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To continue to grow our business, we will need to continue to expand internationally, and our 
non-U.S.  operations  and  sales  to  customers  outside  of  the  United  States  expose  us  to  risks 
inherent in international expansion, sales, and operations.

We are a U.S.-headquartered company with extensive U.S. operations, as well as subsidiaries and operations in 
several other countries and regions, including the UK, the EU, Canada, and Asia-Pacific, and we expect that our 
future  growth  will  depend  in  part  on  expanding  our  operations,  customer  base,  and  market  presence  in 
additional 
jurisdictions. Operating  in  non-U.S.  markets  requires  significant  resources  and  management 
attention and subjects us to regulatory, economic, and political risks that are different from those in the United 
States. As we continue to expand internationally, we have faced and will continue to face risks in doing business 
internationally that could adversely affect our business, including:

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the need to localize and adapt our models, platform, and applications for specific countries, including 
translation into foreign languages and associated expenses;

privacy laws, export controls, sanctions, and other national security regulations that impose different 
and  potentially  conflicting  obligations  with  respect  to  how  personal  data  is  processed  or  require  that 
customer data be stored in a designated territory;

laws in certain jurisdictions that may compel our personnel, vendors, or facility operators to provide 
governmental authorities with access to our systems, data, or other information, in some cases without 
notice to us and with limited means of recourse;

national  security-driven  data  security  regulations.  For  example,  the  Department  of  Justice  issued  a 
final  rule,  effective  in  April  2025,  that  places  limitations,  and  in  some  cases  prohibitions,  on  certain 
transfers of covered data to partners, service providers, and vendors, employees, and investors located 
in China or with other specified links to China (and other designated countries). We may be required to 
re-examine  current  contracts  or  engage  in  new  contract  negotiations  with  third  parties  that  aid  in 
processing data on our behalf or otherwise have access to covered data. These rules also may broadly 
require us to extract promises from other third-party service providers that they will not transfer data 
we share with them onward to parties linked to countries of concern;

import regulations, including U.S. and non-U.S. governments’ restrictive trade policies, customs duties 
and other parallel regulations, tariffs and counter-measures;

AI, data-related, cybersecurity and digital service laws and regulations (such as the EU AI Act, NIS2, 
the  EU  Digital  Services  Act,  the  UK  Online  Safety  Act  2023,  and  the  EU  Data  Act)  that  are  rapidly 
evolving,  require  continuous  monitoring  to  ensure  constant  compliance  maturity  level,  and  often 
provide for substantial penalties in the event of a violation;

difficulties  in  staffing  and  managing  non-U.S.  operations,  including  the  complexity  of  engaging  in 
various  employer-of-record  arrangements  that  are  geographically  dispersed,  and  the  risk  that  these 
arrangements,  or  any  failure  to  establish  local  employing  entities  on  a  timely  basis,  may  not  comply 
with  local  employment,  labor,  or  tax  laws,  exposing  us  to  fines,  penalties,  reclassification  or  back-
payment claims;

difficulties of maintaining our culture across various jurisdictions;

regulatory  and  other  delays  and  difficulties  in  setting  up  non-U.S.  operations,  including  delays  in 
forming,  registering,  and  obtaining  governmental  approvals  for  local  subsidiaries,  delays  in 
establishing  local  banking,  payroll,  and  benefits  arrangements,  and  difficulties  relating  to  safety  of 
personnel and information, any of which could delay local hiring efforts;

the potential need for reviews by the U.S. government or non-U.S. governments of certain transactions 
with non-U.S. entities;

different  pricing  environments,  longer  sales  cycles,  longer  accounts  receivable  payment  cycles,  and 
collections issues;

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