v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 674,790 $ 709,443
Restricted cash 280,398 307,593
Short-term investments 37,267 62,483
Accounts receivable, net 45,893 41,422
Network incentives receivable 79,869 61,059
Settlements receivable, net 32,455 18,037
Prepaid expenses and other current assets 37,746 35,278
Total current assets 1,188,418 1,235,315
Property and equipment, net 63,919 59,910
Operating lease right-of-use assets, net 7,506 8,275
Intangible assets, net 48,406 51,388
Goodwill 153,962 154,706
Other assets 14,502 15,439
Total assets 1,476,713 1,525,033
Current liabilities:    
Accounts payable 789 1,847
Revenue share payable 260,144 224,526
Funds payable and amounts due to customers 280,298 306,891
Accrued expenses and other current liabilities 179,905 215,793
Total current liabilities 721,136 749,057
Operating lease liabilities, net of current portion 4,803 5,535
Other liabilities 8,492 8,484
Total liabilities 734,431 763,076
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock, $0.0001 par value; 100,000 and 100,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 0 0
Common stock, $0.0001 par value: 1,500,000 and 1,500,000 Class A shares authorized, 392,940 and 399,392 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. 600,000 and 600,000 Class B shares authorized, 32,808 and 32,864 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 43 43
Additional paid-in capital 1,546,548 1,572,238
Accumulated other comprehensive (loss) income (310) 1,509
Accumulated deficit (803,999) (811,833)
Total stockholders’ equity 742,282 761,957
Total liabilities and stockholders’ equity $ 1,476,713 $ 1,525,033