v3.26.1
PEOPLE INC. FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET AT JUNE 30, 2026 AND DECEMBER 31, 2025 (Unaudited)

June 30, 2026December 31, 2025
Consolidated People IncorporatedLess: Entities
Excluding People Inc. 		Eliminations and ReclassificationsPeople Inc.Consolidated People IncorporatedLess: Entities
Excluding People Inc. 		Eliminations and ReclassificationsPeople Inc.
(In thousands)
ASSETS
Cash and cash equivalents$1,113,008 $(782,740)$— $330,268 $941,311 $(656,993)$— $284,318 
Accounts receivable, net329,373 (8,188)— 321,185 409,809 (8,914)— 400,895 
Other current assets107,588 (48,592)— 58,996 97,913 (43,733)— 54,180 
Current assets of discontinued operations1,743 (1,743)— — 95,716 (95,716)— — 
Total current assets1,551,712 (841,263)— 710,449 1,544,749 (805,356)— 739,393 
Buildings, land, equipment, leasehold improvements and capitalized software, net288,995 (176,139)— 112,856 284,394 (179,882)— 104,512 
Goodwill1,507,959 (2,534)— 1,505,425 1,508,030 (2,533)— 1,505,497 
Intangible assets, net of accumulated amortization357,747 — — 357,747 394,381 — — 394,381 
Investment in MGM Resorts International3,194,777 (3,194,777)— — 2,401,858 (2,401,858)— — 
Long-term investments404,628 (404,628)— — 409,240 (409,240)— — 
Other non-current assets214,126 (34,181)54,063 234,008 222,870 (67,948)97,336 252,258 
People Incorporated's investment in People Inc.— (1,653,674)1,653,674 — — (1,655,926)1,655,926 — 
Non-current assets of discontinued operations— — — — 429,395 (429,395)— — 
TOTAL ASSETS$7,519,944 $(6,307,196)$1,707,737 $2,920,485 $7,194,917 $(5,952,138)$1,753,262 $2,996,041 
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Current portion of long-term debt$24,500 $— $— $24,500 $24,500 $— $— $24,500 
Accounts payable, trade32,225 (2,080)— 30,145 29,859 (1,633)— 28,226 
Deferred revenue17,366 (2,728)— 14,638 19,026 (1,964)— 17,062 
June 30, 2026December 31, 2025
Consolidated People IncorporatedLess: Entities
Excluding People Inc. 		Eliminations and ReclassificationsPeople Inc.Consolidated People IncorporatedLess: Entities
Excluding People Inc. 		Eliminations and ReclassificationsPeople Inc.
Accrued expenses and other current liabilities342,308 (49,339)9,164 302,133 391,368 (53,857)5,778 343,289 
Current liabilities of discontinued operations4,005 (4,005)— — 96,114 (96,114)— — 
Total current liabilities420,404 (58,152)9,164 371,416 560,867 (153,568)5,778 413,077 
Long-term debt, net1,390,218 — — 1,390,218 1,401,324 — — 1,401,324 
Deferred income taxes372,961 (427,024)54,063 — 208,624 (305,960)97,336 — 
Other long-term liabilities206,237 (9,178)— 197,059 226,422 (13,157)— 213,265 
Non-current liabilities of discontinued operations— — — — 8,657 (8,657)— — 
Intercompany due from People Inc. to People Incorporated— 11,522 (11,522)— — 8,135 (8,135)— 
Redeemable noncontrolling interests12,236 (12,236)— — 25,264 (25,264)— — 
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Common stock8 (8)3 3 8 (8)3 3 
Class B common stock1 (1)— — 1 (1)— — 
Additional paid-in-capital6,008,443 (6,008,443)1,568,352 1,568,352 5,959,692 (5,959,692)1,570,603 1,570,603 
Accumulated deficit(208,031)(472,446)87,677 (592,800)(643,000)(32,465)87,677 (587,788)
Accumulated other comprehensive loss(13,763)— — (13,763)(11,842)(2,601)— (14,443)
Treasury stock(704,277)704,277 — — (571,032)571,032 — — 
Total shareholders' equity5,082,381 (5,776,621)1,656,032 961,792 4,733,827 (5,423,735)1,658,283 968,375 
Noncontrolling interests35,507 (35,507)— — 29,932 (29,932)— — 
Total shareholders' equity5,117,888 (5,812,128)1,656,032 961,792 4,763,759 (5,453,667)1,658,283 968,375 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$7,519,944 $(6,307,196)$1,707,737 $2,920,485 $7,194,917 $(5,952,138)$1,753,262 $2,996,041 
Consolidated Statement of Operations and Comprehensive Income (Loss)
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2026 AND 2025 (Unaudited)

Three Months Ended June 30, 2026Three Months Ended June 30, 2025
Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.
(In thousands)
Revenue$436,736 $(20,049)$— $416,687 $443,247 $(15,877)$— $427,370 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)156,535 (3,745)21 152,811 160,786 (2,576)8 158,218 
Selling and marketing expense120,706 (5,817)— 114,889 129,613 (5,463)— 124,150 
General and administrative expense113,548 (53,400)(21)60,127 96,497 (44,797)(8)51,692 
Product development expense33,686 (3,218)— 30,468 34,157 (3,265)— 30,892 
Depreciation7,504 (1,945)— 5,559 7,268 (2,047)— 5,221 
Amortization of intangibles19,044 — — 19,044 22,418 — — 22,418 
Total operating costs and expenses451,023 (68,125)— 382,898 450,739 (58,148)— 392,591 
Operating (loss) income(14,287)48,076 — 33,789 (7,492)42,271 — 34,779 
Interest expense(25,865)— — (25,865)(37,167)— — (37,167)
Unrealized gain on investment in MGM Resorts International721,682 (721,682)— — 307,437 (307,437)— — 
Other income, net10,552 (8,514)— 2,038 2,796 (811)— 1,985 
Earnings (loss) from continuing operations before income taxes692,082 (682,120)— 9,962 265,574 (265,977)— (403)
Income tax (provision) benefit(177,347)174,713 — (2,634)(74,360)64,658 — (9,702)
Net earnings (loss) from continuing operations514,735 (507,407)— 7,328 191,214 (201,319)— (10,105)
Loss on the sale of Care.com, net of income taxes(2,657)2,657 — — — — — — 
(Loss) earnings from discontinued operations, net of income taxes(4,239)4,239 — — 19,419 (19,419)— — 
Net earnings (loss)507,839 (500,511)— 7,328 210,633 (220,738)— (10,105)
Net (earnings) loss attributable to noncontrolling interests(988)988 — — 819 (819)— — 
Net earnings (loss) attributable to shareholders506,851 (499,523)— 7,328 211,452 (221,557)— (10,105)
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.
Other comprehensive income (loss)(a)
291 (1)— 290 (109)(734)— (843)
Comprehensive income (loss) attributable to shareholders$507,142 $(499,524)$— $7,618 $211,343 $(222,291)$— $(10,948)
Stock-based compensation expense by function:
Cost of revenue$264 $— $— $264 $439 $— $— $439 
Selling and marketing expense684 (61)— 623 905 (105)— 800 
General and administrative expense33,397 (26,874)— 6,523 16,061 (10,800)— 5,261 
Product development expense652 (78)— 574 905 (202)— 703 
Total stock-based compensation expense$34,997 $(27,013)$— $7,984 $18,310 $(11,107)$— $7,203 
_____________________
(a)    The three months ended June 30, 2026 and 2025 for People Inc. include $0.6 million and $(0.8) million of change in net unrealized gains (losses) on interest rate swaps, respectively, and $(0.3) million and less than $(0.1) million of change in foreign currency translation adjustment, respectively.
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (Unaudited)
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.
(In thousands)
Revenue$842,533 $(40,127)$10 $802,416 $854,604 $(34,164)$1 $820,441 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)308,476 (7,928)58 300,606 316,917 (5,829)21 311,109 
Selling and marketing expense242,938 (11,881)— 231,057 255,338 (11,368)— 243,970 
General and administrative expense216,002 (100,409)(48)115,545 137,918 (70,251)(20)67,647 
Product development expense68,318 (6,315)— 62,003 67,475 (6,976)— 60,499 
Depreciation14,818 (3,891)— 10,927 18,509 (4,115)— 14,394 
Amortization of intangibles38,084 — — 38,084 44,836 — — 44,836 
Total operating costs and expenses888,636 (130,424)10 758,222 840,993 (98,539)1 742,455 
Operating (loss) income(46,103)90,297 — 44,194 13,611 64,375 — 77,986 
Interest expense(51,723)— — (51,723)(65,481)— — (65,481)
Unrealized gain (loss) on investment in MGM Resorts International755,687 (755,687)— — (16,828)16,828 — — 
Other income, net24,630 (19,478)— 5,152 10,428 (5,435)— 4,993 
Earnings (loss) from continuing operations before income taxes682,491 (684,868)— (2,377)(58,270)75,768 — 17,498 
Income tax (provision) benefit(167,238)164,603 — (2,635)407 (18,768)— (18,361)
Net earnings (loss) from continuing operations515,253 (520,265)— (5,012)(57,863)57,000 — (863)
Loss on the sale of Care.com, net of income taxes(78,300)78,300 — — — — — — 
(Loss) earnings from discontinued operations, net of income taxes216 (216)— — 53,928 (53,928)— — 
Net earnings (loss)437,169 (442,181)— (5,012)(3,935)3,072 — (863)
Net earnings attributable to noncontrolling interests(2,200)2,200 — — (1,418)1,418 — — 
Net earnings (loss) attributable to People Incorporated shareholders434,969 (439,981)— (5,012)(5,353)4,490 — (863)
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.
(In thousands)
Other comprehensive (loss) income(b)
(1,921)2,601 — 680 672 (3,390)— (2,718)
Comprehensive income (loss) attributable to shareholders$433,048 $(437,380)$— $(4,332)$(4,681)$1,100 $— $(3,581)
Stock-based compensation expense by function:
Cost of revenue$528 $— $— $528 $774 $— $— $774 
Selling and marketing expense1,623 (467)— 1,156 1,581 (219)— 1,362 
General and administrative expense47,746 (33,980)— 13,766 (6,845)16,321 — 9,476 
Product development expense1,512 (288)— 1,224 1,410 (326)— 1,084 
Total stock-based compensation expense$51,409 $(34,735)$— $16,674 $(3,080)$15,776 $— $12,696 
_____________________
(b)    The six months ended June 30, 2026 and 2025 for People Inc. include $1.7 million and $(2.6) million of change in net unrealized gains (losses) on interest rate swaps, respectively, and $(1.0) million and $(0.1) million of change in foreign currency translation adjustment, respectively.
Consolidated Cash Flow Statement
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (Unaudited)

Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.
(In thousands)
Cash flows from operating activities attributable to continuing operations:
Net earnings (loss)$437,169 $(442,181)$— $(5,012)$(3,935)$3,072 $— $(863)
Less: Loss on the sale of Care.com, net of income taxes(78,300)78,300 — — — — — — 
Less: Earnings from discontinued operations, net of income taxes216 (216)— — 53,928 (53,928)— — 
Net earnings (loss) attributable to continuing operations515,253 (520,265)— (5,012)(57,863)57,000 — (863)
Adjustments to reconcile net earnings (loss) attributable to continuing operations to net cash provided by (used in) operating activities attributable to continuing operations:
Unrealized (gain) loss on investment in MGM Resorts International(755,687)755,687 — — 16,828 (16,828)— — 
Gain on sale of an unutilized domain name(7,500)7,500 — — — — — — 
Deferred income taxes166,700 (165,586)— 1,114 (2,638)18,450 — 15,812 
Stock-based compensation expense51,409 (34,735)— 16,674 (3,080)15,776 — 12,696 
Amortization of intangibles38,084 — — 38,084 44,836 — — 44,836 
Non-cash lease expense (including right-of-use asset impairments)15,131 (384)— 14,747 17,039 (517)— 16,522 
Depreciation14,818 (3,891)— 10,927 18,509 (4,115)— 14,394 
Net downward adjustments to the carrying value of equity securities without readily determinable fair values and net gains on sales of investments and businesses4,574 (4,574)— — 18,845 (18,845)— — 
Net gains on amendments and early terminations of lease agreements— — — — (36,104)— — (36,104)
Other adjustments, net2,975 2,215 — 5,190 8,718 2,616 — 11,334 
Changes in assets and liabilities, net of effects of dispositions:
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.
Accounts receivable77,453 (457)— 76,996 67,240 (59)— 67,181 
Other assets(267)(2,847)— (3,114)(26,508)25,985 — (523)
Operating lease liabilities(23,355)1,036 — (22,319)(63,873)612 — (63,261)
Accounts payable and other liabilities(40,000)3,280 3,827 (32,893)(29,049)(23,054)1,731 (50,372)
Income taxes payable and receivable(1,421)1,880 — 459 (2,151)(13,910)— (16,061)
Deferred revenue(2,535)(673)— (3,208)(5,198)(475)— (5,673)
Net cash provided by (used in) operating activities attributable to continuing operations55,632 38,186 3,827 97,645 (34,449)42,636 1,731 9,918 
Cash flows from investing activities attributable to continuing operations:
Capital expenditures(19,148)147 — (19,001)(8,156)422 — (7,734)
Net proceeds from the sale of Care.com295,697 (295,697)— — — — — — 
Purchase of MGM Resorts International common shares(37,232)37,232 — — — — — — 
Allocation of Angi Inc.'s cash in the Distribution— — — — (386,563)386,563 — — 
Proceeds from the sale of an unutilized domain name7,500 (7,500)— — — — — — 
Net proceeds from the sales of investments and businesses38 (38)— — 9,856 (9,856)— — 
Proceeds from the sale of a portion of the retirement investment fund— — — — 8,485 — — 8,485 
Other, net2,643 (2,399)— 244 2,806 (2,804)— 2 
Net cash provided by (used in) investing activities attributable to continuing operations249,498 (268,255)— (18,757)(373,572)374,325 — 753 
Cash flows from financing activities attributable to continuing operations:
Principal payments on the Term Loans(12,250)— — (12,250)(1,425,773)— — (1,425,773)
Net proceeds from the Term Loans refinancing— — — — 991,451 — — 991,451 
Proceeds from the issuance of the 2032 Notes— — — — 400,000 — — 400,000 
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.
Debt issuance and deferred financing costs— — — — (9,916)— — (9,916)
Contributions from the Company to People Inc.— — — — — — 80,000 80,000 
Withholding taxes paid on behalf of employees on net settled stock-based awards(19,453)9,987 — (9,466)(54,645)41,352 — (13,293)
Purchases of treasury stock(133,252)133,252 — — (200,000)200,000 — — 
Reimbursement from People Inc. to People Incorporated for the settlement of equity awards held by employees— — (10,113)(10,113)— — (20,324)(20,324)
Distributions from Angi Inc. pursuant to the tax sharing agreement8,491 (8,491)— — — — — — 
Intercompany between People Incorporated and People Inc. — (6,286)6,286 — — 61,407 (61,407)— 
Other, net(2,322)2,328 — 6 249 (249)— — 
Net cash (used in) provided by financing activities attributable to continuing operations(158,786)130,790 (3,827)(31,823)(298,634)302,510 (1,731)2,145 
Total cash provided by (used in) continuing operations146,344 (99,279)— 47,065 (706,655)719,471 — 12,816 
Net cash (used in) provided by operating activities attributable to discontinued operations(10,625)10,625 — — 28,999 (28,999)— — 
Net cash used in investing activities attributable to discontinued operations(48)48 — — (13,349)13,349 — — 
Net cash used in financing activities attributable to discontinued operations— — — — (14,401)14,401 — — 
Total cash (used in) provided by discontinued operations(10,673)10,673 — — 1,249 (1,249)— — 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(1,776)518 — (1,258)1,610 (925)— 685 
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.Consolidated People IncorporatedLess: Entities
Excluding People Inc.		Eliminations and ReclassificationsPeople Inc.
Net increase (decrease) in cash and cash equivalents and restricted cash133,895 (88,088)— 45,807 (703,796)717,297 — 13,501 
Cash and cash equivalents and restricted cash at beginning of period986,831 (694,652)— 292,179 1,807,255 (1,550,133)— 257,122 
Cash and cash equivalents and restricted cash at end of period$1,120,726 $(782,740)$— $337,986 $1,103,459 $(832,836)$— $270,623 
Schedule of Consolidated Stockholders Equity
PEOPLE INC. CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 (Unaudited)

Common Stock
(500,000 shares authorized)
Additional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive (Loss) IncomeTotal Shareholder's Equity
$0.01 par value
$Shares
(In thousands, except share count)
Balance at March 31, 2026$3 317,570 $1,561,633 $(600,128)$(14,053)$947,455 
Net earnings— — — 7,328 — 7,328 
Other comprehensive income— — — — 290 290 
Stock-based compensation expense— — 7,984 — — 7,984 
Withholding taxes paid on behalf of employees on net settled stock-based awards— — (525)— — (525)
Reimbursement from People Inc. to People Incorporated for settlement of equity awards held by employees— — (740)— — (740)
Balance at June 30, 2026
$3 317,570 $1,568,352 $(592,800)$(13,763)$961,792 
Common Stock
(500,000 shares authorized)
Additional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive (Loss) IncomeTotal Shareholder's Equity
 $0.01 par value
 $  Shares
(In thousands, except share count)
Balance at December 31, 2025
$3 317,570 $1,570,603 $(587,788)$(14,443)$968,375 
Net loss— — — (5,012)— (5,012)
Other comprehensive income— — — — 680 680 
Stock-based compensation expense— — 16,674 — — 16,674 
Withholding taxes paid on behalf of employees on net settled stock-based awards— — (9,466)— — (9,466)
Reimbursement from People Inc. to People Incorporated for settlement of equity awards held by employees— — (9,459)— — (9,459)
Balance at June 30, 2026
$3 317,570 $1,568,352 $(592,800)$(13,763)$961,792 
PEOPLE INC. CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 (Unaudited)

Common Stock
(500,000 shares authorized)
Additional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Shareholder's Equity
$0.01 par value
$Shares
(In thousands, except share count)
Balance at March 31, 2025$3 317,570 $1,541,811 $(641,094)$(12,563)$888,157 
Net loss— — — (10,105)— (10,105)
Other comprehensive loss— — — — (843)(843)
Stock-based compensation expense— — 7,203 — — 7,203 
Contribution from People Incorporated to People Inc.— — 80,000 — — 80,000 
Withholding taxes paid on behalf of employees on net settled stock-based awards— — (2,864)— — (2,864)
Reimbursement from People Inc. to People Incorporated for settlement of equity awards held by employees— — (4,085)— — (4,085)
Balance at June 30, 2025
$3 317,570 $1,622,065 $(651,199)$(13,406)$957,463 
 Common Stock
(500,000 shares authorized)
Additional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Shareholder's Equity
$0.01 par value
 $  Shares
(In thousands, except share count)
Balance at December 31, 2024
$3 317,570 $1,556,899 $(650,336)$(10,688)$895,878 
Net loss— — — (863)— (863)
Other comprehensive loss— — — — (2,718)(2,718)
Stock-based compensation expense— — 12,696 — — 12,696 
Contribution from People Incorporated to People Inc.— — 80,000 — — 80,000 
Withholding taxes paid on behalf of employees on net settled stock-based awards— — (13,293)— — (13,293)
Reimbursement from People Inc. to People Incorporated for settlement of equity awards held by employees— — (14,237)— — (14,237)
Balance at June 30, 2025
$3 317,570 $1,622,065 $(651,199)$(13,406)$957,463