v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Income) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue:        
Revenue from fees, net $ 348,019 $ 240,777 $ 625,082 $ 426,252
Interest income, interest expense, and fair value adjustments, net:        
Interest income [1],[2] 57,051 45,623 113,112 86,191
Interest expense [1],[2] (12,531) (7,772) (22,901) (14,792)
Fair value and other adjustments, net [1] (27,831) (21,337) (42,371) (26,989)
Total interest income, interest expense, and fair value adjustments, net 16,689 16,514 47,840 44,410
Total revenue 364,708 257,291 672,922 470,662
Operating expenses:        
Sales and marketing 114,512 73,105 218,967 132,075
Customer operations 61,319 46,246 116,414 86,747
Engineering and product development 93,860 68,825 173,972 126,663
General, administrative, and other 80,378 64,573 156,448 125,131
Total operating expenses 350,069 252,749 665,801 470,616
Income from operations 14,639 4,542 7,121 46
Other income, net 2,514 1,114 3,470 3,192
Net income before income taxes 17,153 5,656 10,591 3,238
Provision for income taxes 614 49 698 78
Net income $ 16,539 $ 5,607 $ 9,893 $ 3,160
Net income per share, basic (in dollars per share) $ 0.17 $ 0.06 $ 0.10 $ 0.03
Net income per share, diluted (in dollars per share) $ 0.16 $ 0.05 $ 0.10 $ 0.03
Weighted-average number of shares outstanding used in computing net income per share, basic (in shares) 96,573,751 95,526,364 96,736,956 94,903,909
Weighted-average number of shares outstanding used in computing net income per share, diluted (in shares) 109,720,846 102,852,284 101,414,541 103,177,583
[1] Balances for the three and six months ended June 30, 2025 and 2026 include amounts related to the consolidated securitization. Refer to “Note 2. Revenue” for details.
[2] For the three and six months ended June 30, 2026, interest income and interest expense include dividend income earned on certain cash accounts and expense on convertible senior notes, respectively, which were previously included in other income, net. Refer to “Note 1. Description of Business and Significant Accounting Policies” for details.