Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🟢 New in Current Filing Severity7/10Det 7

We cannot guarantee that our Share Repurchase Program will be fully consummated or will enhance long-term stockholder value, and stock repurchases could increase the volatility of the trading price of our Class A common stock and diminish our cash reserves.

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On January 5, 2026, we announced that our board of directors (our “board”) approved a stock repurchase program with authorization to purchase up to $1 billion of our Class A common stock from time to time (the “Share Repurchase Program”). As of January 31, 2026, a total of $921 million remained available for repurchase under the Share Repurchase Program. Repurchases under the Share Repurchase Program are made in the open market, through privately negotiated transactions or other means, including pursuant to Rule 10b5-1 trading arrangements, and in compliance with applicable securities laws and other requirements. The timing, manner, price, and amount of the Share Repurchase Program is subject to the discretion of our management. The Share Repurchase Program does not obligate us to acquire a specified number of shares, and may be suspended, modified, or terminated at any time, without prior notice. We may not be able to repurchase shares at favorable prices. Further, our share repurchases could affect the trading price of our Class A common stock, increase its volatility, reduce our cash reserves, and may be suspended or terminated at any time, which may result in a lower market valuation of our Class A common stock.

🔴 No Match in Current Filing We may face particular privacy, data security and data protection risks due to stringent data protection and privacy laws and increased scrutiny over data transfers. 🔒

🔴 No Match in Current Filing If we fail to manage our growth effectively or fail to execute our business plan, we may not be able to maintain high levels of service and customer satisfaction or adequately address competitive challenges. 🔒

🟡 Modified Issues with our use, development, adoption, deployment and maintenance of AI Technologies, combined with an uncertain regulatory environment, may result in reputational harm, liability or other adverse consequences to our business operations. 🔒

🔴 No Match in Current Filing We have a history of losses, and we may not be consistently profitable in the future. 🔒

🟡 Modified Any actual or perceived failure by us, our third-party service providers or our customers to comply with new or existing laws, regulations or other requirements relating to the privacy, security and processing of personal information could adversely affect our business, results of operations or financial condition. 🔒

🟡 Modified Risk Factor Summary 🔒

🟡 Modified Adverse general economic, market and industry conditions and reductions in workforce identity and customer identity spending have, in the past and may, in the future, reduce demand for our solutions, which could harm our revenue, results of operations and cash flows. 🔒

🟡 Modified We may not set optimal prices for our solutions. 🔒

🟡 Modified Our prior revenue growth rates may not be indicative of our future growth or performance. 🔒

🟡 Modified Evolving and complex scrutiny of sustainability matters may require us to incur additional costs or otherwise adversely impact our reputation or business. 🔒

🟡 Modified We may not have the ability to raise the funds necessary for cash settlement upon conversion of the 2026 Notes or to repurchase them for cash upon a fundamental change, and our future debt may contain limitations on our ability to pay cash upon conversion of the 2026 Notes or to repurchase the 2026 Notes. 🔒

🟡 Modified The conversion features of the 2026 Notes, if triggered, may adversely affect our financial condition and results of operations. 🔒

🟡 Modified Transactions relating to the 2026 Notes may affect the value of our Class A common stock. 🔒

13 more changes in this filing

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