v3.26.1
FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FINANCIAL INSTRUMENTS NOTE 3—FINANCIAL INSTRUMENTS
Equity securities without readily determinable fair values
At both March 31, 2026 and December 31, 2025, the carrying value of the Company’s investments
in equity securities without readily determinable fair values totaled $33.3 million, and is included in
“Other non-current assets” in the accompanying consolidated balance sheet. The cumulative downward
adjustments (including impairments) and upward adjustments to the carrying value of equity securities
without readily determinable fair values through March 31, 2026 were $2.2 million and $6.7 million,
respectively. For both the three months ended March 31, 2026 and 2025, there were no adjustments to
the carrying value of equity securities without readily determinable fair values.
For all equity securities without readily determinable fair values as of March 31, 2026 and
December 31, 2025, the Company has elected the measurement alternative. For both the three months
ended March 31, 2026 and 2025, under the measurement alternative election, the Company did not
identify any fair value adjustments using observable price changes in orderly transactions for an
identical or similar investment of the same issuer.
Fair Value Measurements
The Company categorizes its financial instruments measured at fair value into a fair value
hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value
hierarchy are:
•Level 1: Observable inputs obtained from independent sources, such as quoted market prices
for identical assets and liabilities in active markets.
•Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices
for similar assets or liabilities in active markets, quoted market prices for identical or similar
assets or liabilities in markets that are not active, and inputs that are derived principally from or
corroborated by observable market data. The fair values of the Company’s Level 2 financial
assets are primarily obtained from observable market prices for identical underlying securities
that may not be actively traded. Certain of these securities may have different market prices
from multiple market data sources, in which case an average market price is used.
•Level 3: Unobservable inputs for which there is little or no market data and require the
Company to develop its own assumptions, based on the best information available in the
circumstances, about the assumptions market participants would use in pricing the assets or
liabilities.
The following tables present the Company’s financial instruments that are measured at fair value
on a recurring basis:
 
March 31, 2026
 
Quoted Market
Prices in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Total
Fair Value
Measurements
 
(In thousands)
Assets:
 
 
Cash equivalents:
 
 
Money market funds
$172,537
$—
$172,537
Time deposits
—
147,883
147,883
Short-term investments:
Time deposits
—
3,298
3,298
Intangible assets:
Digital assets (cost basis of $10,167)
4,174
—
4,174
Total
$176,711
$151,181
$327,892
 
December 31, 2025
 
Quoted Market
Prices in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Total
Fair Value
Measurements
 
(In thousands)
Assets:
 
 
Cash equivalents:
 
 
Money market funds
$224,837
$—
$224,837
Time deposits
—
151,890
151,890
Short-term investments:
Time deposits
—
3,461
3,461
Intangible assets:
Digital assets Digital assets (cost basis of $10,167)
7,216
—
7,216
Total
$232,053
$155,351
$387,404
Assets measured at fair value on a nonrecurring basis
The Company’s non-financial assets, such as goodwill, intangible assets, property and equipment,
and right-of-use assets, are adjusted to fair value only when an impairment charge is recognized. The
Company’s financial assets, comprised of equity securities without readily determinable fair values, are
adjusted to fair value when observable price changes are identified or an impairment charge is
recognized. Such fair value measurements are based predominantly on Level 3 inputs.
During the quarter ended March 31, 2026, Apple removed the Azar app from the Apple App Store
following a February 6, 2026 update to Apple’s App Review Guidelines. Updates were subsequently
made to the app to comply with the updated guidelines, which led to the reinstatement of a new version
of the Azar app. Based on these recent events, the financial outlook for Azar changed and the Company
performed impairment assessments for the non-financial assets associated with Azar. An impairment
charge of $25.2 million related to the Azar trade name was recognized in the quarter ended March 31,
2026 based on a $33.4 million current fair value, which was determined using an avoided royalty
discounted cash flow valuation. The Company also reclassified the Azar trade name from indefinite-
lived intangible assets to the definite-lived intangible asset category as of March 31, 2026. There were
no other impairments identified for any other long-lived assets associated with Azar or the goodwill
associated with the MG Asia reporting unit as of March 31, 2026.
Financial instruments measured at fair value only for disclosure purposes
The following table presents the carrying value and the fair value of financial instruments
measured at fair value only for disclosure purposes.
March 31, 2026
December 31, 2025
Carrying Value
Fair Value
Carrying Value
Fair Value
(In thousands)
Current maturities of long-term debt (a) (b)
$(423,729)
$(420,675)
$(423,580)
$(416,966)
Long-term debt, net (a) (b)
$(3,550,473)
$(3,381,932)
$(3,549,099)
$(3,450,867)
______________________
(a)At March 31, 2026, the carrying value of current maturities of long-term debt, net includes
unamortized debt issuance costs of $0.1 million. At March 31, 2026 and December 31, 2025,
the carrying value of long-term debt, net includes unamortized original issue discount and debt
issuance costs of $24.5 million and $25.9 million, respectively.
(b)At March 31, 2026, the fair value of the 2026 Exchangeable Notes and 2030 Exchangeable
Notes (described in “Note 4—Long-term Debt, net”) is $420.7 million and $512.8 million,
respectively. At December 31, 2025, the fair value of the 2026 Exchangeable Notes and 2030
Exchangeable Notes is $417.0 million and $517.0 million, respectively.
At March 31, 2026 and December 31, 2025, the fair value of long-term debt, net, is estimated
using observable market prices or indices for similar liabilities, which are Level 2 inputs.