Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Executive Summary

Cognizant is one of the world’s leading professional services companies, engineering modern businesses and delivering strategic outcomes for our clients. We help clients modernize technology, reimagine processes and transform experiences so they can stay ahead in today's fast-changing world, where AI is beginning to reshape organizations in every field. We provide industry expertise and close client collaboration, combining critical perspective with a flexible engagement style. We tailor our services and solutions to specific industries with an integrated global delivery model that employs client service and delivery teams based at client locations and dedicated global and regional delivery centers. Our collaborative services include digital services and solutions, consulting, application development, systems integration, quality engineering and assurance, engineering research and development, application maintenance, infrastructure and security as well as business process services and automation. Digital, AI-enhanced services continue to be an important part of our portfolio, aligning with our clients' focus on becoming data-enabled, customer-centric and differentiated businesses.

Q1 2025 Financial Results****1

Revenue

Income from Operations

Operating Margin

Diluted EPS

GAAP						Adjusted1

GAAP						Adjusted1

GAAP						Adjusted1

Revenue up $355 million or 7.5% from Q1 2024; an increase of 8.2% in constant currency1						Income from Operations up $158 million or 22.7% from Q1 2024 Adjusted Income from Operations1 up $73 million or 10.2% from Q1 2024												Operating margin up 210 bps from Q1 2024 Adjusted Operating Margin1 up 40 bps from Q1 2024												Diluted EPS up $0.24 or 21.8% from Q1 2024 Adjusted Diluted EPS1 up $0.11 or 9.8% from Q1 2024

During the quarter ended March 31, 2025, revenues increased by $355 million as compared to the quarter ended March 31, 2024, representing growth of 7.5%, or 8.2% on a constant currency1 basis. Our recently completed acquisitions contributed approximately 400 basis points to revenue growth. Additionally, revenues were positively impacted by growth in our Health Sciences and Financial Services segment, partially offset by weakness in our Products and Resources (excluding the impact of our recently completed acquisitions) and Communications, Media and Technology segments.

Our operating margin increased to 16.7% for the quarter ended March 31, 2025 from 14.6% for the quarter ended March 31, 2024. Our Adjusted Operating Margin1 increased to 15.5% for the quarter ended March 31, 2025 from 15.1% for the quarter ended March 31, 2024. Our GAAP and Adjusted Operating Margins for the quarter ended March 31, 2025, as compared to the quarter ended March 31, 2024, were positively impacted by net savings generated from our NextGen program, operational efficiencies and the beneficial impact of foreign currency exchange rate movements, partially offset by the negative impact of the 2024 merit cycle on compensation costs, and the dilutive impact of the recently completed acquisition of Belcan. In addition, our GAAP operating margin for the quarter ended March 31, 2025 was positively impacted by 120 basis points, or $62 million, from the gain on sale of property and equipment, and our GAAP operating margin for the quarter ended March 31, 2024 was negatively impacted by NextGen charges, both of which were excluded from our Adjusted Operating Margin.

1 Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Diluted EPS and constant currency revenue growth are not measures of financial performance prepared in accordance with GAAP. See “Non-GAAP Financial Measures” for more information and reconciliations to the most directly comparable GAAP financial measures, as applicable.

Cognizant Technology Solutions			25			March 31, 2025 Form 10-Q

As a global professional services company, we compete on the basis of the knowledge, experience, insights, skills and talent of our employees and the value they can provide to our clients. We closely monitor attrition trends focusing on the metric that we believe is most relevant to our business. For the trailing twelve months ended March 31, 2025 our Voluntary Attrition - Tech Services was 15.8% as compared to 13.1% for the trailing twelve months ended March 31, 2024. We finished the first quarter of 2025 with approximately 336,300 employees as compared to 344,400 employees at the end of the first quarter of 2024.

Business Outlook

We continue to expect our clients' focus to be on their transformation into AI-ready, technology-driven, data-enabled, customer-centric and differentiated businesses. To support this transformation and drive greater business resiliency, we expect clients will continue to demand services and solutions that can enhance productivity and deliver cost savings. We believe clients will continue to contend with industry-specific changes driven by evolving digital technologies, uncertainty in the regulatory environment, industry consolidation and convergence as well as international trade policies, including tariffs, and other macroeconomic and geopolitical factors. This includes the uncertainty related to the global economy, which has affected and may continue to affect their demand for our services and discretionary work.

We increasingly use AI-based technologies, including GenAI, in our client offerings and our own internal operations. AI technologies and services are part of a highly competitive and rapidly evolving market. We plan to continue to make significant investments in our AI capabilities to meet the needs of our clients and harness AI's value in a flexible, secure, scalable and responsible way. As AI-based technologies or other forms of automation evolve, demand for some services that we currently perform for our clients may be reduced, and our ability to obtain favorable pricing or other terms for some of our services may be diminished.

During the third quarter of 2024, we completed the acquisition of Belcan. This acquisition is expected to have a modest near-term dilutive impact to operating margin, primarily due to integration-related expenses and amortization of acquired intangibles.

Cognizant Technology Solutions			26			March 31, 2025 Form 10-Q

Results of Operations

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

The following table sets forth, for the periods indicated, certain financial data for the three months ended March 31:

									% of															% of															Increase / Decrease
(Dollars in millions, except per share data)			2025						Revenues									2024						Revenues															$																		%
Revenues			$	5,115					100.0									$	4,760					100.0															$	355																	7.5
Operating expenses:
Cost of revenues(a)			3,397						66.4									3,146						66.1															251																		8.0
Selling, general and administrative expenses(a)			791						15.5									765						16.1															26																		3.4
Restructuring charges			—						—									23						0.5															(23)																		(100.0)
Depreciation and amortization expense			136						2.7									131						2.8															5																		3.8
(Gain) on sale of property and equipment			(62)						(1.2)									—						—															(62)																		N/A
Income from operations			853						16.7									695						14.6															158																		22.7
Other income (expense), net			19															27																					(8)																		(29.6)
Income before provision for income taxes			872						17.0									722						15.2															150																		20.8
Provision for income taxes			(213)															(179)																					(34)																		19.0
Income (loss) from equity method investments			4															3																					1																		33.3
Net income			$	663					13.0									$	546					11.5															$	117																	21.4
Diluted EPS			$	1.34														$	1.10																				$	0.24																	21.8
Other Financial Information**2
Adjusted Income from Operations and Adjusted Operating Margin			$	791					15.5									$	718					15.1															$	73																	10.2
Adjusted Diluted EPS			$	1.23														$	1.12																				$	0.11																	9.8

(a)Exclusive of depreciation and amortization expense.2

N/A Not applicable

2 Adjusted Income from Operations, Adjusted Operating Margin and Adjusted Diluted EPS are not measures of financial performance prepared in accordance with GAAP. See “Non-GAAP Financial Measures” for more information and reconciliations to the most directly comparable GAAP financial measures, as applicable.

Cognizant Technology Solutions			27			March 31, 2025 Form 10-Q

Revenues - Reportable Business Segments and Geographic Markets

Revenues of $5,115 million across our business segments and geographies were as follows for the three months ended March 31, 2025:

Q1 2025 as compared to Q1 2024																		Increase / (Decrease)
(Dollars in millions)									$						%						**CC %**3
Health Sciences																		155						10.9						11.4
Financial Services																		77						5.6						6.5
Products and Resources																		145						12.8						13.6
CMT																		(22)						(2.7)						(1.9)
Total revenues																		$	355					7.5						8.2

Q1 2025 as compared to Q1 2024																		Increase / (Decrease)
(Dollars in millions)									$						%						**CC %**3
North America																		$	333					9.5						9.7
United Kingdom																		1						0.2						1.0
Continental Europe																		10						2.1						5.0
Europe - Total																		11						1.2						3.0
Rest of World																		11						3.7						7.1
Total revenues																		$	355					7.5						8.2

Change in revenues was driven by the following factors:3

• North America revenues, particularly in the Health Sciences and Financial Services segment, were positively impacted by the ramp up of several recently won large deals;

• Recently completed acquisitions contributed 400 basis points of growth to the overall revenue growth, including approximately 1,500 basis points of growth to our Products and Resources segment (primarily in North America);

• The resale of third-party products, primarily in North America in our Health Sciences and Financial Services segments, in connection with our integrated offerings strategy, contributed 130 basis points of growth to the overall revenue growth;

• Reduced demand for discretionary work negatively impacted our revenues, in particular for clients in our Products and Resources segment and our Communications, Media and Technology segments.

3 Constant currency revenue growth is not a measure of financial performance prepared in accordance with GAAP. See “Non-GAAP Financial Measures” for more information and reconciliations to the most directly comparable GAAP financial measures, as applicable.

Cognizant Technology Solutions			28			March 31, 2025 Form 10-Q

Cost of Revenues (Exclusive of Depreciation and Amortization Expense)

é			$251M
é			0.3% as a % of revenues
¡			% of Revenues

Our cost of revenues consists primarily of salaries, incentive-based compensation, stock-based compensation expense, employee benefits, project-related immigration and travel for technical personnel, subcontracting and costs of third-party products and services relating to revenues. The increase, as a percentage of revenues, was driven by the negative impact of the 2024 merit cycle on compensation costs, partially offset by operational efficiencies and the beneficial impact of foreign currency exchange rate movements.

SG&A Expenses (Exclusive of Depreciation and Amortization Expense)

SG&A expenses consist primarily of salaries, incentive-based compensation, stock-based compensation expense, employee benefits, immigration, travel, marketing, communications, management, finance, administrative and occupancy costs. The decrease, as a percentage of revenues, was primarily driven by net savings generated from our NextGen program.

é			$26M
ê			0.6% as a % of revenues
¡			% of Revenues

Depreciation and Amortization Expense

Depreciation and amortization expense increased by 3.8% while decreasing as a percentage of revenues by 0.1% during the first quarter of 2025 as compared to the first quarter of 2024. The decrease in depreciation expense, which was driven by actions taken under our NextGen program, was offset by an increase in amortization expense driven by intangible assets related to our recently completed acquisition of Belcan.

Gain on Sale of Property and Equipment

During the three months ended March 31, 2025, we realized a gain of $62 million on the sale of an office complex in India. For further detail see Note 1 to our unaudited consolidated financial statements.

Operating Margin and Adjusted Operating Margin****4 - Overall

Our GAAP and Adjusted Operating Margins4 for the quarter ended March 31, 2025, as compared to the quarter ended March 31, 2024, were positively impacted by net savings generated from our NextGen program, operational efficiencies and the beneficial impact of foreign currency exchange rate movements, partially offset by the negative impact of the 2024 merit cycle on compensation costs and the dilutive impact of the recently completed acquisition of Belcan. In addition, our GAAP operating margin for the quarter ended March 31, 2025 was positively impacted by 120 basis points, or $62 million, from the gain on sale of property and equipment, and our GAAP operating margin for the quarter ended March 31, 2024 was negatively impacted by NextGen charges, both of which were excluded from our Adjusted Operating Margin.

4 Adjusted Income from Operations and Adjusted Operating Margin are not measures of financial performance prepared in accordance with GAAP. See “Non-GAAP Financial Measures” for more information and reconciliations to the most directly comparable GAAP financial measures, as applicable.

Cognizant Technology Solutions			29			March 31, 2025 Form 10-Q

A predominant portion of our costs in India are denominated in the Indian rupee, representing approximately 23% of our global operating costs during the three months ended March 31, 2025. These costs are subject to foreign currency exchange rate fluctuations, which have an impact on our results of operations. We enter into foreign exchange derivative contracts to hedge certain Indian rupee denominated payments in India. These hedges are intended to mitigate the volatility of the changes in the exchange rate between the U.S. dollar and the Indian rupee. Net of the impact of the hedges, the depreciation of the Indian rupee positively impacted our operating margin for the three months ended March 31, 2025 by 58 basis points as compared to the three months ended March 31, 2024.

Excluding the impact of applicable designated cash flow hedges, the depreciation of the Indian rupee against the U.S. dollar positively impacted our operating margin by 74 basis points during the three months ended March 31, 2025. Each additional 1.0% change in exchange rate between the Indian rupee and the U.S. dollar will have the effect of moving our operating margin by 17 basis points (excluding the impact of the hedges). The settlement of our cash flow hedges had a negative impact of 16 basis points on our operating margin during the three months ended March 31, 2025, compared to no impact during the three months ended March 31, 2024.

Segment Operating Profit

In the first quarter of 2025, we made certain changes to the internal measurement of segment operating profit for the purpose of evaluating segment performance and resource allocation. The primary reason for the change was to reflect a more complete cost of delivery. Specifically, segment operating profit now includes an allocation of corporate costs, which were previously included in "unallocated costs." We have reported 2025 segment operating profits using the new allocation methodology and have recast the 2024 results to conform to the new methodology.

Segment operating profit and operating margin percentage were as follows:

						Segment operating profit						%			Segment operating margin

In the first quarter of 2025, segment operating margins across all our segments were positively impacted by net savings generated from our NextGen program, operational efficiencies and the beneficial impact of foreign currency exchange rate movements, partially offset by the negative impact of the 2024 merit cycle on compensation costs. In the first quarter of 2025, segment operating profit in the Products and Resources segment was also negatively impacted by the dilutive impact of the Belcan acquisition.

Total segment operating profit and operating margin were as follows for the three months ended March 31:

(Dollars in millions)			2025						% of Revenues						2024						% of Revenues						Increase/(Decrease)
Total segment operating profit			$	857					16.8						$	741					15.6						$	116
Less: unallocated costs			4						0.1						46						1.0						(42)
Income from operations			$	853					16.7						$	695					14.6						$	158

The decrease in unallocated costs for three months ended March 31, 2025 as compared to March 31, 2024 was driven by the 2025 gain on sale of property and equipment and the absence of NextGen charges, partially offset by higher amortization of intangible assets and certain corporate costs.

Cognizant Technology Solutions			30			March 31, 2025 Form 10-Q

Other Income (Expense), Net

The following table sets forth total other income (expense), net for the three months ended March 31:

(in millions)			2025									2024						Increase/ Decrease
Foreign currency exchange gains (losses)			$	3								$	(25)					$	28
(Losses) gains on foreign exchange forward contracts not designated as hedging instruments			(1)									31						(32)
Foreign currency exchange gains (losses), net			2									6						(4)
Interest income			30									30						—
Interest expense			(12)									(11)						(1)
Other, net			(1)									2						(3)
Total other income (expense), net			$	19								$	27					$	(8)

The foreign currency exchange losses were attributed to the remeasurement of net monetary assets and liabilities denominated in currencies other than the functional currencies of our subsidiaries. The gains on foreign exchange forward contracts not designated as hedging instruments related to the realized and unrealized gains and losses on contracts entered into to offset our foreign currency exposures. As of March 31, 2025, the notional value of our undesignated hedges was $801 million.

Provision for Income Taxes

é			$34M
¡ Effective Income Tax Rate ê 0.4%

The increase in provision for income taxes for the three months ended March 31, 2025 was primarily driven by an increase in income from operations, partially offset by a decrease in the effective income tax rate.

Net Income

The increase in net income was primarily driven by an increase in income from operations, including the aforementioned gain on sale of property and equipment.

é			$117M
¡ é 1.5% of Revenues

Non-GAAP Financial Measures

Portions of our disclosure include non-GAAP financial measures. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures to the corresponding GAAP measures set forth below should be carefully evaluated.

Our non-GAAP financial measures Adjusted Operating Margin and Adjusted Income from Operations exclude unusual items, such as the gain on sale of property and equipment and NextGen charges. Our non-GAAP financial measure Adjusted Diluted EPS excludes unusual items, such as the gain on sale of property and equipment and NextGen charges, and net non-operating foreign currency exchange gains or losses and the tax impact of all the applicable adjustments. For further detail on the gain on sale of property and equipment and the NextGen charges, see Note 1 and Note 3, respectively, to our unaudited consolidated financial statements. The income tax impact of each item excluded from Adjusted Diluted EPS is calculated by applying the statutory rate and local tax regulations in the jurisdiction in which the item was incurred. Constant currency revenue growth is defined as revenues for a given period restated at the comparative period’s foreign currency exchange rates measured against the comparative period's reported revenues.

We believe providing investors with an operating view consistent with how we manage the Company provides enhanced transparency into our operating results. For internal management reporting and budgeting purposes, we use various GAAP and non-GAAP financial measures for financial and operational decision-making, to evaluate period-to-period comparisons, to

Cognizant Technology Solutions			31			March 31, 2025 Form 10-Q

determine portions of the compensation for executive officers and for making comparisons of our operating results to those of our competitors. We believe that the presentation of non-GAAP financial measures, which exclude certain costs, read in conjunction with our reported GAAP results and reconciliations to the most comparable GAAP measure, as applicable, can provide useful supplemental information to our management and investors regarding financial and business trends relating to our financial condition and results of operations.

A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures may exclude costs that are recurring such as net non-operating foreign currency exchange gains or losses. In addition, other companies may calculate non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

The following table presents a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure for the three months ended March 31:

			2025						% of Revenues						2024						% of Revenues
GAAP income from operations and operating margin			$	853					16.7						$	695					14.6
(Gain) on sale of property and equipment(1)			(62)						(1.2)						—						—
NextGen charges(2)			—						—						23						0.5
Adjusted Income from Operations and Adjusted Operating Margin			$	791					15.5						$	718					15.1
GAAP diluted EPS			$	1.34											$	1.10
Effect of above adjustments, pre-tax			(0.13)												0.05
Non-operating foreign currency exchange (gains) losses, pre-tax (3)			—												(0.01)
Tax effect of above adjustments(4)			0.02												(0.02)
Adjusted Diluted EPS			$	1.23											$	1.12

(1)During the three months ended March 31, 2025, we realized a gain of $62 million on the sale of an office complex in India. See Note 1 to our unaudited consolidated financial statements for additional information.

(2)Consists of employee separation, facility exit and other costs incurred in connection with the NextGen program. See Note 3 to our unaudited consolidated financial statements for additional information.

(3)Non-operating foreign currency exchange gains and losses, inclusive of gains and losses on related foreign exchange forward contracts not designated as hedging instruments for accounting purposes, are reported in "Foreign currency exchange gains (losses), net" in our unaudited consolidated statements of operations.

(4)Presented below are the tax impacts of our non-GAAP adjustments to pre-tax income:

			Three Months Ended March 31,
(in millions)			2025						2024
Non-GAAP income tax benefit (expense) related to:
Gain on sale of property and equipment			$	(9)					$	—
NextGen charges			—						5
Foreign currency exchange gains and losses			(3)						(1)

The effective tax rate related to non-operating foreign currency exchange gains and losses varies depending on the jurisdictions in which such income and expenses are generated and the statutory rates applicable in those jurisdictions. As such, the income tax effect of non-operating foreign currency exchange gains and losses shown in the above table may not appear proportionate to the net pre-tax foreign currency exchange gains and losses reported in our unaudited consolidated statements of operations.

Cognizant Technology Solutions			32			March 31, 2025 Form 10-Q

Liquidity and Capital Resources

Our cash generated from operations has historically been the primary source of liquidity to fund operations and investments to grow our business. As of March 31, 2025, we had cash, cash equivalents and short-term investments of $1,992 million and available capacity under our credit facility of $1.85 billion.

The following table provides a summary of cash flows for the three months ended March 31:

(in millions)						2025						2024						Increase / Decrease
Net cash provided by (used in):
Operating activities						$	400					$	95					$	305
Investing activities						(7)						(238)						231
Financing activities						(657)						(304)						(353)

Operating activities

The increase in cash provided by operating activities for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, was primarily driven by the $360 million payment made in January 2024 in relation to our dispute with the ITD (see Note 6 to our unaudited consolidated financial statements), which reduced cash from operating activities in 2024.

We monitor turnover, aging and the collection of accounts receivable by client. Our DSO calculation includes receivables, net of allowance for doubtful accounts, and contract assets, reduced by the uncollected portion of deferred revenue. Our DSO was 81 days as of March 31, 2025, an increase of 3 days from 78 days as of December 31, 2024. Our DSO was 78 days as of March 31, 2024, an increase of 1 day from 77 days as of December 31, 2023.

Investing activities

The cash used in investing activities for the three months ended March 31, 2025, was driven by purchases of property and equipment, partially offset by the proceeds from the sale of an office complex in India. The cash used in investing activities for the three months ended March 31, 2024, was driven by payments for business combinations and purchases of property and equipment, partially offset by net maturities of investments.

Financing activities

The increase in cash used in financing activities for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, was primarily driven by our repayment of the outstanding balance under the revolving credit facility and increased repurchases of common stock during the first quarter of 2025.

We have a Credit Agreement providing for a $650 million Term Loan and a $1,850 million unsecured revolving credit facility, which are each due to mature in October 2027. During the three months ended March 31, 2025, we repaid the $300 million balance that was outstanding under the revolving credit facility, and had no outstanding balance as of March 31, 2025. We are required under the Credit Agreement to make scheduled quarterly principal payments on the Term Loan. We believe that we currently meet all conditions set forth in the Credit Agreement to borrow thereunder, and we are not aware of any conditions that would prevent us from borrowing part or all of the remaining available capacity under the revolving credit facility as of March 31, 2025 and through the date of this filing. See Note 5 to our unaudited consolidated financial statements.

Capital Allocation

			Acquisitions
			Share Repurchases
			Dividend payments

We review our capital allocation on an ongoing basis, considering our financial performance and liquidity position, investments required to execute our strategic plans and initiatives, acquisition opportunities, the economic outlook, regulatory changes and other relevant factors. As these factors may change over time, the actual amounts expended on stock repurchase activity, dividends, and acquisitions, if any, during any particular period cannot be predicted and may fluctuate from time to time.

Cognizant Technology Solutions			33			March 31, 2025 Form 10-Q

Other Liquidity and Capital Resources Information

We seek to ensure that our cash is available to us in the locations in which it is needed. As part of our ongoing liquidity assessments, we regularly monitor the mix of our domestic and international cash flows and cash balances. We evaluate on an ongoing basis what portion of the non-U.S. cash, cash equivalents and short-term investments is needed locally to execute our strategic plans and what amount is available for repatriation back to the United States.

We expect operating cash flows, cash and short-term investment balances, together with the available capacity under our revolving credit facilities, to be sufficient to meet our operating requirements, including purchase commitments, tax payments, including Tax Reform Act transition tax payments, and servicing our debt for the next twelve months. The ability to expand and grow our business in accordance with current plans, make acquisitions, meet long-term capital requirements beyond a twelve-month period and execute our capital return plan will depend on many factors, including the rate, if any, at which cash flow increases, our ability and willingness to pay for acquisitions with capital stock and the availability of public and private debt, including the ability to extend the maturity of or refinance our existing debt, and equity financing. We cannot be certain that additional financing, if required, will be available on terms and conditions acceptable to us, if at all.

Commitments and Contingencies

See Note 10 to our unaudited consolidated financial statements.

Critical Accounting Estimates

Management’s discussion and analysis of our financial condition and results of operations is based on our unaudited consolidated financial statements that have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities, including the recoverability of tangible and intangible assets, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. On an ongoing basis, we evaluate our estimates. The most significant estimates relate to the recognition of revenue and profits, including the application of the cost-to-cost method of measuring progress to completion for certain fixed-price contracts, income taxes, business combinations and valuation of goodwill and other long-lived assets. We base our estimates on historical experience, current trends and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The actual amounts may differ from the estimates used in the preparation of the accompanying unaudited consolidated financial statements. For a discussion of our critical accounting estimates, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024. Our significant accounting policies are described in Note 1 to the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Recently Adopted and New Accounting Pronouncements

See Note 1 to our unaudited consolidated financial statements.