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)	2026		2025
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 income	1,653		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

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(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.