NABL — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-10

• See Note 2. Summary of Significant Accounting Policies for additional information, including the effect of the revision on each previously issued period presented. Amounts presented herein for prior periods reflect the revision.

• Our total revenue was $138.2 million and $130.5 million for the three months ended June 30, 2026 and 2025, respectively. See Note 2. Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for further details regarding revenue recognized from subscription and oth…

• Total annual recurring revenue (“ARR”) as of June 30, 2026 was $544.5 million, compared to $513.7 million as of June 30, 2025, representing an increase of 6.0%. This increase was primarily due to steady demand for our solutions.

• As of June 30, 2026, we had 2,706 customers with ARR over $50,000 on our platform, up from 2,540 as of June 30, 2025, representing an increase of 6.5%. Over the same period, customers with over $50,000 of ARR on our platform grew from approximately 60% of our total ARR as of June 30, 2025 to approxi…

• In June 2026, we entered into an amendment to the Credit Agreement to add a delayed draw term loan facility (the “Delayed Draw Term Loan Facility”) with a committed borrowing availability of $75.0 million (the “Delayed Draw Term Loan”). The Credit Agreement, as amended, permits us to draw up to five…

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• Our total revenue was $133.7 million and $118.2 million for the three months ended March 31, 2026 and 2025, respectively. See Note 2. Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for further details regarding revenue recognized from subscription and ot…

• Total annual recurring revenue (“ARR”) as of March 31, 2026 was $548.0 million, compared to $492.7 million as of March 31, 2025, representing an increase of 11.2%. This increase was primarily due to steady demand for our solutions.

• As of March 31, 2026, we had 2,710 customers with ARR over $50,000 on our platform, up from 2,398 as of March 31, 2025, representing an increase of 13.0%. Over the same period, customers with over $50,000 of ARR on our platform grew from approximately 58% of our total ARR as of March 31, 2025 to app…

• •Research and Development. Research and development expenses primarily consist of related personnel costs, including our engineering, development operations, user experience and internal security operations teams, as well as an allocation of our

• facilities, depreciation, IT and benefits costs. We expect to continue to grow our research and development organization over time and also to incur additional expenses associated with bringing new product offerings to market and our enhancements of security, monitoring and authentication of our sol…

Text added vs the prior filing · source: 10-Q · 2026-08-10

• We do not have material exposure to market risk with respect to our cash and cash equivalents, as these consist primarily of highly liquid investments purchased with original maturities of three months or less as of June 30, 2026 and December 31, 2025, respectively.

• See Note 8. Debt in the Notes to Consolidated Financial Statements for further details regarding the Credit Agreement and Interest Expense, Net of Management's Discussion and Analysis of Financial Condition and Results of Operations - Comparison of the six months ended June 30, 2026 and 2025 for fur…

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• 100 basis point per annum change in interest rate applied over a one-year period. Changes in interest rates have had and could continue to have an adverse impact on our financial results and cash flows since outstanding borrowings under the Credit Agreement bear interest at variable rates.

• We do not have material exposure to market risk with respect to our cash and cash equivalents, as these consist primarily of highly liquid investments purchased with original maturities of three months or less as of March 31, 2026 and December 31, 2025, respectively.

• See Note 8. Debt in the Notes to Consolidated Financial Statements for further details regarding the Credit Agreement and Interest Expense, Net of Management's Discussion and Analysis of Financial Condition and Results of Operations - Comparison of the three months ended March 31, 2026 and 2025 for …

Text added vs the prior filing · source: 10-Q · 2026-08-10

• As of June 30, 2026, the end of the period covered by this Quarterly Report, management performed, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) an evaluation of the effectiveness of the Company’s disclosure controls and procedures as defined in Ru…

• Notwithstanding the material weakness described below, and based on additional analysis and other procedures management performed, our management, including our CEO and CFO, has concluded that the Consolidated Financial Statements included in this Quarterly Report present fairly, in all material res…

• Material Weakness in Internal Control over Financial Reporting

• A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

• We did not design and maintain effective controls related to certain subscription arrangements for which revenue is recognized through manual processes outside our ERP system’s automated revenue recognition module. This material weakness resulted in immaterial errors of subscription revenue and rela…

Text removed vs the prior filing · source: 10-Q · 2026-05-07

• Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Secu…

• Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its …

• There were no changes in our internal control over financial reporting that occurred during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-08-10

• We have identified a material weakness in our internal control over financial reporting and concluded that our disclosure controls and procedures and internal control over financial reporting were not effective as of June 30, 2026. Failure to remediate the material weakness or any other material wea…

• Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, as amended (“Section 404”), our management is required to report on, and our independent registered public accounting firm is required to attest to, the effectiveness of our internal control over financial reporting. The rules governing the …

• As described in Part I, Item 4, Controls and Procedures, of this Quarterly Report, we did not design and maintain effective controls over certain subscription arrangements for which revenue is recognized through manual processes outside our ERP system's automated revenue recognition module. This mat…

• We have begun implementing measures designed to remediate the material weakness. The material weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.…

• If not remediated, the material weakness could result in material misstatements in our financial statements and a failure to meet our reporting and financial obligations, each of which could have a material adverse effect on our financial condition and the trading price of our common stock.