v3.26.1
BALANCE SHEET COMPONENTS
 6 Months Ended
Jun. 30, 2026
Balance Sheet Related Disclosures [Abstract]  
BALANCE SHEET COMPONENTS
6. BALANCE SHEET COMPONENTS
Accounts Receivable, net: Accounts receivable, net consisted of the following (in thousands):
As of
June 30, 2026December 31, 2025
Accounts receivable, gross$827,732 $960,319 
Less: Allowances
Allowance for sales returns2,767 4,539 
Allowance for sales incentives43,475 70,839 
Allowance for credit losses4,804 3,073 
Other allowances83 1,997 
Total allowances51,129 80,448 
Accounts receivable, net $776,603 $879,871 
Customers J and B each accounted for 13% of the Company’s accounts receivable, net balance as of June 30, 2026 and 11% of the Company’s accounts receivable, net balance as of December 31, 2025, respectively.
Property and Equipment, net: Property and equipment, net consisted of the following (in thousands):
As of
June 30, 2026December 31, 2025
Computers and equipment$53,007 $51,699 
Leasehold improvements288,877 284,748 
Internal-use software5,904 5,904 
Office equipment and furniture36,394 36,075 
Property and equipment, gross384,182 378,426 
Less: Accumulated depreciation and amortization(229,130)(204,849)
Property and equipment, net$155,052 $173,577 
Depreciation and amortization expense for property and equipment assets was approximately $10.4 million and $11.4 million for the three months ended June 30, 2026 and 2025, respectively, and $24.3 million and $23.1 million for the six months ended June 30, 2026 and 2025, respectively.
Accrued Liabilities: Accrued liabilities consisted of the following (in thousands):
As of
June 30, 2026December 31, 2025
Revenue share payable$302,638 $311,488 
Accrued cost of revenue180,092 173,171 
Marketing, retail, and merchandising expenses
91,480 95,887 
Operating lease liability, current87,708 87,425 
Inventory received not billed 67,272 20,533 
Accrued legal and licensing expenses30,119 68,843 
Content liability, current32,833 42,158 
Contingent consideration, current36,165 28,110 
Other accrued expenses
139,027 130,368 
Total Accrued liabilities
$967,334 $957,983 
Other Long-term Liabilities: Other Long-term liabilities consisted of the following (in thousands):
As of
June 30, 2026December 31, 2025
Content liability, non-current$5,873 $5,078 
Contingent consideration, non-current18,070 40,006 
Other long-term liabilities55,106 28,172 
Total Other long-term liabilities$79,049 $73,256