v3.26.1
Discontinued Operations - (Tables)
 6 Months Ended
Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations in Income Statement, BalanceSheet and Cash Flow

The table below details the major classes of line items constituting net income from discontinued operations, net of income taxes in the unaudited condensed consolidated statements of operations:

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

( in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

61.2

 

 

$

54.2

 

 

$

118.5

 

 

$

100.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (exclusive of depreciation and amortization as shown separately below)

 

 

6.7

 

 

 

5.3

 

 

 

12.5

 

 

 

10.1

 

Marketing

 

 

13.9

 

 

 

11.3

 

 

 

31.0

 

 

 

30.3

 

Personnel (including stock-based compensation of $2.3, $2.9, $4.6 and $5.6, respectively)

 

 

24.2

 

 

 

23.7

 

 

 

48.3

 

 

 

44.9

 

Technology

 

 

3.7

 

 

 

3.4

 

 

 

7.1

 

 

 

6.6

 

General and administrative

 

 

3.7

 

 

 

3.6

 

 

 

7.2

 

 

 

7.0

 

Depreciation and amortization (1)

 

 

4.9

 

 

 

5.2

 

 

 

10.4

 

 

 

9.3

 

Restructuring and other related reorganization costs

 

 

(0.3

)

 

 

0.5

 

 

 

—

 

 

 

1.2

 

Total costs and expenses

 

 

56.8

 

 

 

53.0

 

 

 

116.5

 

 

 

109.4

 

Operating income (loss)

 

 

4.4

 

 

 

1.2

 

 

 

2.0

 

 

 

(8.8

)

Other income (expense), net

 

 

—

 

 

 

0.8

 

 

 

0.2

 

 

 

1.1

 

Income (loss) from discontinued operations before income taxes

 

 

4.4

 

 

 

2.0

 

 

 

2.2

 

 

 

(7.7

)

(Provision) benefit for income taxes

 

 

(4.8

)

 

 

(2.5

)

 

 

(4.4

)

 

 

(1.0

)

Net income (loss) from discontinued operations

 

$

(0.4

)

 

$

(0.5

)

 

$

(2.2

)

 

$

(8.7

)

(1) Beginning in June 2026, the Company ceased recognition of depreciation and amortization of TheFork's long-lived assets upon determination it met held for sale criteria under GAAP.

The table below details the major classes of TheFork assets and liabilities held for sale, which are summarized separately in the Unaudited Condensed Consolidated Balance Sheets:

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

ASSETS

 

(in millions)

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

51.9

 

 

$

56.9

 

Accounts receivable, net of allowance for expected credit losses of $15.2 and $12.0, respectively

 

34.7

 

 

33.8

 

Prepaid expenses and other current assets

 

7.7

 

 

6.4

 

Total current assets (1)

 

 

94.3

 

 

97.1

 

Property and equipment, net of accumulated depreciation of $89.1 and $82.5, respectively (2)

 

46.6

 

 

46.1

 

Operating lease right-of-use assets (2)

 

 

6.8

 

 

 

4.0

 

Intangible assets, net of accumulated amortization of $77.9 and $80.0, respectively

 

 

0.2

 

 

 

0.4

 

Goodwill

 

114.1

 

 

119.7

 

Deferred income taxes, net

 

9.3

 

 

9.5

 

Other long-term assets, net of allowance for expected credit losses of $10.0 and $10.0, respectively (3)

 

12.3

 

 

12.1

 

Total noncurrent assets (1)

 

189.3

 

 

191.8

 

TOTAL ASSETS HELD FOR SALE FROM DISCONTINUED OPERATIONS (1)

 

$

283.6

 

 

$

288.9

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

4.6

 

 

$

7.0

 

Deferred revenue

 

0.2

 

 

 

—

 

Income taxes payable

 

0.8

 

 

0.7

 

Accrued expenses and other current liabilities

 

46.1

 

 

48.6

 

Total current liabilities (1)

 

51.7

 

 

56.3

 

Operating lease liabilities, net of current portion

 

4.4

 

 

1.8

 

Other long-term liabilities

 

4.4

 

 

1.4

 

Total noncurrent liabilities (1)

 

8.8

 

 

3.2

 

TOTAL LIABILITIES HELD FOR SALE FROM DISCONTINUED OPERATIONS (1)

 

$

60.5

 

 

$

59.5

 

(1) The assets and liabilities held for sale from discontinued operations are classified as current on the June 30, 2026 unaudited condensed consolidated balance sheet because the transaction is expected to close within one year of the balance sheet date. As of December 31, 2025, held for sale classification for TheFork did not exist,

therefore its assets and liabilities retain original current and noncurrent classification. In addition, as of June 30, 2026, an accumulated other comprehensive loss of $19.0 million was excluded from the table above which will be netted from the gain on the sale of TheFork upon the closing of the transaction.

(2) Beginning in June 2026, the Company ceased recognition of depreciation and amortization of TheFork's long-lived assets upon determination it met held for sale criteria under GAAP.

(3) TheFork holds collateralized notes ("Notes Receivable") issued by a privately held company with a total principal amount of $20.0 million, classified as held-to-maturity, as TheFork has concluded it has the positive intent and ability to hold the notes until maturity, with 50% due June 2028 and the remaining 50% due June 2030, or the date on which there is a change in control, whichever is earlier. As of both June 30, 2026 and December 31, 2025, the carrying value of the Notes Receivable was $9.2 million, net of accumulated allowance for credit losses.

The following table presents significant cash flow items from discontinued operations included within the unaudited condensed consolidated statements of cash flows:

 

 

Six months ended

 

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

 

(in millions)

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

10.4

 

 

$

9.3

 

Stock-based compensation expense

 

$

4.6

 

 

$

5.6

 

Capital expenditures, including capitalized website development

 

$

10.7

 

 

$

9.6