Net income of $1.1 million and net income margin of 1%

•Adjusted EBITDA of $36.5 million and Adjusted EBITDA margin of 18%

•Commitment to shareholder returns; completed $43.5 million of share repurchases in the quarter

•Ended the quarter with cash and cash equivalents of $183.2 million, delivered $47.3 million in cash from operating activities and $41.0 million in free cash flow with no debt outstanding as of March 31, 2026

MOUNTAIN VIEW, California – May 6, 2026 – LegalZoom (Nasdaq: LZ), America’s #1 online legal services company, today announced results for its first quarter ended March 31, 2026.

“LegalZoom delivered another strong quarter, clearly illustrating that our strategy is working,” said Jeff Stibel, Chairman and Chief Executive Officer of LegalZoom. “In an AI-driven world, we win by getting customers to the finish line, combining technology with real human expertise to complete the last mile.”

Noel Watson, LegalZoom’s Chief Operating Officer and Chief Financial Officer, added, “We delivered strong first quarter results, with 13% revenue growth ahead of expectations. Our performance was driven by momentum in higher-value subscriptions and increased seasonal strength in annual report filings from our enhanced compliance offering. Importantly, our core growth drivers continue to build and will scale through the back half of the year, supporting our increased full-year revenue outlook.”

First Quarter 2026 Highlights

•Revenue was $206.8 million for the quarter, up 13% year-over-year.

◦Transaction revenue of $76.6 million increased 15% year-over-year.

◦Subscription revenue of $130.2 million grew 12% year-over-year.

•Net income was $1.1 million for the quarter, or 1% of revenue, compared to $5.1 million, or 3% of revenue, in the same period in 2025.

•Adjusted EBITDA was $36.5 million for the quarter, or 18% of revenue, compared to $37.0 million, or 20% of revenue, in the same period in 2025.

•Non-GAAP net income was $22.1 million for the quarter compared to $23.8 million in the same period in 2025.

•Cash and cash equivalents were $183.2 million as of March 31, 2026 compared to $203.1 million as of December 31, 2025.

•Cash flows provided by operating activities were $47.3 million for the quarter ended March 31, 2026 compared to $50.7 million in the same period in 2025.

•Free cash flow was $41.0 million for the quarter ended March 31, 2026 compared to $41.3 million in the same period in 2025.

•Basic and diluted net income per share was $0.01 for the quarter compared to a basic and diluted net income per share of $0.03 for the same period in 2025. Basic and diluted Non-GAAP net income per share was $0.13 and $0.12, respectively, for the quarter in 2026 compared to basic and diluted Non-GAAP net income per share of $0.13 for the same period in 2025.

Key Business Metrics and Non-GAAP Financial Measures

(Unaudited, in thousands except AOV, ARPU and percentages)

Three Months Ended March 31,

% Growth

(Decline)

2026 2025 YOY

Total revenue $ 206,781 $ 183,110 13 %

Transaction revenue $ 76,623 $ 66,853 15 %

Subscription revenue $ 130,158 $ 116,257 12 %

Gross profit $ 132,253 $ 116,550 13 %

Gross margin 64 % 64 % — %

Net Income $ 1,104 $ 5,127 (78) %

Net income margin 1 % 3 % (67) %

Net Income per share — basic: $ 0.01 $ 0.03

Net Income per share — diluted: $ 0.01 $ 0.03

Net cash provided by operating activities $ 47,282 $ 50,703 (7) %

Non-GAAP Financial Measures

Non GAAP net income $ 22,070 $ 23,822 (7) %

Non GAAP net income per share — basic: $ 0.13 $ 0.13

Non GAAP net income per share — diluted: $ 0.12 $ 0.13

Adjusted EBITDA $ 36,462 $ 37,012 (1) %

Adjusted EBITDA margin 18 % 20 % (10) %

Free cash flow $ 40,974 $ 41,325 (1) %

Key Business Metrics

Transaction units 375 341 10 %

Business formations 142 131 8 %

Average order value (AOV) $ 205 $ 196 5 %

Subscription units at period end 1,920 1,924 — %

Average revenue per subscription unit (ARPU) at period end $ 263 $ 252 4 %

Certain percentages may not recalculate due to rounding.

Financial Guidance and Outlook

LegalZoom is increasing its revenue outlook and maintaining its Adjusted EBITDA outlook for the full year ending December 31, 2026 as follows:

•Revenue is expected to be in the range of $810 million to $830 million, or 8% year-over-year growth at the midpoint. This compares to the Company’s previous revenue outlook in the range of $805 million to $825 million. LegalZoom’s outlook reflects the continued scaling of our higher-value growth initiatives and ongoing momentum from our partner channel through the remainder of the year.

•Adjusted EBITDA is expected to be in the range of $190 million to $200 million, or 13% year-over-year growth at the midpoint, reflecting improved gross margin, disciplined cost management and AI-driven efficiencies realized in the back-half of the year.

For the second quarter ending June 30, 2026 LegalZoom expects:

•Revenue in the range of $203 million to $207 million, or 6% year-over-year growth at the midpoint. Relative to the first quarter, this growth rate reflects a full lapping of the Formation Nation acquisition as well as a reduced volume of annual reports filings due to seasonality.

•Adjusted EBITDA in the range of $40 million to $42 million, a 5% year-over-year increase at the midpoint.

Webcast and Conference Call Information

A webcast and conference call to discuss first quarter 2026 results is scheduled for today, May 6, 2026, at 4:30 p.m. Eastern time/1:30 p.m. Pacific time. Those interested in participating in the conference call are invited to register Here.

A live audio webcast of the event will be available on the LegalZoom Investor Relations website: https://investors.legalzoom.com. An archived replay of the webcast also will be available shortly after the live event.

Forward-Looking Statements

This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this press release include, but are not limited to, statements regarding our quarterly and annual guidance.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the following: our dependence on business formations; our dependence on customers expanding the use of our platform, including converting our transactional customers to subscribers and our subscribers renewing their subscriptions with us; the impact of macroeconomic challenges or uncertainty on our business; our ability to sustain our revenue growth rate and remain profitable in the future; our ability to provide high-quality products and services, customer care and customer experience; our ability to continue to innovate and provide a platform that is useful to our customers and that meets our customers’ expectations; the competitive legal solutions market; our dependence on our brand and reputation; our ability to maintain and expand strategic relationships with third parties; our ability to hire and retain top talent and motivate our employees; risks and costs associated with complex and evolving laws and regulations; our ability to maintain effective in our internal control over financial reporting; and any factors discussed in the section titled “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2026, as well as any factors in our subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

About Non-GAAP Financial Measures

This press release includes non-GAAP financial measures including Adjusted EBITDA, Adjusted EBITDA margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income per share and free cash flow. We use these non-GAAP financial measures to better understand and evaluate our core operating performance. We believe that these non-GAAP financial measures provide management and our investors with useful information about our financial performance and liquidity, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important measures used by our management for financial and operational decision-making. We also believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. These non-GAAP measures should not be considered in isolation of, or as a substitute or an alternative to, measures prepared and presented in accordance with GAAP.

We define Adjusted EBITDA as net income adjusted to exclude interest expense, interest income, provision for (benefit from) income taxes, depreciation and amortization, other expense (income), net, stock-based

compensation and certain non-recurring income and expenses from time to time. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of revenue.

Adjusted EBITDA is one of the primary performance measures used by our management and our board of directors to understand and evaluate our financial performance and operating trends, including period-to-period comparisons, preparing and approving our annual budget and operational planning. In assessing our performance, we exclude certain expenses that we believe are not comparable period over period or that we believe are not indicative of our underlying operating performance. There are a number of limitations related to the use of Adjusted EBITDA rather than net income, which include that Adjusted EBITDA:

•may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure;

•does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments;

•excludes depreciation and amortization and, although these are non-cash expenses, the assets being depreciated may be replaced in the future;

•does not reflect changes in, or cash requirements for, our working capital needs;

•excludes stock-based compensation expense, which has been, and will continue to be, a significant recurring expense for our business and an important part of our compensation strategy; and

•does not reflect certain expenses that we do not consider representative of our underlying operating performance, but that reduce cash available to us.

We define Non-GAAP net income as net income adjusted to exclude amortization of acquired intangible assets, stock-based compensation expense and certain non-recurring income and expenses from time to time, net of related income tax impacts. We define net income margin as net loss as a percentage of revenue. We define Non-GAAP net income margin as Non-GAAP net income as a percentage of revenue. We define Non-GAAP net income per share attributable to common stockholders as Non-GAAP net income divided by basic and diluted weighted-average common stock.

Free cash flow is a liquidity measure used by management in evaluating the cash generated by our operations after purchases of property and equipment including capitalized internal-use software. We believe free cash flow provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business and strengthening our balance sheet, once our business needs and obligations are met. The usefulness of free cash flow as an analytical tool has limitations because it excludes certain items that are settled in cash, does not represent residual cash flow available for discretionary expenses, does not reflect our future contractual commitments, and may be calculated differently by other companies in our industry.

We are not providing a reconciliation for our non-GAAP outlook on a forward-looking basis (including the information under “Financial Guidance and Outlook” above), as we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking GAAP financial measure that have not yet occurred, are out of LegalZoom’s control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

The tables in this press release contain more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

LegalZoom

LegalZoom is a leading online platform for legal services, transforming how individuals and small businesses navigate the legal system. By combining intuitive technology with access to experienced attorneys—whether through our vast independent attorney network or the LegalZoom-owned law firm—we offer the tools and guidance people need to confidently manage everything from business formation and compliance to estate planning and ongoing legal support.

With over two decades of experience and millions of customers served, LegalZoom helps individuals and small businesses navigate legal needs with confidence. For more information, please visit www.legalzoom.com.

Contact

Investor Relations

investor@legalzoom.com

LegalZoom.com, Inc.

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except par values)

March 31, 2026 December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$ 183,152 $ 203,100

Accounts receivable, net of allowance

24,573 20,589

Prepaid expenses and other current assets

20,551 18,234

Total current assets

228,276 241,923

Property and equipment, net

55,589 58,045

Goodwill

140,705 140,705

Intangible assets, net

16,542 18,152

Operating lease right-of-use assets

14,199 13,414

Deferred income taxes

29,446 31,884

Other assets

7,101 7,399

Total assets

$ 491,858 $ 511,522

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$ 38,126 $ 27,167

Accrued expenses and other current liabilities

57,373 83,361

Deferred revenue

223,242 203,653

Operating lease liability

4,743 4,338

Total current liabilities

323,484 318,519

Operating lease liability, non-current

10,479 10,025

Deferred revenue

260 277

Other liabilities

10,727 10,819

Total liabilities

344,950 339,640

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.001 par value; 100,000 shares authorized at March 31, 2026 and December 31, 2025, none issued or outstanding at March 31, 2026 and December 31, 2025

— —

Common stock, $0.001 par value; 1,000,000 shares authorized; 173,402 shares and 177,624 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

175 179

Additional paid-in capital

1,323,587 1,305,936

Accumulated deficit

(1,177,128) (1,134,414)

Accumulated other comprehensive (loss) income

274 181

Total stockholders’ equity

146,908 171,882

Total liabilities and stockholders’ equity

$ 491,858 $ 511,522

LegalZoom.com, Inc.

Unaudited Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

Three Months Ended March 31,

2026 2025

Revenue

$ 206,781 $ 183,110

Cost of revenue 74,528 66,560

Gross profit

132,253 116,550

Operating expenses:

Sales and marketing 78,668 61,378

Technology and development

19,605 21,322

General and administrative

31,216 39,221

Gain on sale of assets held for sale — (14,337)

Total operating expenses

129,489 107,584

Income from operations

2,764 8,966

Interest expense (676) (182)

Interest income 1,648 1,483

Other income, net

81 347

Income before income taxes

3,817 10,614

Provision for income taxes

2,713 5,487

Net income $ 1,104 $ 5,127

Net income attributable to common stockholders—basic and diluted

Net income per share — basic: $ 0.01 $ 0.03

Net income per share — diluted: $ 0.01 $ 0.03

Weighted-average shares used to compute net income per share — basic: 174,866 176,829

Weighted-average shares used to compute net income per share — diluted: 177,013 180,616

LegalZoom.com, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(In thousands)

Three Months Ended March 31,

2026 2025

Cash flows from operating activities

Net income $ 1,104 $ 5,127

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

11,137 10,406

Amortization of debt issuance costs

47 56

Amortization of right-of-use assets 968 618

Stock-based compensation

21,314 29,756

Gain on sale of assets held for sale

— (14,337)

Change in fair value of other equity security — (302)

Loss on disposal of property and equipment

— 99

Deferred income taxes

2,438 1,996

Change in fair value of other equity security — (302)

Unrealized foreign exchange loss 143 76

Changes in operating assets and liabilities, net of effects of business combination:

Accounts receivable

(3,984) (9,148)

Prepaid expenses and other current assets

(2,348) (2,238)

Other assets

412 204

Accounts payable

11,248 5,329

Accrued expenses and other liabilities

(13,882) (3,247)

Operating lease liabilities (896) (536)

Income tax payable

7 6

Deferred revenue

19,574 26,838

Net cash provided by operating activities

47,282 50,703

Cash flows from investing activities

Acquisition, net of cash acquired — (48,123)

Purchase of property and equipment

(6,308) (9,378)

Proceeds from sale of assets held for sale — 37,051

Net cash used in investing activities

(6,308) (20,450)

Cash flows from financing activities

Repayment of capital lease obligations

— (2)

Payment of deferred consideration from business acquisition

(12,514) —

Repurchase of common stock (43,467) —

Shares surrendered for settlement of minimum statutory tax withholding

(4,887) (5,942)

Proceeds from issuance of stock under employee stock plans 16 43,548

Net cash (used in) provided by financing activities

(60,852) 37,604

Effect of exchange rate changes on cash and cash equivalents

(70) 52

Net (decrease) increase in cash and cash equivalents

(19,948) 67,909

Cash and cash equivalents, at beginning of the period 203,100 142,064

Cash and cash equivalents, at end of the period

$183,152 $209,973

Adjusted EBITDA and Adjusted EBITDA Margin

The following table presents a reconciliation of net income to Adjusted EBITDA for each of the periods indicated (unaudited):

Three Months Ended March 31,

2026 2025

(in thousands, except percentages)

Reconciliation of net income to Adjusted EBITDA

Net income $ 1,104 $ 5,127

Interest expense 676 182

Interest income (1,648) (1,483)

Provision for income taxes 2,713 5,487

Depreciation and amortization 11,137 10,406

Other income, net (81) (347)

Stock-based compensation 21,314 29,756

Transaction-related expenses(1)

604 1,543

Gain on sale of assets held for sale — (14,337)

Restructuring costs(2)

643 678

Adjusted EBITDA $ 36,462 $ 37,012

Net income margin 1 % 3 %

Adjusted EBITDA margin 18 % 20 %

(1) For 2025, transaction-related expenses are primarily related to our acquisition of Formation Nation. For 2026, transaction-related expenses are related to the evaluation and pursuit of strategic transactions.

(2) For 2026 and 2025, restructuring costs are related to the reduction of our U.S. headcount.

Non-GAAP Net Income, Non-GAAP Net Income Margin and diluted Non-GAAP Net Income Per Share

The following table presents a reconciliation of net income to Non-GAAP net income for each of the periods indicated (unaudited):

Three Months Ended March 31,

2026 2025

(in thousands, except per share amounts)

Reconciliation of net income to Non-GAAP net income

Net income $ 1,104 $ 5,127

Amortization of acquired intangible assets 1,610 1,647

Stock-based compensation 21,314 29,756

Transaction-related expenses(1)

604 1,543

Restructuring costs(2)

643 678

Gain on sale of assets held for sale — (14,337)

Income tax effects(3)

(3,205) (592)

Non-GAAP net income 22,070 23,822

Net income margin 1 % 3 %

Non-GAAP net income margin 11 % 13 %

Net income per share — basic $ 0.01 $ 0.03

Net income per share — diluted $ 0.01 $ 0.03

Non-GAAP net income per share — basic $ 0.13 $ 0.13

Non-GAAP net income per share — diluted $ 0.12 $ 0.13

Weighted-average shares used to compute net income per share — basic 174,866 176,829

Weighted-average shares used to compute net income per share — diluted 177,013 180,616

Weighted-average shares used to compute Non-GAAP net income per share — basic 174,866 176,829

Weighted-average shares used to compute Non-GAAP net income per share — diluted 177,013 180,616

(1)For 2025, transaction-related expenses are primarily related to our acquisition of Formation Nation. For 2026, transaction-related expenses are related to the evaluation and pursuit of strategic transactions.

(2)For 2026 and 2025, restructuring costs are related to the reduction of our U.S. headcount.

(3)The estimated income tax effect of the non-GAAP pre-tax adjustments is determined by applying the statutory rate of the originating jurisdiction, if applicable.

The following table shows the computation of basic and diluted Non-GAAP net income per share (unaudited):

Three Months Ended March 31,

2026 2025

(in thousands, except per share amounts)

Non-GAAP net income and Non-GAAP net income per share:

Non-GAAP net income $ 22,070 $ 23,822

Reconciliation of denominator for net income per share to Non-GAAP net income per share:

Weighted-average shares used to compute net income per share — basic:

174,866 176,829

Effect of potentially dilutive securities:

Options to purchase common stock 36 60

RSUs and PSUs

2,111 3,713

Employee stock purchase plan — 14

Weighted-average common stock used in computing Non-GAAP net income per share — diluted 177,013 180,616

Non-GAAP net income per share — basic $ 0.13 $ 0.13

Non-GAAP net income per share — diluted $ 0.12 $ 0.13

Free Cash Flow

The following table presents a reconciliation of net cash provided by operating activities to free cash flow (unaudited):

Three Months Ended March 31,

2026 2025

(in thousands)

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

Net cash provided by operating activities 47,282 50,703

Purchase of property and equipment (6,308) (9,378)

Free cash flow $ 40,974 $ 41,325

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Entity Tax Identification Number

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Entity Address, Address Line One

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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No definition available.

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dei_DocumentPeriodEndDate

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xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

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Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Name of the City or Town

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No definition available.

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Name:

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Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Code for the postal or zip code

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No definition available.

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Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Name of the state or province.

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No definition available.

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Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

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Data Type:

dei:stateOrProvinceItemType

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Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityCentralIndexKey

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

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Data Type:

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duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

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Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityRegistrantName

Namespace Prefix:

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xbrli:normalizedStringItemType

Balance Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Data Type:

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Period Type:

duration

- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Name:

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Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name:

dei_Security12bTitle

Namespace Prefix:

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Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

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Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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