Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

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.