v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

NOTE 13: SEGMENT INFORMATION

TheFork was designated a discontinued operation during the second quarter of 2026, as discussed in “Note 3: Discontinued Operations”, and as a result, the Company determined that TheFork is no longer a reportable segment. The Company's continuing operations now consists of two reportable segments: (1) Experiences and (2) Hotels and Other. All prior period segment disclosure information has been recast to conform to the current reporting structure. The nature of the services provided and revenue sources by product, are summarized by reportable segment in “Note 4: Revenue Recognition”.

Our operating segments are determined based on how our chief executive officer, who also serves as our chief operating decision maker (“CODM”) manages our business, regularly accesses information, and evaluates performance for operating

decision-making purposes, including allocation of operating and capital resources. Adjusted EBITDA is our reported measure of segment profit and a key measure used by our CODM and Board of Directors to understand and evaluate the operating performance of our business as a whole and for our individual operating segments, and on which internal budgets and forecasts are based and approved. We define adjusted EBITDA as net income (loss) from continuing operations plus: (1) (provision) benefit for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation; (5) goodwill, long-lived asset, and intangible assets impairments; (6) legal reserves, settlements and other (including indirect tax reserves related to audit settlements and the impact of one-time changes resulting from enacted indirect tax legislation); (7) restructuring and other related reorganization costs; (8) transaction related expenses (including non-operational costs related to significant shareholder activism, which includes third-party advisory, legal, and other professional fees); and (9) non-recurring expenses and income unusual in nature or infrequently occurring.

Stranded costs, which consist of certain shared personnel and insurance costs, previously allocated to the TheFork reportable segment that do not qualify for discontinued operations accounting classification, are reported within continuing operations for all periods presented. As a result, effective the second quarter of 2026, we changed our corporate overhead allocation methodology to re-allocate these stranded costs among the remaining operating segments included within continuing operations. Our segment presentation for the three and six months ended June 30, 2025 has been restated to reflect the re-allocation of these costs. Stranded costs of $1.0 million and $2.2 million for the three and six months ended June 30, 2026, respectively, and $1.0 million and $1.8 million for the three and six months ended June 30, 2025, respectively, have been included within segment profits for continuing operations and re-allocated among Experiences and Hotels and Other.

The following tables present our reportable segment information for the three and six months ended June 30, 2026 and 2025 and include a reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations. In addition, we do not report total assets, capital expenditures and related depreciation expense by segment as our CODM does not use this information to evaluate operating segment performance. Accordingly, we do not regularly provide such information by segment to our CODM. Intersegment revenue and expenses are not material for all periods presented.

 

 

Three months ended June 30, 2026

 

 

 

 

 

 

Experiences (1)

 

 

Hotels and Other (1) (2)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

Revenue

 

$

278.6

 

 

$

163.3

 

 

$

—

 

 

$

441.9

 

Less: (3)

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (4)

 

 

27.5

 

 

 

5.5

 

 

 

—

 

 

 

33.0

 

Marketing

 

 

170.7

 

 

 

44.7

 

 

 

—

 

 

 

215.4

 

Personnel (exclusive of stock-based compensation as shown separately below)

 

 

37.1

 

 

 

45.3

 

 

 

—

 

 

 

82.4

 

Technology

 

 

7.9

 

 

 

13.7

 

 

 

—

 

 

 

21.6

 

General and administrative (5)

 

 

4.6

 

 

 

8.5

 

 

 

—

 

 

 

13.1

 

Adjusted EBITDA

 

 

30.8

 

 

 

45.6

 

 

 

—

 

 

 

76.4

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(18.5

)

 

 

(18.5

)

Stock-based compensation

 

 

 

 

 

 

 

 

(16.8

)

 

 

(16.8

)

Restructuring and other related reorganization costs (6)

 

 

(1.1

)

 

 

(2.8

)

 

 

—

 

 

 

(3.9

)

Legal reserves, settlements and other (7)

 

 

 

 

 

 

 

 

0.9

 

 

 

0.9

 

Transaction related expenses

 

 

 

 

 

 

 

 

(0.3

)

 

 

(0.3

)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

37.8

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

(9.7

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

28.1

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

(5.3

)

Net income (loss) from continuing operations

 

 

 

 

 

 

 

 

 

 

$

22.8

 

 

 

 

Three months ended June 30, 2025

 

 

 

 

 

 

Experiences (1)

 

 

Hotels and Other (1) (2)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

Revenue

 

$

270.5

 

 

$

205.5

 

 

$

—

 

 

$

476.0

 

Less: (3)

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

27.5

 

 

 

9.0

 

 

 

—

 

 

 

36.5

 

Marketing

 

 

152.1

 

 

 

55.3

 

 

 

—

 

 

 

207.4

 

Personnel (exclusive of stock-based compensation as shown separately below)

 

 

40.2

 

 

 

59.1

 

 

 

—

 

 

 

99.3

 

Technology

 

 

8.1

 

 

 

13.4

 

 

 

—

 

 

 

21.5

 

General and administrative (8)

 

 

4.8

 

 

 

9.3

 

 

 

—

 

 

 

14.1

 

Adjusted EBITDA

 

 

37.8

 

 

 

59.4

 

 

 

—

 

 

 

97.2

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(17.7

)

 

 

(17.7

)

Stock-based compensation

 

 

 

 

 

 

 

 

(26.2

)

 

 

(26.2

)

Legal reserves, settlements and other (9)

 

 

 

 

 

 

 

 

4.6

 

 

 

4.6

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

57.9

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

(13.0

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

44.9

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

(8.4

)

Net income (loss) from continuing operations

 

 

 

 

 

 

 

 

 

 

$

36.5

 

 

 

 

Six months ended June 30, 2026

 

 

 

 

 

 

Experiences (1)

 

 

Hotels and Other (1) (2)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

Revenue

 

$

446.5

 

 

$

321.2

 

 

$

—

 

 

$

767.7

 

Less: (3)

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (4)

 

 

47.4

 

 

 

12.6

 

 

 

—

 

 

 

60.0

 

Marketing

 

 

289.4

 

 

 

87.2

 

 

 

—

 

 

 

376.6

 

Personnel (exclusive of stock-based compensation as shown separately below)

 

 

74.1

 

 

 

95.3

 

 

 

—

 

 

 

169.4

 

Technology

 

 

15.7

 

 

 

27.5

 

 

 

—

 

 

 

43.2

 

General and administrative

 

 

8.7

 

 

 

17.0

 

 

 

—

 

 

 

25.7

 

Adjusted EBITDA

 

 

11.2

 

 

 

81.6

 

 

 

—

 

 

 

92.8

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(37.6

)

 

 

(37.6

)

Stock-based compensation

 

 

 

 

 

 

 

 

(35.3

)

 

 

(35.3

)

Restructuring and other related reorganization costs (6)

 

 

(1.9

)

 

 

(5.0

)

 

 

—

 

 

 

(6.9

)

Legal reserves, settlements and other (7)

 

 

 

 

 

 

 

 

0.7

 

 

 

0.7

 

Transaction related expenses (10)

 

 

 

 

 

 

 

 

(3.5

)

 

 

(3.5

)

Non-recurring (expenses) income (11)

 

 

 

 

 

 

 

 

4.8

 

 

 

4.8

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

15.0

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

(16.3

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

(1.3

)

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

(6.5

)

Net income (loss) from continuing operations

 

 

 

 

 

 

 

 

 

 

$

(7.8

)

 

 

 

Six months ended June 30, 2025

 

 

 

 

 

 

Experiences (1)

 

 

Hotels and Other (1) (2)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

Revenue

 

$

426.3

 

 

$

402.2

 

 

$

—

 

 

$

828.5

 

Less: (3)

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

44.6

 

 

 

14.0

 

 

 

—

 

 

 

58.6

 

Marketing

 

 

258.4

 

 

 

102.4

 

 

 

—

 

 

 

360.8

 

Personnel (exclusive of stock-based compensation as shown separately below)

 

 

76.1

 

 

 

120.4

 

 

 

—

 

 

 

196.5

 

Technology

 

 

14.9

 

 

 

26.1

 

 

 

—

 

 

 

41.0

 

General and administrative (8)

 

 

8.9

 

 

 

19.2

 

 

 

—

 

 

 

28.1

 

Adjusted EBITDA

 

 

23.4

 

 

 

120.1

 

 

 

—

 

 

 

143.5

 

Depreciation and amortization

 

 

 

 

 

 

 

 

(34.8

)

 

 

(34.8

)

Stock-based compensation

 

 

 

 

 

 

 

 

(51.5

)

 

 

(51.5

)

Legal reserves, settlements and other (9)

 

 

 

 

 

 

 

 

4.6

 

 

 

4.6

 

Restructuring and other related reorganization costs

 

 

(0.3

)

 

 

(9.0

)

 

 

—

 

 

 

(9.3

)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

52.5

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

(18.2

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

34.3

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

(0.6

)

Net income (loss) from continuing operations

 

 

 

 

 

 

 

 

 

 

$

33.7

 

 

(1)
Includes certain shared costs, primarily personnel costs, allocated from the Hotels and Other segment of $4.3 million and $9.2 million for the three and six months ended June 30, 2026, respectively, and $3.3 million and $6.5 million for the three and six months ended June 30, 2025, respectively. These costs include stranded costs of $0.4 million and $0.9 million for the three and six months ended June 30, 2026, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2025, respectively.
(2)
The Hotels and Other segment includes stranded costs of $0.6 million and $1.3 million for the three and six months ended June 30, 2026, respectively, and $0.7 million and $1.3 million for the three and six months ended June 30, 2025, respectively.
(3)
The significant segment expense categories and amounts align with the segment-level information that is regularly provided to our CODM.
(4)
Exclusive of $1.2 million and $0.8 million benefits in the Experiences and Hotels and Other segments, respectively, which are included separately below in legal reserves, settlements and other.
(5)
Exclusive of $1.1 million and $0.3 million costs in the Experiences and Hotels and Other segment, respectively, which is included separately below in legal reserves, settlements and other and transaction related expenses.
(6)
Refer to “Note 6: Accrued Expenses and Other Current Liabilities” for information regarding restructuring and other related reorganization costs.
(7)
This amount includes a refund of $2.0 million realized during the second quarter of 2026, resulting from the repeal of enacted tax legislation in Canada during 2026 related to digital service taxes, reflected in cost of sales on our unaudited condensed consolidated statement of operations. In addition, during the second quarter of 2026, the Company recorded a legal contingency accrual of $1.1 million, reflected in general and administrative expenses on our unaudited condensed consolidated statement of operations.
(8)
Exclusive of $4.6 million in the Hotels and Other segment which is included separately below in legal reserves, settlements and other.
(9)
Represents a decrease of $4.6 million to a previously estimated accrual for the settlement of a regulatory related matter during the second quarter of 2025, reflected in general and administrative expenses on our unaudited condensed consolidated statement of operations.
(10)
The Company expensed certain costs related to shareholder activism of $3.3 million, and other transaction related costs of $0.2 million, to general and administrative expenses on our unaudited condensed consolidated statements of operations.
(11)
Represents a recovery of $4.8 million related to an external fraud incident, which occurred during the fourth quarter of 2022. The Company reduced Adjusted EBITDA by this recovery amount during the first quarter of 2026, which was recorded to general and administrative expenses on the unaudited condensed consolidated statement of operations. The Company considers such recovery to be non-recurring in nature.

Product Information

Revenue sources within our Experiences segment and Hotels and Other segment, consisting of Hotels revenue, Media and advertising revenue, and Other revenue, comprise our products. Refer to “Note 4: Revenue Recognition” for our revenue by product.