v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
11. Segment Information
The Company manages its business on a consolidated basis and operates as a single operating and reportable segment. The Company primarily derives its revenue in the United States by selling products to customers via online marketplaces.
The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer, who reviews financial information on a consolidated basis. The CODM uses consolidated net income to assess financial performance and allocate resources. Net income is used by the CODM to make key operating decisions by comparing actual net income to historical results and previously forecasted financial information. The CODM does not review assets in evaluating the results of the reportable segment.
The following table presents selected financial information with respect to the Company’s single operating and reportable segment:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202620252026
Revenues$598,150 $876,773 $1,138,556 $1,650,500 
Significant expenses:
Cost of goods sold341,333 492,410 645,933 925,904 
Fulfillment(1)
87,154 131,666 167,884 247,972 
Marketplace commissions(2)
85,152 124,318 162,705 233,701 
Sales, general and administrative(3)
45,730 66,250 86,072 119,747 
Technology(4)
8,652 14,797 16,425 27,238 
Share-based compensation and related taxes(5)
— 11,796 — 20,831 
Interest income, net(1,688)(2,199)(3,205)(4,453)
Other (income) expense, net(32)197 129 479 
Provision for income taxes8,068 10,039 16,030 22,369 
Net income$23,781 $27,499 $46,583 $56,712 
__________
(1)Fulfillment includes costs incurred from third-party fulfillment centers and cost to operate and staff the Company’s fulfillment centers, excluding share-based compensation and related taxes.
(2)Marketplace commissions includes referral fees charged by the various online marketplaces.
(3)Sales, general and administrative relate to employee headcount, excluding share-based compensation and related taxes, and other selling and general administrative costs.
(4)Technology represents items included in research and development within the condensed consolidated statement of operations, excluding share-based compensation and related taxes, and the amortization of capitalized internally developed software costs.
(5)Share-based compensation and related taxes include compensation expense for both stock and cash settled restricted stock units and the related employer taxes.
See Note 2—Summary of Significant Accounting Policies for additional information about revenue disaggregation.
The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the condensed consolidated balance sheets were located as follows:
(in thousands)December 31, 2025June 30, 2026
U.S.$54,596 $87,206 
International14,655 15,444