We identified errors related to (i) the net overstatement of revenue associated with certain subscription arrangements and (ii) the accounting for vendor credits on server infrastructure trade-ins, resulting in errors in other income and depreciation expense. Also, we have other immaterial errors from prior periods, including certain balance sheet accounts originating from our 2021 separation from SolarWinds, primarily related to the calculation of foreign exchange. We assessed these errors individually and in the aggregate and concluded they were not material to any previously issued annual or interim consolidated financial statements. However, in accordance with Staff Accounting Bulletin No. 108 of the Securities and Exchange Commission (“SEC”), the Company concluded that correcting the cumulative error in the current period would be material. As a result, we revised our previously issued financial statements.

The revised amounts for the years ended December 31, 2025, 2024 and 2023, and as of December 31, 2025 and 2024 are reflected in the accompanying Consolidated Financial Statements and related footnotes. For the years ended December 31, 2025, 2024 and 2023, revisions to the Consolidated Statements of Stockholders’ Equity are limited to changes in net (loss) income and foreign currency translation adjustments, and the resulting impact to accumulated other comprehensive (loss) income, retained earnings, and total stockholders’ equity. These revisions align to the revised Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive Income presented below.


	December 31, 2025
	As Previously Reported		Adjustments		As Revised
Assets
Current assets:

Accounts receivable, net of allowance of $4,059 as of December 31, 2025	50,342		(370)		49,972




Total current assets	216,440		(370)		216,070
Property and equipment, net	37,962		430		38,392

Deferred taxes	4,412		(248)		4,164



Total assets	$	1,409,906	$	(188)	$	1,409,718
Liabilities and stockholders' equity
Current liabilities:

Accrued liabilities and other	55,756		(473)		55,283



Income taxes payable	9,803		183		9,986
Current portion of deferred revenue	24,494		2,713		27,207

Total current liabilities	181,815		2,423		184,238
Long-term liabilities:






Total liabilities	605,251		2,423		607,674

Stockholders’ equity:




Accumulated other comprehensive income	33,694		(1,180)		32,514
Retained earnings	54,172		(1,431)		52,741
Total stockholders' equity	804,655		(2,611)		802,044
Total liabilities and stockholders' equity	$	1,409,906	$	(188)	$	1,409,718


	December 31, 2024
	As Previously Reported		Adjustments		As Revised
Assets
Current assets:

Accounts receivable, net of allowance of $886 as of December 31, 2024	44,909		(370)		44,539


Current contract assets	12,786		189		12,975

Total current assets	183,923		(181)		183,742
Property and equipment, net	36,162		397		36,559





Total assets	$	1,338,847	$	216	$	1,339,063
Liabilities and stockholders' equity
Current liabilities:

Accrued liabilities and other	51,057		(473)		50,584



Income taxes payable	9,733		109		9,842
Current portion of deferred revenue	23,977		312		24,289

Total current liabilities	150,098		(52)		150,046
Long-term liabilities:






Total liabilities	579,559		(52)		579,507

Stockholders’ equity:




Accumulated other comprehensive loss	(21,095)		(84)		(21,179)
Retained earnings	71,204		352		71,556
Total stockholders' equity	759,288		268		759,556
Total liabilities and stockholders' equity	$	1,338,847	$	216	$	1,339,063


	Year Ended December 31, 2025
	As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	511,430	$	(2,590)	$	508,840
Cost of revenue:
Cost of revenue	100,180		303		100,483

Total cost of revenue	117,054		303		117,357
Gross profit	394,376		(2,893)		391,483






Operating income	36,789		(2,893)		33,896
Other expense, net:

Other income, net	1,599		335		1,934
Total other expense, net	(34,398)		335		(34,063)
Income (loss) before income taxes	2,391		(2,558)		(167)
Income tax expense	19,423		(775)		18,648
Net loss	$	(17,032)	$	(1,783)	$	(18,815)
Foreign currency translation adjustment	54,789		(1,096)		53,693
Other comprehensive income	54,789		(1,096)		53,693
Comprehensive income	$	37,757	$	(2,879)	$	34,878
Net loss per share:
Basic loss per share	$	(0.09)	$	(0.01)	$	(0.10)
Diluted loss per share	$	(0.09)	$	(0.01)	$	(0.10)
Weighted-average shares used to compute net loss per share:
Shares used in computation of basic loss per share:	187,819		187,819		187,819
Shares used in computation of diluted loss per share:	187,819		187,819		187,819


	Year Ended December 31, 2024
	As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	466,147	$	(595)	$	465,552
Cost of revenue:
Cost of revenue	77,159		195		77,354

Total cost of revenue	80,679		195		80,874
Gross profit	385,468		(790)		384,678
Operating expenses:


General and administrative	76,514		(303)		76,211

Total operating expenses	303,098		(303)		302,795
Operating income	82,370		(487)		81,883
Other expense, net:

Other income, net	1,931		294		2,225
Total other expense, net	(28,100)		294		(27,806)
Income before income taxes	54,270		(193)		54,077
Income tax expense	23,312		25		23,337
Net income	$	30,958	$	(218)	$	30,740
Foreign currency translation adjustment	(25,504)		(84)		(25,588)
Other comprehensive loss	(25,504)		(84)		(25,588)
Comprehensive income	$	5,454	$	(302)	$	5,152


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	421,880	$	283	$	422,163
Cost of revenue:
Cost of revenue	66,369		62		66,431

Total cost of revenue	68,208		62		68,270
Gross profit	353,672		221		353,893
Operating expenses:


General and administrative	69,885		174		70,059

Total operating expenses	283,353		174		283,527
Operating income	70,319		47		70,366
Other expense, net:

Other income, net	4,259		359		4,618
Total other expense, net	(25,993)		359		(25,634)
Income before income taxes	44,326		406		44,732

Net income	$	23,412	$	406	$	23,818


Comprehensive income	$	35,636	$	406	$	36,042


	Year Ended December 31, 2025
	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Net loss	$	(17,032)	$	(1,783)	$	(18,815)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	44,057		303		44,360



Gain on disposal of assets	—		(335)		(335)
Deferred taxes	(3,821)		248		(3,573)





Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:



Current contract assets	(6,742)		189		(6,553)




Income taxes payable	311		(1,023)		(712)
Deferred revenue	(732)		2,401		1,669


Net cash provided by operating activities	93,202		—		93,202
Supplemental disclosure of non-cash activities:
Assets acquired in exchange for vendor credits	$	—	$	335	$	335


	Year Ended December 31, 2024
	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Net income	$	30,958	$	(218)	$	30,740
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	25,725		195		25,920



Gain on disposal of assets	—		(294)		(294)






Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:



Current contract assets	(11,430)		283		(11,147)
Operating lease right-of-use assets, net	438		(303)		135



Income taxes payable	4,881		25		4,906



Net cash provided by operating activities	79,437		—		79,437
Supplemental disclosure of non-cash activities:
Assets acquired in exchange for vendor credits	$	—	$	294	$	294


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Net income	$	23,412	$	406	$	23,818
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,623		62		21,685



Gain on disposal of assets	—		(359)		(359)






Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:



Current contract assets	(894)		(283)		(1,177)
Operating lease right-of-use assets, net	(1,550)		174		(1,376)







Net cash provided by operating activities	90,089		—		90,089
Supplemental disclosure of non-cash activities:
Assets acquired in exchange for vendor credits	$	—	$	359	$	359

As described in Note 17, Revision of Previously Issued Financial Statements, we revised our previously issued consolidated financial statements as of and for the years ended December 31, 2025, 2024, and 2023. A summary of the corrections to the affected financial statement line items in our consolidated financial statements for each quarterly and year-to-date period within the years ended December 31, 2025 and 2024 is presented below.


	Three Months Ended March 31, 2025
	As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	118,197	$	(109)	$	118,088
Cost of revenue:
Cost of revenue	23,511		55		23,566

Total cost of revenue	27,678		55		27,733
Gross profit	90,519		(164)		90,355
Operating expenses:





Operating income	1,824		(164)		1,660
Other expense, net:

Other income, net	1,385		123		1,508
Total other expense, net	(5,686)		123		(5,563)
Loss before income taxes	(3,862)		(41)		(3,903)
Income tax expense	3,300		18		3,318
Net loss	$	(7,162)	$	(59)	$	(7,221)
Foreign currency translation adjustment	16,425		(333)		16,092
Other comprehensive income	16,425		(333)		16,092
Comprehensive income	$	9,263	$	(392)	$	8,871


	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	131,249	$	(728)	$	130,521	$	249,446	$	(837)	$	248,609
Cost of revenue:
Cost of revenue	24,468		74		24,542		47,979		129		48,108

Total cost of revenue	28,697		74		28,771		56,375		129		56,504
Gross profit	102,552		(802)		101,750		193,071		(966)		192,105
Operating expenses:





Operating income	10,122		(802)		9,320		11,946		(966)		10,980
Other expense, net:

Other income, net	(854)		39		(815)		531		162		693
Total other expense, net	(8,944)		39		(8,905)		(14,630)		162		(14,468)
Income (loss) before income taxes	1,178		(763)		415		(2,684)		(804)		(3,488)
Income tax expense	5,200		(154)		5,046		8,500		(136)		8,364
Net loss	$	(4,022)	$	(609)	$	(4,631)	$	(11,184)	$	(668)	$	(11,852)
Foreign currency translation adjustment	37,307		(747)		36,560		53,732		(1,080)		52,652
Other comprehensive income	37,307		(747)		36,560		53,732		(1,080)		52,652
Comprehensive income	$	33,285	$	(1,356)	$	31,929	$	42,548	$	(1,748)	$	40,800


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	131,710	$	(652)	$	131,058	$	381,156	$	(1,489)	$	379,667
Cost of revenue:
Cost of revenue	25,409		81		25,490		73,388		210		73,598

Total cost of revenue	29,649		81		29,730		86,024		210		86,234
Gross profit	102,061		(733)		101,328		295,132		(1,699)		293,433
Operating expenses:





Operating income	11,600		(733)		10,867		23,546		(1,699)		21,847
Other expense, net:

Other income, net	4,793		157		4,950		5,324		319		5,643
Total other expense, net	(3,838)		157		(3,681)		(18,468)		319		(18,149)
Income before income taxes	7,762		(576)		7,186		5,078		(1,380)		3,698
Income tax expense	6,379		(107)		6,272		14,879		(243)		14,636
Net income (loss)	$	1,383	$	(469)	$	914	$	(9,801)	$	(1,137)	$	(10,938)
Foreign currency translation adjustment	1,199		(24)		1,175		54,931		(1,104)		53,827
Other comprehensive income	1,199		(24)		1,175		54,931		(1,104)		53,827
Comprehensive income	$	2,582	$	(493)	$	2,089	$	45,130	$	(2,241)	$	42,889
Net income (loss) per share:
Basic income (loss) per share	$	0.01	$	(0.00)	$	0.00	$	(0.05)	$	(0.01)	$	(0.06)
Diluted income (loss) per share	$	0.01	$	(0.00)	$	0.00	$	(0.05)	$	(0.01)	$	(0.06)
Weighted-average shares used to compute net income (loss) per share:
Shares used in computation of basic income (loss) per share:	187,599		187,599		187,599		188,213		188,213		188,213
Shares used in computation of diluted income (loss) per share:	188,420		188,420		188,420		188,213		188,213		188,213


	Three Months Ended December 31, 2025
	As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	130,274	$	(1,101)	$	129,173
Cost of revenue:
Cost of revenue	26,792		93		26,885

Total cost of revenue	31,030		93		31,123
Gross profit	99,244		(1,194)		98,050
Operating expenses:





Operating income	13,243		(1,194)		12,049
Other expense, net:

Other (expense) income, net	(3,725)		16		(3,709)
Total other expense, net	(15,930)		16		(15,914)
Income (loss) before income taxes	(2,687)		(1,178)		(3,865)
Income tax expense	4,544		(532)		4,012
Net loss	$	(7,231)	$	(646)	$	(7,877)
Foreign currency translation adjustment	(142)		8		(134)
Other comprehensive (loss) income	(142)		8		(134)
Comprehensive (loss) income	$	(7,373)	$	(638)	$	(8,011)
Net loss per share:
Basic loss per share	$	(0.04)	$	(0.00)	$	(0.04)
Diluted loss per share	$	(0.04)	$	(0.00)	$	(0.04)
Weighted-average shares used to compute net loss per share:
Shares used in computation of basic loss per share:	186,655		186,655		186,655
Shares used in computation of diluted loss per share:	186,655		186,655		186,655


	Three Months Ended March 31, 2024
	As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	113,749	$	(208)	$	113,541
Cost of revenue:
Cost of revenue	17,836		38		17,874

Total cost of revenue	18,297		38		18,335
Gross profit	95,452		(246)		95,206
Operating expenses:


General and administrative	17,049		(16)		17,033

Total operating expenses	74,961		(16)		74,945
Operating income	20,491		(230)		20,261
Other expense, net:

Other income, net	285		63		348
Total other expense, net	(7,336)		63		(7,273)
Loss before income taxes	13,155		(167)		12,988
Income tax expense	5,699		6		5,705
Net loss	$	7,456	$	(173)	$	7,283
Foreign currency translation adjustment	(10,395)		(398)		(10,793)
Other comprehensive income	(10,395)		(398)		(10,793)
Comprehensive income	$	(2,939)	$	(571)	$	(3,510)


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	119,447	$	(1,102)	$	118,345	$	233,196	$	(1,310)	$	231,886
Cost of revenue:
Cost of revenue	18,706		46		18,752		36,542		84		36,626

Total cost of revenue	19,164		46		19,210		37,461		84		37,545
Gross profit	100,283		(1,148)		99,135		195,735		(1,394)		194,341
Operating expenses:


General and administrative	23,048		49		23,097		40,097		33		40,130

Total operating expenses	78,304		49		78,353		153,265		33		153,298
Operating income	21,979		(1,197)		20,782		42,470		(1,427)		41,043
Other expense, net:

Other income, net	1,142		72		1,214		1,427		135		1,562
Total other expense, net	(6,464)		72		(6,392)		(13,800)		135		(13,665)
Income (loss) before income taxes	15,515		(1,125)		14,390		28,670		(1,292)		27,378
Income tax expense	6,060		6		6,066		11,759		12		11,771
Net loss	$	9,455	$	(1,131)	$	8,324	$	16,911	$	(1,304)	$	15,607
Foreign currency translation adjustment	(3,035)		65		(2,970)		(13,430)		(333)		(13,763)
Other comprehensive income	(3,035)		65		(2,970)		(13,430)		(333)		(13,763)
Comprehensive income	$	6,420	$	(1,066)	$	5,354	$	3,481	$	(1,637)	$	1,844
Net loss per share:
Basic loss per share	$	0.05	$	(0.01)	$	0.04	$	0.09	$	(0.01)	$	0.08
Diluted loss per share	$	0.05	$	(0.01)	$	0.04	$	0.09	$	(0.01)	$	0.08
Weighted-average shares used to compute net loss per share:
Shares used in computation of basic loss per share:	184,996		184,996		184,996		184,504		188,527		188,527
Shares used in computation of diluted loss per share:	187,274		187,274		187,274		187,560		188,527		188,527


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	116,442	$	1,033	$	117,475	$	349,638	$	(277)	$	349,361
Cost of revenue:
Cost of revenue	19,433		52		19,485		55,975		136		56,111

Total cost of revenue	19,900		52		19,952		57,361		136		57,497
Gross profit	96,542		981		97,523		292,277		(413)		291,864
Operating expenses:


General and administrative	17,330		36		17,366		57,427		69		57,496

Total operating expenses	72,634		36		72,670		225,899		69		225,968
Operating income	23,908		945		24,853		66,378		(482)		65,896
Other expense, net:

Other income, net	2,269		75		2,344		3,696		210		3,906
Total other expense, net	(5,266)		75		(5,191)		(19,066)		210		(18,856)
Income before income taxes	18,642		1,020		19,662		47,312		(272)		47,040
Income tax expense	7,885		6		7,891		19,644		18		19,662
Net income (loss)	$	10,757	$	1,014	$	11,771	$	27,668	$	(290)	$	27,378
Foreign currency translation adjustment	19,800		(393)		19,407		6,370		(726)		5,644
Other comprehensive income	19,800		(393)		19,407		6,370		(726)		5,644
Comprehensive income	$	30,557	$	621	$	31,178	$	34,038	$	(1,016)	$	33,022
Net income (loss) per share:
Basic income (loss) per share	$	0.06	$	0.01	$	0.06	$	0.15	$	(0.00)	$	0.15
Diluted income (loss) per share	$	0.06	$	0.01	$	0.06	$	0.15	$	(0.00)	$	0.15
Weighted-average shares used to compute net income (loss) per share:
Shares used in computation of basic income (loss) per share:	185,506		187,599		187,599		184,840		184,840		184,840
Shares used in computation of diluted income (loss) per share:	188,074		188,420		188,420		188,039		188,039		188,039


	Three Months Ended December 31, 2024
	As Previously Reported		Adjustments		As Revised
Revenue:
Subscription and other revenue	$	116,509	$	(318)	$	116,191
Cost of revenue:
Cost of revenue	21,184		59		21,243

Total cost of revenue	23,318		59		23,377
Gross profit	93,191		(377)		92,814
Operating expenses:


General and administrative	19,087		(372)		18,715

Total operating expenses	77,199		(372)		76,827
Operating income	15,992		(5)		15,987
Other expense, net:

Other (expense) income, net	(1,765)		84		(1,681)
Total other expense, net	(9,034)		84		(8,950)
Income (loss) before income taxes	6,958		79		7,037
Income tax expense	3,668		7		3,675
Net loss	$	3,290	$	72	$	3,362
Foreign currency translation adjustment	(31,874)		642		(31,232)
Other comprehensive (loss) income	(31,874)		642		(31,232)
Comprehensive (loss) income	$	(28,584)	$	714	$	(27,870)


	Three Months Ended March 31, 2025
	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Net loss	$	(7,162)	$	(59)	$	(7,221)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,417		55		10,472



Gain on disposal of assets	—		(123)		(123)






Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:



Current contract assets	2,859		47		2,906




Income taxes payable	349		18		367
Deferred revenue	(558)		62		(496)


Net cash provided by operating activities	19,677		—		19,677
Supplemental disclosure of non-cash activities:
Assets acquired in exchange for vendor credits	$	—	$	123	$	123


	Six Months Ended June 30, 2025
	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Net loss	$	(11,184)	$	(668)	$	(11,852)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	21,281		129		21,410



Gain on disposal of assets	—		(162)		(162)






Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:



Current contract assets	(3,193)		94		(3,099)




Income taxes payable	(441)		(136)		(577)
Deferred revenue	(3,641)		743		(2,898)


Net cash provided by operating activities	43,864		—		43,864
Supplemental disclosure of non-cash activities:
Assets acquired in exchange for vendor credits	$	—	$	162	$	162


	Nine Months Ended September 30, 2025
	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Net loss	$	(9,801)	$	(1,137)	$	(10,938)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	32,362		210		32,572



Gain on disposal of assets	—		(319)		(319)






Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:



Current contract assets	(10,050)		141		(9,909)




Income taxes payable	685		(243)		442
Deferred revenue	(5,621)		1,348		(4,273)


Net cash provided by operating activities	67,866		—		67,866
Supplemental disclosure of non-cash activities:
Assets acquired in exchange for vendor credits	$	—	$	319	$	319


	Three Months Ended March 31, 2024
	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Net income	$	7,456	$	(173)	$	7,283
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,819		38		5,857



Gain on disposal of assets	—		(63)		(63)






Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:



Current contract assets	(3,708)		184		(3,524)
Operating lease right-of-use assets, net	(46)		(16)		(62)



Income taxes payable	6,005		6		6,011
Deferred revenue	289		24		313


Net cash provided by operating activities	4,184		—		4,184
Supplemental disclosure of non-cash activities:
Assets acquired in exchange for vendor credits	$	—	$	63	$	63


	Six Months Ended June 30, 2024
	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Net income	$	16,911	$	(1,304)	$	15,607
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,723		84		11,807



Gain on disposal of assets	—		(135)		(135)






Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:



Current contract assets	(11,457)		1		(11,456)
Operating lease right-of-use assets, net	105		33		138



Income taxes payable	9,165		12		9,177
Deferred revenue	(2,082)		1,309		(773)


Net cash provided by operating activities	31,462		—		31,462
Supplemental disclosure of non-cash activities:
Assets acquired in exchange for vendor credits	$	—	$	135	$	135


	Nine Months Ended September 30, 2024
	As Previously Reported		Adjustments		As Revised
Cash flows from operating activities
Net income	$	27,668	$	(290)	$	27,378
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,777		136		17,913



Gain on disposal of assets	—		(210)		(210)






Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:



Current contract assets	(14,896)		213		(14,683)
Operating lease right-of-use assets, net	52		69		121



Income taxes payable	15,893		18		15,911
Deferred revenue	(1,642)		64		(1,578)


Net cash provided by operating activities	53,451		—		53,451
Supplemental disclosure of non-cash activities:
Assets acquired in exchange for vendor credits	$	—	$	210	$	210