v3.26.1
CONSOLIDATED BALANCE SHEET COMPONENTS
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED BALANCE SHEET COMPONENTS CONSOLIDATED BALANCE SHEET COMPONENTS
Restricted Cash
The reconciliation of cash, cash equivalents, and restricted cash was as follows:
June 30, 2026December 31, 2025
Cash and cash equivalents$871.7 $792.6 
Restricted cash, current0.9 — 
Restricted cash, non-current1.4 0.8 
Total cash, cash equivalents, and restricted cash$874.0 $793.4 
Accounts Receivable, Net
Accounts receivable, net consisted of the following:
June 30, 2026December 31, 2025
Billed accounts receivable, net of allowance for credit losses$146.8 $58.0 
Unbilled accounts receivable12.0 7.4 
Accounts receivable, net$158.8 $65.4 
Property, Equipment, and Software, Net
Property, equipment, and software, net consisted of the following:
June 30, 2026December 31, 2025
Internal-use software and website development$130.4 $113.6 
Computer equipment and purchased software13.4 2.8 
Leasehold improvements23.9 1.1 
Furniture and fixtures6.9 0.8 
Total property, equipment, and software174.6 118.3 
Less: accumulated depreciation and amortization
(119.6)(74.9)
Property, equipment, and software, net$55.0 $43.4 
The following table presents depreciation and amortization expense related to property, equipment, and software as well as the portion of amortization expense related to internal-use software and website development that is recorded within cost of revenue in the Condensed Consolidated Statements of Operations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Depreciation and amortization expense$6.4 $4.9 $12.0 $9.9 
Amortization expense for internal-use software and website development$5.7 $4.7 $11.0 $9.4 
Intangible Assets, Net
Intangible assets, net consisted of the following:
June 30, 2026December 31, 2025
Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value
Content assets$53.1 $(19.8)$33.3 $43.1 $(16.0)$27.1 
Customer relationships164.5 (4.1)160.4 — — — 
Content creator relationships135.4 (4.7)130.7 — — — 
Developed technology102.2 (4.8)97.4 — — — 
Trade name15.0 (0.5)14.5 — — — 
Intangible assets$470.2 $(33.9)$436.3 $43.1 $(16.0)$27.1 
Within the Condensed Consolidated Statements of Operations, amortization expense related to our content assets, developed technology, and content creator relationships is recorded within cost of revenue, and amortization expense related to our customer relationships and trade name is recorded within sales and marketing.
Capitalization of content assets and amortization expense for intangible assets were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Capitalization of content assets$4.4 $4.0 $10.1 $6.8 
Amortization expense for intangible assets$16.1 $2.5 $18.0 $4.6 
As of June 30, 2026, future expected amortization expense for intangible assets was as follows:
Remainder of 2026$55.1 
2027109.6 
2028109.3 
202983.6 
203042.9 
Thereafter35.8 
Total$436.3 
Goodwill
Goodwill in the amount of $182.7 million was established as part of the Merger on the Closing Date. This amount represents the excess of Merger consideration over the estimated fair value of the underlying net assets acquired. The amount recorded is based on preliminary estimates of the fair values of assets acquired and liabilities assumed and is subject to adjustment during the measurement period.
The following table summarizes goodwill by reportable segments:
EnterpriseConsumerTotal
Balance as of December 31, 2025
$— $— $— 
Additions
113.9 68.8 182.7 
Balance as of June 30, 2026
$113.9 $68.8 $182.7