v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Segment and Geographic Information
The Company determines operating segments based on how its chief operating decision maker (“CODM”) manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. The Company’s CODM is its Chief Executive Officer, who reviews the Company’s operating results on a consolidated basis. The Company operates as one operating segment. Based on the information provided to the Company’s CODM, the Company believes that the nature, amount, timing, and uncertainty of its revenue and how it is affected by economic factors are most appropriately depicted through the Company’s primary geographical locations. Revenues recorded by the Company are substantially all from the Company’s single performance obligation which are earned from similar services for which the nature of associated fees and the related revenue recognition models are substantially the same. Refer to Note 3. Revenue and Note 6. Property and Equipment for information related to the Company’s geographic information for revenue and long-lived assets, respectively.
Segment Income and Performance Measurement
The Company’s CODM is provided the financial performance of the Company's one operating segment showing net income (loss) as the primary measure of segment profitability. Net income (loss) reflects revenue generated and expenses incurred for the business. The CODM uses this measure to evaluate the operational efficiency and profitability of the Company, to make strategic decisions about capital allocation, and to assess whether the Company is meeting its financial targets. The CODM does not evaluate the performance of its one operating segment using asset information.
The Company’s CODM is regularly provided results comparing actual performance against budgeted targets and prior periods. This measure aligns with how resources are managed and allocated within the Company’s one operating segment business.
Significant Segment Expenses
On a regular basis, the Company’s CODM is provided certain significant segment expenses, which include advertising expense and stock-based compensation expense, in addition to those significant segment expenses reported within the Consolidated Statements of Operations.
The following table reconciles the significant segment expenses regularly provided to the Company’s CODM for the three months ended March 31, 2026 and 2025, to the primary measure of segment profitability, net income:
Three Months Ended March 31,
(in thousands)20262025
Revenue$452,802 $361,624 
Significant segment expenses:
Transaction expenses(144,940)(121,393)
Customer support and operations, excluding stock-based compensation expense(1)
(26,502)(22,317)
Marketing, excluding stock-based compensation expense and advertising expense(1)(2)
(15,018)(15,713)
Technology and development, excluding stock-based compensation expense(1)
(62,445)(52,614)
General and administrative, excluding stock-based compensation expense(1)
(47,251)(42,657)
Advertising expense(69,171)(53,509)
Stock-based compensation expense, net(27,536)(35,792)
Other segment disclosures:
Depreciation and amortization(6,199)(5,396)
Interest income1,653 1,787 
Interest expense(2,437)(1,299)
Provision for income taxes(3,022)(3,590)
Other segment income (expense), net(3)
(881)2,221 
Net income
$49,053 $11,352 
__________________
(1) The significant segment expenses reported within the Condensed Consolidated Statements of Operations are presented in this table excluding stock-based compensation expense. Stock-based compensation expense is presented separately as an additional significant segment expense and is regularly provided to the CODM. Refer to Note 12. Stock-Based Compensation for tabular disclosure of amounts included within other significant segment expenses, stock-based compensation expense, net of amounts capitalized to internal-use software, as described in Note 6. Property and Equipment.
(2) The significant segment expense reported within the Condensed Consolidated Statements of Operations is presented in this table excluding advertising expense. Advertising expense is presented separately as an additional significant segment expense and is regularly provided to the CODM. Advertising expense is included in Marketing expense as described in Note 2. Basis of Presentation and Summary of Significant Accounting Policies.
(3) Other segment income (expense) includes Other income (expense), net, which is described in Note 2. Basis of Presentation and Summary of Significant Accounting Policies in the notes to the consolidated financial statements included in Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
There were no unusual items or other significant noncash items for the three months ended March 31, 2026 and 2025.