v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments Segments
The CODM utilizes net (loss) income as the measure of segment profit or loss. The CODM uses net (loss) income to evaluate return on assets and decide whether to reinvest profits into the segment or into other new investment opportunities.

In addition to the unaudited condensed consolidated statements of operations and comprehensive (loss) income, the CODM is regularly provided with financial information that includes the following captions when assessing the performance and allocation of resources: cost of revenue, customer acquisition costs (comprising advertising and media costs associated with the Company’s efforts to acquire new customers, promote its brands, and build awareness for its products and services, including advertising in digital media, social media, television, radio, out-of-home media, and various other media outlets and excluding content production costs), employee compensation (comprising salaries and wages, benefits, taxes, and performance bonuses, and excluding stock-based compensation) by operating expense caption, and stock-based compensation by operating expense caption. These are significant segment expenses, as they are regularly provided to the CODM.
The table below highlights the segment’s revenue, expenses, and net (loss) income for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,
20262025
Revenue$608,104 $586,010 
Less:
Cost of revenue211,317 155,321 
Customer acquisition costs192,812 201,590 
Employee compensation included within:
Marketing13,118 10,512 
Operations and support35,694 23,823 
Technology and development18,442 13,490 
General and administrative29,975 14,669 
Stock-based compensation included within:
Marketing2,815 2,774 
Operations and support6,113 3,006 
Technology and development5,990 4,045 
General and administrative21,944 15,033 
Depreciation and amortization expense included within operating expenses20,583 7,536 
Legal settlement costs
15,000 — 
Change in fair value of equity securities9,682 — 
Change in fair value of liabilities17,646 — 
Interest income and expense, net(5,033)(2,596)
Income tax (benefit) expense(9,436)11,010 
Other segment items(1)
113,557 76,312 
Segment net (loss) income(92,115)49,485 
Reconciliation of profit or loss
Adjustments and reconciling items— — 
Consolidated net (loss) income$(92,115)$49,485 
______________
(1)    Other segment items included in segment net (loss) income primarily consist of professional services, fulfillment, transaction processing, technology, and other general operating costs.

In addition to the segment’s operating results, the CODM is regularly provided with total assets as reported on the Company’s unaudited condensed consolidated balance sheets as well as the expenditures for both purchases of property, equipment, and intangible assets, and investment in website development and internal-use software, which are reported on the Company’s consolidated statements of cash flows and totaled $36.3 million and $59.0 million during the three months ended March 31, 2026 and 2025, respectively.