Definitive Healthcare Reports Financial Results for Second Quarter 2026

FRAMINGHAM, Mass., Aug. 10, 2026 (GLOBE NEWSWIRE) -- Definitive Healthcare Corp. (“Definitive Healthcare” or the “Company”) (Nasdaq: DH), an industry leader in healthcare market data and analytics, today announced financial results for the quarter ended June 30, 2026. 

Second Quarter 2026 Financial Highlights:

• Revenue was $55.2 million, a decrease of 9% from $60.8 million in Q2 2025. 
• Net Loss was $(7.5) million, or (14)% of revenue, compared to $(9.3) million, or (15)% of revenue in Q2 2025.
• Adjusted Net Income was $7.5 million, compared to $9.7 million in Q2 2025.
• Adjusted EBITDA was $14.6 million, or 26% of revenue, compared to $18.7 million, or 31% of revenue in Q2 2025.
• Cash Flow from Operations was $11.5 million in the quarter.
• Unlevered Free Cash Flow was $11.6 million in the quarter.
  
  

"Definitive Healthcare delivered another quarter in line with or above our guidance ranges, reflecting continued discipline alongside targeted investment in our growth priorities," said Kevin Coop, CEO of Definitive Healthcare. "We're encouraged by our second consecutive quarter of year-over-year improvement in net dollar retention, strong win-back momentum across our end markets, and the launch of Turbo, our new AI-powered healthcare intelligence platform, which marks a significant milestone in our innovation strategy. We remain confident that our focus on data quality and customer success is the right path to return to sustained, predictable growth, while continuing to generate strong profitability and cash flow."

Recent Business and Operating Highlights: 

Customer Wins

In the second quarter, Definitive Healthcare continued to win new logos and expansion opportunities across all end-markets, by providing the data, insights and integrations that drive their critical business use cases. Customer wins for the quarter included:

• A diversified-business customer returned to Definitive Healthcare in a six-figure, three-year win-back enterprise agreement. This win reinforces a recurring theme: customers who believe a lower-cost alternative will be "good enough" ultimately recognize that the cost of an inferior dataset outweighs the savings, validating the business value our data and products deliver and reaffirming that our focus on data quality and service, rather than price, is the right path forward.
• One long-standing population-intelligence customer expanded from an initial test into a total activation commitment of several hundred thousand dollars, illustrating that activation growth is now being driven not only by new direct customers but also by rising adoption and spend across our agency ecosystem, which gives us a broader, more scalable path forward.
  
  

Business Outlook 

Based on information as of August 10, 2026, the Company is issuing the following financial guidance.

Third Quarter 2026:

• Revenue is expected to be in the range of $54.0 – $55.0 million. 
• Adjusted Operating Income is expected to be in the range of $10.5 – $11.5 million. 
• Adjusted EBITDA is expected to be in the range of $13.5 – $14.5 million, and 25% – 27% adjusted EBITDA Margin. 
• Adjusted Net Income is expected to be $5.5 – $6.5 million. 
• Adjusted Net Income Per Diluted Share is expected to be $0.04 to $0.05 per share on approximately 145.1 million weighted-average shares outstanding. 
  
  

Full Year 2026:

• Revenue is expected to be in the range of $220.0 – $222.0 million
• Adjusted Operating Income is expected to be in the range of $45.5 – $47.5 million.
• Adjusted EBITDA is expected to be in the range of $57.0 – $59.0 million, and 26% – 27% adjusted EBITDA Margin.
• Adjusted Net Income is expected to be $27.0 – $29.0 million. 
• Adjusted Net Income Per Diluted Share is expected to be $0.18 to $0.20 per share on approximately 144.6 million weighted-average shares outstanding. 
  
  

We do not provide a quantitative reconciliation of the forward-looking non-GAAP financial measures included in this press release to the most directly comparable GAAP measures due to the high variability and difficulty in predicting certain items excluded from these non-GAAP financial measures; in particular, the effects of equity-based compensation expense, taxes and amounts under the tax receivable agreement, deferred tax assets and deferred tax liabilities, and transaction, integration, and restructuring expenses. We expect the variability of these excluded items may have a significant and potentially unpredictable impact on our future GAAP financial results. 

Conference Call Information 

Definitive Healthcare will host a conference call today, August 10, 2026, at 5:00 p.m. (Eastern Time) to discuss the Company's full financial results and current business outlook. Participants may access the call at 1-877-358-7298 or 1-848-488-9244. Shortly after the conclusion of the call, a replay of this conference call will be available through September 9, 2026, at 1-800-645-7964 or 1-757-849-6722. The replay passcode is 1765#. A live audio webcast of the event will be available on Definitive Healthcare’s Investor Relations website at ir.definitivehc.com/.

About Definitive Healthcare 

Definitive Healthcare is a data and analytics company focused on the business side of healthcare. The healthcare market is complex — our data makes it clearer. We cut through the noise to deliver the insights that healthcare organizations and companies need to make smarter, faster, more strategic decisions. Because when our customers succeed, healthcare gets better for everyone. Learn more at definitivehc.com.

Forward-Looking Statements 

This press release includes forward-looking statements that reflect our current views with respect to future events and financial performance. Such statements are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by words or phrases written in the future tense and/or preceded by words such as “likely,” “will,” “should,” “may,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “assumes,” “would,” “potentially” or similar words or variations thereof, or the negative thereof, references to future periods, or by the inclusion of forecasts or projections, but these terms are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding our outlook, financial guidance, the benefits of our healthcare commercial intelligence solutions, our overall future prospects, customer behaviors and use of our solutions, the market, industry and macroeconomic environment, our plans to improve our operational and financial performance and our business, our ability to execute on our plans, customer growth, including our upsell and cross-sell opportunities, and our ability to successfully transition executive leadership.

Forward-looking statements in this press release are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the following: global geopolitical tension and difficult macroeconomic conditions; actual or potential changes in international, national, regional and local economic, business and financial conditions, including tariffs, sanctions, trade barriers, recessions, fluctuating inflation, high interest rates, volatility in the capital markets and related market uncertainty; our inability to acquire new customers and generate additional revenue from existing customers; our inability to generate sales of subscriptions to our platform or any decline in demand for our platform and the data we offer; the competitiveness of the market in which we operate and our ability to compete effectively; the failure to maintain and improve our platform, or develop new modules or insights for healthcare commercial intelligence; the inability to obtain and maintain accurate, comprehensive or reliable data, which could result in reduced demand for our platform; the loss of our access to our data providers; the failure to respond to advances in healthcare commercial intelligence; an inability to attract new customers and expand subscriptions of current customers; our ability to successfully transition executive leadership; and the possibility that our security measures are breached or unauthorized access to data is otherwise obtained.

Additional factors or events that could cause our actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual financial condition, results of operations, future performance and business may vary in material respects from the performance projected in these forward-looking statements. 

For additional discussion of factors that could impact our operational and financial results, refer to our Quarterly Report on Form 10-Q for the three months ended June 30, 2026 that will be filed following this earnings release, as well as our Current Reports on Form 8-K and other subsequent SEC filings, which are or will be available on the Investor Relations page of our website at ir.definitivehc.com and on the U.S. Securities and Exchange Commission ("SEC”) website at www.sec.gov.

All information in this press release speaks only as of the date on which it is made. We undertake no obligation to publicly update this information, whether as a result of new information, future developments or otherwise, except as may be required by law. 

Website 

Definitive Healthcare intends to use its website as a distribution channel of material company information. Financial and other important information regarding the Company is routinely posted on and accessible through the Company’s website at definitivehc.com. Accordingly, you should monitor the investor relations portion of our website at ir.definitivehc.com in addition to following our press releases, SEC filings, and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Email Alerts” section of our investor relations page at ir.definitivehc.com. 

Non-GAAP Financial Measures

This earnings release contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including Unlevered Free Cash Flow, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Net Income and Adjusted Net Income Per Diluted Share. We believe that these supplemental non-GAAP financial measures are useful to investors because they allow for an evaluation of the Company with a focus on the performance of its core operations, including providing meaningful comparisons of financial results to historical periods and to the financial results of peer and competitor companies. Our use of these non-GAAP terms may vary from the use of similar terms by other companies in our industry and accordingly may not be comparable to similarly titled measures used by other companies and are not measures of performance calculated in accordance with GAAP. Our presentation of these non-GAAP financial measures are intended as supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. These non-GAAP financial measures should not be considered as alternatives to loss from operations, net loss, earnings per share, or any other performance measures derived in accordance with GAAP or as measures of operating cash flows or liquidity. A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included at the end of this press release. In evaluating our non-GAAP financial measures, you should be aware that in the future, we may incur expenses similar to those eliminated in these presentations.

These non-GAAP financial measures are not required by or prepared in accordance with GAAP. These are supplemental financial measures of our performance and should not be considered substitutes for cash provided by operating activities, loss from operations, net loss, net income margin, gross profit, gross margin, or any other measure derived in accordance with GAAP. 

Reconciliations to Certain Non-GAAP Measures

Unlevered Free Cash Flow

We define Unlevered Free Cash Flow as net cash provided by operating activities less purchases of property, equipment and data assets, plus cash interest expense, and cash payments related to transaction, integration, and restructuring related expenses, earnouts, and other non-core items paid in cash. Unlevered Free Cash Flow does not represent residual cash flow available for discretionary expenditures since, among other things, we have mandatory debt service requirements. 

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

We define EBITDA as earnings before debt-related costs, including interest expense (income), net, and loss on partial extinguishment of debt, income taxes and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items of a significant or unusual nature, including other income, net, equity-based compensation, transaction, integration, and restructuring expenses, goodwill impairments and other non-core expenses. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue. Adjusted EBITDA and Adjusted EBITDA Margin are key metrics used by management and our board of directors to assess the profitability of our operations. We believe that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to help investors to assess our operating performance because these metrics eliminate non-core and unusual items and non-cash expenses, which we do not consider indicative of ongoing operational performance. We believe that these metrics are helpful to investors in measuring the profitability of our operations on a consolidated level.

Adjusted Gross Profit and Adjusted Gross Margin

We define Adjusted Gross Profit as gross profit excluding acquisition-related amortization and equity-based compensation costs and Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue. Adjusted Gross Profit and Adjusted Gross Margin are key metrics used by management and our board of directors to assess our operations. We exclude acquisition-related depreciation and amortization expenses as they have no direct correlation to the cost of operating our business on an ongoing basis. A small portion of equity-based compensation is included in cost of revenue in accordance with GAAP but is excluded from our Adjusted Gross Profit calculations due to its non-cash nature.

Adjusted Operating Income

We define Adjusted Operating Income as loss from operations plus acquisition related amortization, equity-based compensation, transaction, integration, and restructuring expenses, goodwill impairments and other non-core expenses.

Adjusted Net Income and Adjusted Net Income Per Diluted Share

We define Adjusted Net Income as Adjusted Operating Income less interest expense net, recurring income tax (provision) benefit, foreign currency (loss) gain, and tax impacts of adjustments. We define Adjusted Net Income Per Diluted Share as Adjusted Net Income divided by diluted outstanding shares. 

In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur expenses similar to those eliminated in these presentations. 

Investor Contact: 
Brian Denyeau 
ICR for Definitive Healthcare 
[email protected]
646-277-1251 

Media Contact: 
Bethany Swackhamer
[email protected]

 Definitive Healthcare Corp.Condensed Consolidated Balance Sheets(in thousands, except number of shares and par value; unaudited)       June 30, 2026 December 31, 2025Assets    Current assets:    Cash and cash equivalents $170,866  $163,627 Short-term investments  12,729   17,262 Accounts receivable, net  30,970   51,978 Prepaid expenses and other assets  13,343   11,972 Deferred contract costs  12,190   12,766 Total current assets  240,098   257,605 Property and equipment, net  14,753   12,680 Operating lease right-of-use assets, net  4,216   5,394 Other assets  3,277   2,277 Deferred contract costs  11,764   12,840 Intangible assets, net  222,724   247,477 Goodwill  —   197,219 Total assets $496,832  $735,492 Liabilities and Equity    Current liabilities:    Accounts payable  4,531   3,596 Accrued expenses and other liabilities  23,787   44,773 Deferred revenue  89,342   96,989 Term loan  8,750   8,750 Operating lease liabilities  2,654   2,679 Total current liabilities  129,064   156,787 Long term liabilities:    Deferred revenue  —   2,383 Term loan  151,885   156,085 Operating lease liabilities  3,767   5,152 Tax Receivable Agreement liability  12,034   19,212 Deferred tax liabilities  11,072   14,634 Other liabilities  1,145   2,247 Total liabilities  308,967   356,500      Equity:    Class A common stock, par value $0.001, 600,000,000 shares authorized, 106,405,766 and 104,020,957 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively  106   104 Class B common stock, par value $0.00001, 65,000,000 shares authorized, 38,094,660 and 38,339,076 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively  —   — Additional paid-in capital  1,069,701   1,061,965 Accumulated other comprehensive deficit  (1,606)  (1,450)Accumulated deficit  (923,549)  (779,506)Noncontrolling interests  43,213   97,879 Total equity  187,865   378,992 Total liabilities and equity $496,832  $735,492 

 Definitive Healthcare Corp.Condensed Consolidated Statements of Operations(in thousands, except share amounts and per share data; unaudited)          Three Months Ended June 30, Six Months Ended June 30,   2026   2025   2026  2025 Revenue $55,195  $60,750  $111,124 $119,941 Cost of revenue:       Cost of revenue exclusive of amortization (1)  9,418   8,800   18,773  18,941 Amortization  5,236   5,337   10,160  10,627 Gross profit  40,541   46,613   82,191  90,373 Operating expenses:       Sales and marketing (1)  19,158   20,469   38,736  41,122 Product development (1)  6,756   7,968   13,255  17,269 General and administrative (1)  10,806   12,673   22,890  24,942 Depreciation and amortization  8,542   9,001   16,867  17,528 Transaction, integration, and restructuring expenses  2,027   672   1,262  1,937 Goodwill impairment  -   -   197,219  176,531 Total operating expenses  47,289   50,783   290,229  279,329 Loss from operations  (6,748)  (4,170)  (208,038) (188,956)Other income, net       Interest expense, net  (1,375)  (1,241)  (2,707) (1,622)Other income (expense), net  326   (3,398)  7,159  15,790 Total other (expense) income, net  (1,049)  (4,639)  4,452  14,168 Net loss before income taxes  (7,797)  (8,809)  (203,586) (174,788)Benefit from (provision for) income taxes  345   (456)  3,780  10,430 Net loss  (7,452)  (9,265)  (199,806) (164,358)Less: Net loss attributable to noncontrolling interests  (2,030)  (1,714)  (55,763) (49,579)Net loss attributable to Definitive Healthcare Corp. $(5,422) $(7,551) $(144,043)$(114,779)Net loss per share of Class A common stock:       Basic and diluted $(0.05) $(0.07) $(1.37)$(1.05)Weighted average Class A common stock outstanding:       Basic and diluted  105,810,516   106,815,740   105,245,928  109,782,640                 (1) Amounts include equity-based compensation expense as follows:         Three Months Ended June 30, Six Months Ended June 30,   2026   2025   2026  2025 Cost of revenue $94  $180  $176 $340 Sales and marketing  1,053   1,038   2,004  2,217 Product development  294   1,416   669  3,155 General and administrative  3,813   4,346   7,625  8,587 Total equity-based compensation expense $5,254  $6,980  $10,474 $14,299 

 Definitive Healthcare Corp.Condensed Consolidated Statements of Cash Flows(in thousands; unaudited)           Three Months Ended June 30, Six Months Ended June 30,   2026   2025   2026   2025 Cash flows provided by (used in) operating activities:        Net loss $(7,452) $(9,265) $(199,806) $(164,358)Adjustments to reconcile net loss to net cash provided by operating activities:        Depreciation and amortization  1,070   868   2,074   1,459 Amortization of intangible assets  12,708   13,470   24,953   26,696 Amortization of deferred contract costs  3,699   3,988   7,439   7,935 Equity-based compensation  5,254   6,980   10,474   14,299 Amortization of debt issuance costs  181   123   340   249 Provision for (recovery of) doubtful accounts receivable  16   (179)  (192)  (321)Loss on partial extinguishment of debt  —   —   —   507 Non-cash restructuring charges  183   —   183   192 Goodwill impairment charges  —   —   197,219   176,531 Tax Receivable Agreement remeasurement  (64)  2,901   (6,585)  (17,763)Changes in fair value of contingent consideration  —   —   —   (690)Deferred income taxes  (465)  398   (4,002)  (10,609)Changes in operating assets and liabilities:        Accounts receivable  7,964   5,523   21,223   15,874 Prepaid expenses and other assets  3,073   1,453   (949)  (4,230)Deferred contract costs  (2,919)  (2,465)  (5,787)  (6,259)Accounts payable, accrued expenses, and other liabilities  (1,964)  (3,400)  (13,537)  (12,145)Deferred revenue  (9,828)  (11,091)  (10,027)  8,003 Net cash provided by operating activities  11,456   9,304   23,020   35,370 Cash flows (used in) provided by investing activities:        Purchases of property, equipment, and data assets  (2,942)  (2,293)  (6,144)  (9,999)Purchases of short-term investments  —   (52,065)  (12,500)  (64,065)Maturities of short-term investments  7,845   44,196   17,326   147,447 Net cash provided by (used in) investing activities  4,903   (10,162)  (1,318)  73,383 Cash flows (used in) provided by financing activities:        Repayments of term loan  (2,187)  (2,188)  (4,375)  (248,438)Proceeds from term loan  —   —   —   175,000 Payments of debt issuance costs  —   —   —   (1,660)Taxes paid related to net share settlement of equity awards  (520)  (609)  (1,446)  (2,483)Repurchases of Class A common stock  —   (19,076)  —   (40,231)Payments under Tax Receivable Agreement  (315)  —   (8,077)  (13,767)Member distributions  —   (2,827)  —   (2,827)Net cash used in financing activities  (3,022)  (24,700)  (13,898)  (134,406)Net increase (decrease) in cash and cash equivalents  13,337   (25,558)  7,804   (25,653)Effect of exchange rate changes on cash and cash equivalents  (119)  443   (565)  1,259 Cash and cash equivalents, beginning of period  157,648   106,099   163,627   105,378 Cash and cash equivalents, end of period $170,866  $80,984  $170,866  $80,984 Supplemental cash flow disclosures:        Cash paid during the period for:        Interest $2,446  $2,959  $4,918  $5,201 Income taxes $107  $—  $200  $32 Supplemental disclosure of non-cash investing activities:        Capital expenditures included in accounts payable and accrued expenses and other liabilities $2,926  $4,947  $2,926  $4,947 

        Definitive Healthcare Corp.Reconciliations of Non-GAAP Financial Measures to Closest GAAP Equivalent        Reconciliation of GAAP Operating Cash Flow to Unlevered Free Cash Flow(in thousands; unaudited)         Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net cash provided by operating activities$11,456  $9,304  $23,020  $35,370 Purchases of property, equipment, and data assets (2,942)  (2,293)  (6,144)  (9,999)Interest paid in cash 2,446   2,959   4,918   5,201 Transaction, integration, and restructuring expenses paid in cash (a) 344   672   4,460   2,435 Other non-core items paid in cash (b) 310   836   3,320   1,396 Unlevered Free Cash Flow$11,614  $11,478  $29,574  $34,403         (a)  Transaction and integration expenses paid in cash primarily represent legal, accounting, and consulting expenses related to our acquisitions. Restructuring expenses paid in cash relate to our restructuring plans. (b)  Non-core items paid in cash represent expenses driven by events that are typically by nature one-time, non-operational, and unrelated to our core operations.         Reconciliation of GAAP Net Loss to Adjusted Net Income andGAAP Operating Loss to Adjusted Operating Income(in thousands, except share and per share amounts; unaudited)         Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025 Net loss$(7,452) $(9,265) $(199,806) $(164,358)Add: Income tax (benefit) provision (345)  456   (3,780)  (10,430)Add: Interest expense, net 1,375   1,241   2,707   1,622 Add: Loss on partial extinguishment from debt —   —   —   507 Add: Other (income) expense, net (326)  3,398   (7,159)  (16,297)Loss from operations (6,748)  (4,170)  (208,038)  (188,956)Add: Amortization of intangible assets acquired through business combinations 10,997   11,321   21,805   22,410 Add: Equity-based compensation 5,254   6,980   10,474   14,299 Add: Transaction, integration, and restructuring expenses 2,027   672   1,262   1,937 Add: Goodwill impairment charge —   —   197,219   176,531 Add: Other non-core items 310   836   2,003   1,396 Adjusted Operating Income 11,840   15,639   24,725   27,617 Less: Interest expense, net (1,375)  (1,241)  (2,707)  (1,622)Less: Recurring income tax benefit (provision) 345   (456)  218   (104)Less: Foreign currency gain (loss) 262   (497)  574   (1,466)Less: Tax impacts of adjustments to net loss (3,559)  (3,769)  (6,780)  (7,777)Adjusted Net Income$7,513  $9,676  $16,030  $16,648 Shares for Adjusted Net Income Per Diluted Share (a) 143,964,049   145,675,930   143,459,263   148,721,063 Adjusted Net Income Per Share$0.05  $0.07  $0.11  $0.11         (a) Diluted Adjusted Net Income Per Share is computed by giving effect to all potential weighted average Class A common stock and any securities that are convertible into Class A common stock, including Definitive OpCo units and restricted stock units. The dilutive effect of outstanding awards and convertible securities is reflected in diluted earnings per share by application of the treasury stock method assuming proceeds from unrecognized compensation as required by GAAP. Fully diluted shares are 165,263,337 and 158,527,020 as of June 30, 2026 and 2025, respectively.

 Reconciliation of GAAP Gross Profit and Margin to Adjusted Gross Profit and Margin(in thousands, except percentages; unaudited)                   Three Months Ended June 30, Six Months Ended June 30,   2026   2025   2026   2025 (in thousands) Amount % of Revenue Amount % of Revenue Amount % of Revenue Amount % of RevenueReported gross profit and margin $40,541 73% $46,613 77% $82,191 74% $90,373 75%Amortization of intangible assets acquired through business combinations  3,525 6%  3,188 5%  7,012 6%  6,341 5%Equity compensation costs  94 0%  180 0%  176 0%  340 0%Adjusted gross profit and margin $44,160 80% $49,981 82% $89,379 80% $97,054 81%                 

Reconciliation of GAAP Net Loss and Margin to Adjusted EBITDA and Margin(in thousands, except percentages; unaudited)                 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025  Amount % of Revenue Amount % of Revenue Amount % of Revenue Amount % of RevenueNet loss and margin$(7,452)  (14)% $(9,265)  (15)% $(199,806) (180)% $(164,358) (137)%Interest expense, net 1,375   2%  1,241   2%  2,707  2%  1,622  1%(Benefit from) provision for income taxes (345)  (1)%  456   1%  (3,780) (3)%  (10,430) (9)%Loss on partial extinguishment of debt —   0%  —   0%  —  0%  507  0%Depreciation & amortization 13,778   25%  14,338   24%  27,027  24%  28,155  23%EBITDA and margin 7,356   13%  6,770   11%  (173,852) (156)%  (144,504) (120)%Other income, net (a) (326)  (1)%  3,398   6%  (7,159) (6)%  (16,297) (14)%Equity-based compensation (b) 5,254   10%  6,980   11%  10,474  9%  14,299  12%Transaction, integration, and restructuring expenses (c) 2,027   4%  672   1%  1,262  1%  1,937  2%Goodwill impairment (d) —   0%  —   0%  197,219  177%  176,531  147%Other non-core items (e) 310   1%  836   1%  2,003  2%  1,396  1%Adjusted EBITDA and margin$14,621   26% $18,656   31% $29,947  27% $33,362  28%                (a) Primarily represents foreign exchange and Tax Receivable Agreement liability remeasurement gains and losses. (b) Equity-based compensation represents non-cash compensation expense recognized in association with equity awards made to employees and directors.(c) Transaction and integration expenses consist primarily of legal, accounting, consulting, and other costs incurred in connection with acquisitions and strategic partnerships, including fair value adjustments related to contingent consideration. For the periods presented, these expenses include a first quarter 2026 adjustment from the favorable settlement of a significant data contract terminated in 2025 in connection with the integration of a prior acquisition, and a second quarter 2026 adjustment related to the settlement of an earnout matter. Restructuring expenses consist primarily of severance and other employee separation benefits under the Company’s restructuring plans, as well as impairment and other charges related to office closures, relocations, and consolidations.

 Three Months Ended June 30, Six Months Ended June 30,(in thousands) 2026   2025   2025   2026 Merger and acquisition due diligence and transaction costs$1,844  $270  $2,196  $1,448 Integration costs —   402   (2,169)  959 Fair value adjustment for contingent consideration —   —   —   (690)Restructuring charges for severance and other separation costs —   —   1,052   28 Office closure and relocation restructuring charges and impairments 183   —   183   192 Total transaction, integration and restructuring expenses$2,027  $672  $1,262  $1,937         (d) Goodwill impairment represents non-cash, pre-tax, goodwill impairment charges. We experienced declines in our market capitalization as a result of sustained decreases in our stock price, which represented triggering events requiring our management to perform quantitative goodwill impairment tests as of the end of the first quarters of 2026 and 2025. As a result of the impairment tests conducted, we determined that the fair value of our single reporting unit was lower than its carrying value and, accordingly, recorded the impairment charges.
                (e) Other non-core items represent expenses driven by events that are typically by nature one-time, non-operational, and/or unrelated to our core operations. These expenses are comprised of non-core legal, regulatory and advisory costs isolated to unique and extraordinary litigation, legal, regulatory, and other matters that are not considered normal and recurring business activity, including professional fees in connection with the evaluation of strategic, financial, tax, and capital structure alternatives. Other non-core items also include consulting fees and severance costs associated with strategic transition initiatives, as well as other non-core items.                                 Three Months Ended June 30, Six Months Ended June 30,(in thousands) 2026   2025   2025   2026 Non-core legal, regulatory, and advisory$279  $(22) $1,955  $31 Consulting and severance costs for strategic transition initiatives —   790   —   958 Other non-core expenses 31   68   48   407 Total other non-core items$310  $836  $2,003  $1,396