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MNTN on NYSE

MNTN, Inc.

MNTN, Inc. is an American advertising services company based in Austin, listed on NYSE (MNTN).1

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Last updated Oct 21, 2026.

Overview

$290.1MRevenue, fiscal 20252
-$6.4MNet income, fiscal 20252

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  • TickerMNTN on NYSE1
  • IndustryServices-Advertising1
  • HeadquartersAustin, Texas1
  • Incorporated inDE3
  • Business address823 Congress Avenue, #1827, Austin, Tx 787683
  • Filer category, Emerging growth company3

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MNTN is on a mission to transform CTV into a next-generation performance marketing channel.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

77.2%Gross margin2
8.3%Operating margin2
-2.2%Net margin2
28.6%Revenue growth, 20252
-2.1%Return on equity2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue23¢$66.2M
  • Research and development17¢$49.2M
  • Other costs57¢$165.1M
  • Income tax3¢$9.6M

Out of $290.1M in revenue.2 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks18¢$10.0M
  • Kept or used elsewhere82¢$46.4M

Out of $56.5M of cash from operations.2

Financial statements

Revenue2$290.1M in 2025+29% since 2024
0$100.0M$200.0M$300.0M2024: $225.6M$225.6M20242025: $290.1M$290.1M2025+29%
Gross profit2$223.9M in 2025+39% since 2024
0$100.0M$200.0M$300.0M2024: $161.5M$161.5M20242025: $223.9M$223.9M2025+39%
Operating income2$24.0M in 2025
-$10.0M0$10.0M$20.0M$30.0M2024: -$1.6M-$1.6M20242025: $24.0M$24.0M2025
Net income2-$6.4M in 2025−80% since 2024
-$40.0M-$30.0M-$20.0M-$10.0M02024: -$32.9M-$32.9M20242025: -$6.4M-$6.4M2025−80%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-12-312024-12-31
Revenue$290.1M$225.6M
Cost of revenues$66.2M$64.1M
Gross profit$223.9M$161.5M
Technology and development$49.2M$32.7M
Sales and marketing$90.4M$76.1M
General and administrative$57.7M$51.8M
Amortization of acquired intangibles$2.6M$2.6M
Total operating expenses$199.9M$163.2M
Operating income (loss)$24.0M-$1.6M
Interest income (expense), net$3.5M-$6.9M
Other expense, net-$43.5M-$18.5M
Total other income (expense)-$40.0M-$25.4M
Loss before income tax provision-$16.0M-$27.1M
Income tax provision-$9.6M$5.8M
Net loss-$6.4M-$32.9M
Net loss attributable to common stockholders-$6.4M-$32.9M
Basic (in dollars per share)-$0.13-$2.38
Diluted (in dollars per share)-$0.13-$2.38
Basic (in shares)50.9M shares13.8M shares
Diluted (in shares)50.9M shares13.8M shares

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Corporate structure

MNTN, Inc. sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MNTN, Inc.

  • MNTN, Inc. Austin, Texas
    • QuickFrame Inc. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MNTN, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$38.7M2 Dec 31, 2025$28.9M2 Dec 31, 2024+33.9%
Property and equipment, net$02 Dec 31, 2025$100.0K2 Dec 31, 2024−100.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$210.2M2 Dec 31, 2025$82.6M2 Dec 31, 2024+154.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$51.9M2 Dec 31, 2025$51.9M2 Dec 31, 20240%

Leadership

Who has led MNTN, Inc., and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Patrick Pohlen2025–now

Chief operating officer

  1. Christopher Lee Innes2025–now
Board members and other officers (7)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • MNTN Limited United Kingdom4
  • QuickFrame Inc. Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • MNTN Digital, Inc.Dec 17, 2021 to Jun 14, 20223

Timeline

  1. Sep 8, 20268-K Executive or director change19
  2. Aug 4, 20268-K Results of operations20
  3. Jun 17, 20268-K Shareholder vote21
  4. May 5, 20268-K Results of operations22
  5. Feb 10, 20268-K Results of operations23
  6. Nov 4, 20258-K Results of operations24
  7. Aug 5, 20258-K Results of operations25
  8. May 23, 20258-K Bylaws or fiscal year changed; Other events26

Calendar

Coming up

  1. Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.08 a share, on Nov 4, 2025.27

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results20
  2. May 5, 2026Reported quarterly or annual results22
  3. Feb 10, 2026Reported quarterly or annual results23
  4. Nov 4, 2025Reported quarterly or annual results24
  5. Aug 5, 2025Reported quarterly or annual results25

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

127 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 8 major events, 39 insider forms, 24 large holders, 51 other. The latest 20:

  1. Oct 7, 20264 EDGAR
  2. Sep 8, 20264 EDGAR
  3. Sep 8, 20263 EDGAR
  4. Sep 8, 20268-K EDGAR
  5. Aug 20, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Aug 17, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Aug 13, 2026SCHEDULE 13G/A EDGAR
  8. Aug 10, 202610-Q EDGAR
  9. Aug 6, 2026SCHEDULE 13G/A EDGAR
  10. Aug 6, 2026SCHEDULE 13G EDGAR
  11. Aug 4, 20268-K EDGAR
  12. Jul 16, 2026SCHEDULE 13G/A EDGAR
  13. Jul 8, 20264 EDGAR
  14. Jun 17, 20264 EDGAR
  15. Jun 17, 20263 EDGAR
  16. Jun 17, 20268-K EDGAR
  17. Jun 15, 20264 EDGAR
  18. Jun 15, 20264 EDGAR
  19. Jun 15, 20264 EDGAR
  20. Jun 15, 20264 EDGAR

The 127 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

14 open-market trades by officers, directors and large owners since October 2021: 0 buys and 14 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 18, 2026Baroda Ventures LLC10% ownerSale275,115$12.75$3.5MForm 4
Aug 14, 2026Baroda Ventures LLC10% ownerSale33,617$12.56$422.2KForm 4
Aug 13, 2026Baroda Ventures LLC10% ownerSale26,823$12.53$336.1KForm 4
Dec 3, 2025Partovi HadiDirectorSale86,665$13.39$1.2MForm 4
Dec 2, 2025Partovi HadiDirectorSale168,257$13.39$2.3MForm 4
Dec 1, 2025Partovi HadiDirectorSale192,598$13.46$2.6MForm 4
May 23, 2025QUALCOMM INC/DE10% ownerSale412,500$16.00$6.6MForm 4
May 23, 2025Mercato Partners Growth III GP, LLC10% ownerSale300,000$16.00$4.8MForm 4
May 23, 2025Baroda Ventures LLC10% ownerSale532,130$16.00$8.5MForm 4
May 23, 2025SETTLE DANA RDirectorSale800,000$16.00$12.8MForm 4
May 23, 2025Partovi HadiDirectorSale50,000$16.00$800.0KForm 4
May 23, 2025Pohlen PatrickChief Financial OfficerSale255,232$16.00$4.1MForm 4
May 23, 2025Hot Springs Capital I LLCDirectorSale900,000$16.00$14.4MForm 4
May 23, 2025Innes Christopher LeeChief Operating OfficerSale176,933$16.00$2.8MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Patrick A. Pohlen$475.0K$9.6M39
2025Christopher Innes$500.0K$8.5M39
2025Mark Douglas$600.0K$1.3M39
2024President and Chief Executive Officer$600.0K$1.3M39
2024Chief Operating Officer$500.0K$1.2M39
2024Chief Financial Officer$475.0K$1.2M39

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Mercato Management Legacy, LLC6,168,022$56.7M100.0%No change
Wellington Management Group Llp5,630,486$51.8M0.0%−578,702
BlackRock, Inc.4,259,878$39.2M0.0%+3,998,073
Fmr LLC3,142,100$28.9M0.0%+317,176
Greycroft LP2,061,643$19.0M43.0%No change
Vanguard Capital Management LLC1,919,227$17.7M0.0%+481,842
D. E. Shaw & Co., Inc.1,157,448$10.6M0.0%+681,361
Geode Capital Management, LLC838,563$7.7M0.0%+693,817
American Financial Group Inc629,683$5.8M2.0%+50,000
Vanguard Portfolio Management LLC609,661$5.6M0.0%+567,503
Bnp Paribas Financial Markets579,841$5.3M0.0%+95,547
Citadel Advisors LLC541,761$5.0M0.0%−88,958
Morgan Stanley480,897$4.4M0.0%+340,089
State Street Corp473,020$4.4M0.0%+424,545
Goldman Sachs Group Inc427,867$3.9M0.0%+286,435
Raymond James Financial Inc404,893$3.7M0.0%+306,436
Bank Of America Corp /de/396,485$3.6M0.0%+336,137
Jump Financial, LLC355,597$3.3M0.0%+293,427
Militia Capital Management LLC350,000$3.2M0.6%−446,361
Man Group plc341,836$3.1M0.0%+73,022
Proem Advisors LLC340,441$3.1M0.6%+15,000
Northern Trust Corp320,198$2.9M0.0%+295,231
Trexquant Investment LP291,432$2.7M0.0%+8,963
Jpmorgan Chase & Co290,845$2.6M0.0%+128,469
Clark Estates Inc/ny248,000$2.3M0.5%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How MNTN, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMNTN, Inc.1
  • CIK0001891027
  • Employer ID (EIN)26-47418395
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)7310 Services-Advertising1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address823 Congress Avenue, #1827, Austin, TX 787681
  • Phone(310) 895-21101
  • Shares outstanding56,796,624 Common Class A shares; 17,076,086 Common Class B shares as of Feb 2, 20265
  • Public float$718.9M as of Jun 30, 20255
  • AuditorKPMG LLP, San Francisco, California PCAOB ID 185; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceDec 17, 20211
  • Filings127 in all: 4 (24), 3 (15), SCHEDULE 13G (12), SCHEDULE 13G/A (12), DRSLTR (10), DRS/A (9), UPLOAD (9), 8-K (8)1
    All 23 form types

    144 (5), 10-Q (4), S-1/A (4), CORRESP (3), S-8 (2), 10-K (1), 424B4 (1), 8-A12B (1), ARS (1), CERT (1), DEF 14A (1), DEFA14A (1), DRS (1), EFFECT (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Sep 8, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, par value $0.0001 per shareMNTNNew York Stock Exchange

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks MNTN, Inc. names in Item 1A of its 10-K filed Feb 19, 2026: 68 risks under these headings, as written.5

  • Risks Related to Our Business and Industry
  • Our revenue and results of operations are highly dependent on the growth and expansion of CTV, and performance marketers using CTV, as well as the continued growth and expansion of our PTV platform. If adoption of CTV by customers develops more slowly than we expect, or performance marketing spend on CTV grows more slowly than we expect, our results of operations and growth prospects could be adversely affected.
  • If we fail to attract new customers, or if our existing customers do not expand their usage of our platform, our growth will suffer.
  • If we are not able to achieve our customers’ ROAS and other campaign goals, customers may reduce their overall ad spend.
  • A limited number of customers account for a significant portion of our revenue.
  • Our revenue and results of operations are highly dependent on our ability to effectively deliver our creative solutions to our customers and our customers to adopt them. Moreover, our creative solutions may not yield our intended or our customers’ desired results.
  • Our revenue and results of operations are highly dependent on the overall demand for advertising. Factors that affect the level of demand, and resulting amount of spend on general advertising, and to a lesser extent digital advertising, such as a change in macroeconomic conditions and geopolitical regional conflicts, can make it difficult to predict our revenue and could adversely affect our business, results of operations, and financial condition.
  • Our results of operations may fluctuate significantly and may not meet our expectations or those of securities analysts and investors.
  • Seasonal fluctuations in the demand for the products of our consumer-facing and e-commerce customers could adversely affect our business, results of operations, or financial condition.
  • Our short operating history in PTV services makes it difficult to evaluate our business and prospects and may increase the risk associated with your investment.
  • If we do not manage our growth effectively, the quality of our platform may suffer, and our business, results of operations, and financial condition may be adversely affected.
  • Our sales and marketing efforts may require significant investments and, in certain cases and as we expand into new markets, involve long sales cycles, and may not yield the results we seek.
The other 57 risks
  • Our product development and innovation efforts may be inefficient or ineffective, which may impair our ability to attract customers. If we fail to make the right investment decisions in our platform, or if we fail to innovate and develop new solutions that are adopted by customers, we may not attract and retain customers, which could have an adverse effect on our business, results of operations, and financial condition.
  • We generally do not have fixed commitments with customers or sellers of advertising inventory. If customers or sellers of advertising inventory representing a significant portion of the demand or inventory in our marketplace decide to materially reduce the use of our platform, we could experience an immediate and significant decline in our revenue and profitability and harm to our business.
  • Our platform could be susceptible to errors, defects, or unintended performance problems that could adversely affect our business, results of operations, and financial condition.
  • We are subject to laws, regulations and industry requirements related to data privacy, data protection, information security, and consumer protection across different markets where we conduct our business, including in the United States, and such laws, regulations, and industry requirements are constantly evolving and changing. Developments in and/or our actual or perceived failure to comply with such obligations could have an adverse effect on our ability to collect, use and disclose data, our business, results of operations, and/or financial condition.
  • Our business depends on our ability to collect, use, and disclose data to provide the platform, including to deliver and measure the effectiveness of ads. Any limitation imposed on our or our customers’ collection, use or disclosure of this data, including through consumer tools, legal/regulatory restrictions and technological limitations, could threaten our ability to use and disclose data, significantly diminish the value of our platform, have an adverse effect on our business and cause us to lose customers and revenue.
  • If the use of pixels or other similar technologies is restricted, including through consumer tools, legal/regulatory restrictions and technological limitations without similar or better alternatives, our platform’s effectiveness could be diminished and our business, results of operations and financial condition could be adversely affected.
  • If the use of digital advertising is rejected by audiences, through opt-in, opt-out or ad-blocking technologies or other means, it could have an adverse effect on our business, results of operations, and financial condition.
  • If device identifiers are replaced by alternative mechanisms, our performance may decline and we may lose customers and revenue.
  • We depend on third-party data centers, the disruption of which could adversely affect our business, results of operations, and financial condition.
  • We must increase the scale and efficiency of our technology infrastructure to support our growth and transaction volumes.
  • Platform outages or disruptions, including any interruptions due to cyberattacks or other cybersecurity incidents, or our third-party providers’ failure to maintain adequate security and supporting infrastructure as we scale, could damage our reputation and our business, results of operations, and financial condition.
  • If we fail to detect or prevent fraud on our platform, or malware intrusion into the systems or devices of our customers and their audiences, customers could lose confidence in our platform, and we could face legal claims that could adversely affect our business, results of operations, and financial condition.
  • We operate in an intensely competitive market that includes companies that have greater financial, technical and marketing resources than we do.
  • Our corporate culture has contributed to our success, and if we cannot maintain it as we grow or as we continue in an entirely remote work environment, we could lose the innovation, creativity, and teamwork fostered by our culture, and our business may be adversely affected.
  • Future acquisitions or strategic investments could be difficult to identify and integrate, divert the attention of management, and could disrupt our business, dilute stockholder value and adversely affect our business, results of operations, and financial condition.
  • Some of our customers have in the past, and may continue to have, or subsequently develop, high-risk credit profiles or otherwise pay us for advertising inventory after payment is due, which may result in credit risk to us or require additional working capital to fund our accounts payable.
  • We continually develop and transition to new versions of our technology, and could face errors, defects, disruptions, or other performance problems as a result.
  • Risks Related to Our Legal and Regulatory Environment
  • We rely on customers to abide by our terms and conditions and relevant laws, rules, and regulations when using our platform, and legal claims or enforcement actions resulting from their actions could expose us to liabilities, damage our reputation, and be costly to defend.
  • We are subject to anti-bribery, anti-corruption, and similar laws and non-compliance with such laws can subject us to criminal penalties or significant fines and harm our business and reputation.
  • We are subject to governmental economic sanctions requirements and export and import controls that could impair our ability to compete in international markets or subject us to liability if we are not in compliance with applicable laws.
  • We may be subject to intellectual property rights claims by third parties, which may be costly to defend, could require us to pay significant damages and could limit our ability to use certain technologies.
  • Our intellectual property rights may be difficult to enforce and protect, which could enable others to copy or use aspects of our technology without compensating us, thereby eroding our competitive advantages and having an adverse effect on our business, results of operations, and financial condition.
  • We may rely on licenses to use the intellectual property rights of third parties to conduct our business.
  • If customers do not have sufficient rights to the content, technology, data, or other material that they provide or make available to us, our business and reputation may be adversely affected.
  • Our platform relies on third-party open-source software components. Failure to comply with the terms of the underlying open-source software licenses could expose us to liabilities, and the combination of open-source software with code that we develop could compromise the proprietary nature of our platform.
  • We are subject to regulation with respect to political advertising, which lacks clarity and uniformity.
  • As a public reporting company, we are subject to rules and regulations established from time to time by the SEC and the NYSE regarding our internal control over financial reporting. If we fail to establish and maintain effective internal control over financial reporting and disclosure controls and procedures, we may not be able to accurately report our financial results, or report them in a timely manner.
  • Our management team has limited experience managing a public company, and the requirements of being a public company may strain our resources, divert management’s attention, and affect our ability to attract and retain qualified board members.
  • Risks Related to AI Technologies
  • We use AI technologies in our business, and the deployment, use and maintenance of these technologies involve significant technological and legal risks.
  • We use generative AI technologies in our products and solutions as well as our internal business practices, and the use of these generative AI technologies involves significant legal risks.
  • The regulatory framework governing the use of AI technologies is rapidly evolving, and we cannot predict how future legislation and regulation will impact our ability to offer products or services that we develop which leverage AI technologies.
  • Risks Related to our Indebtedness
  • Our debt obligations contain restrictions that impact our business and expose us to risks that could materially adversely affect our liquidity and financial condition.
  • Restrictions imposed by our Revolving Credit Facility may materially limit our ability to operate our business and finance our future operations or capital needs.
  • Risks Related to Taxation Matters
  • Our ability to use our net operating loss carryforwards and other tax attributes may be limited.
  • Changes in our effective tax rate or tax liability may have an adverse effect on our results of operations.
  • Any successful action by state or other authorities to collect additional or past indirect taxes, including sales tax and other taxes, or to assert that we are subject to any taxes in a jurisdiction where we do not currently file could materially and adversely affect our business, financial condition and results of operations.
  • Risks Related to Ownership of Our Class A Common Stock
  • The market price for our Class A common stock may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the price at which you purchased such shares.
  • The dual-class structure of our common stock has the effect of concentrating voting power with holders of our Class B common stock, who will have significant influence over us and, if acting together, will be able to control matters requiring stockholder approval.
  • The dual-class structure of our common stock may adversely affect the trading market for our Class A common stock.
  • Future sales of substantial amounts of our Class A common stock in the public markets, or the perception that such sales might occur, could reduce the price that our Class A common stock might otherwise attain.
  • Your ownership and voting power may be diluted by the issuance of additional shares of our common stock in connection with financings, acquisitions, investments, our equity incentive plans or otherwise.
  • We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock, which could depress the price of our Class A common stock.
  • Anti-takeover provisions in our governing documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management, and depress the market price of our Class A common stock.
  • Our Certificate of Incorporation provides that the Court of Chancery of the State of Delaware is the sole and exclusive forum for substantially all disputes between us and our stockholders, and federal district courts are the sole and exclusive
  • forum for Securities Act claims, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or team members.
  • Our Certificate of Incorporation provides that the doctrine of “corporate opportunity” will not apply with respect to any director or stockholder who is not employed by us or our subsidiaries.
  • We are highly dependent on our chief executive officer, as well as our senior management team, and our business and growth may be adversely affected if we fail to attract, retain, and motivate key personnel.
  • We are an “emerging growth company” and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Class A common stock less attractive to investors.
  • We do not anticipate paying dividends on our Class A common stock in the foreseeable future. As a result, your ability to achieve a return on your investment will depend on appreciation in the price of our Class A common stock.
  • We may be subject to securities litigation, which is expensive and could divert management attention.
  • General Risk Factors
  • Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and negatively affect our results of operations.
  • Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the markets in which we compete achieve the forecasted growth, our business could fail to grow at similar rates, or at all.
  • If industry or financial analysts do not publish research or reports about our business, or if they issue inaccurate or unfavorable research regarding our Class A common stock, the market price and trading volume of our Class A common stock could decline.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • Our reported financial results may be adversely affected by changes in accounting principles generally accepted in the United States.
  • We may need additional capital in the future to meet our financial obligations and to pursue our business objectives. Additional capital may not be available on favorable terms, or at all, which could compromise our ability to meet our financial obligations and grow our business.
  • If our estimates or judgments relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our results of operations could fall below the expectations of securities analysts and investors, resulting in a decline in the trading price of our Class A common stock.

Legal proceedings

From time to time, we may be involved in claims and proceedings arising in the course of our business. The outcome of such claims or proceedings, regardless of merit, is inherently uncertain. For a description of our legal proceedings, refer to Note 11, “Commitments and Contingencies” of the consolidated financial statements included elsewhere in this Form 10-K, which is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.5

Sources

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