RESTRUCTURING

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

In February 2026, the Company announced a workforce reduction restructuring plan (the “Workforce Plan”) designed to better align our organizational structure with our operating model and strategic priorities. As part of the Workforce Plan, the Company reduced its workforce by more than 40%. Restructuring charges in connection with the Workforce Plan for the six months ended June 30, 2026 were $495.0 million, which primarily consisted of cash expenditures for notice period and severance payments, employee benefits and related costs, as well as share-based compensation expense. Restructuring charges for the three months ended June 30, 2026 were immaterial. The Workforce Plan concluded during the second quarter of fiscal 2026 and the Company does not expect to incur any further material related charges.

The following table presents a summary of severance and other personnel costs related to the Workforce Plan for the six months ended June 30, 2026 (in thousands):


	Six Months Ended June 30, 2026
Product development	$	345,603
Sales and marketing	47,836
General and administrative	101,573
Total	$	495,012

The following table summarizes the changes in the restructuring reserve related to the Workforce Plan, which are included within accrued expenses and other current liabilities on the condensed consolidated balance sheets, for the six months ended June 30, 2026 (in thousands):


	Severance and other termination benefits
Charges (i)	$	386,023
Payments	(367,088)
Accrued liability, end of period	$	18,935

(i) Excludes share-based compensation expense of $104.7 million as well as severance payments incurred and paid within the period.