v3.26.1
INFORMATION ABOUT SEGMENT, REVENUE AND GEOGRAPHIC AREAS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
INFORMATION ABOUT SEGMENT, REVENUE AND GEOGRAPHIC AREAS INFORMATION ABOUT SEGMENT, REVENUE AND GEOGRAPHIC AREAS
The Company considers operating segments to be components of the Company for which separate financial information is available and evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company has determined that it has a single operating and reporting segment managed on a consolidated basis. The single segment generates substantially all of its revenue from the sale of performance-based advertising products through its advertising platform. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer assesses performance for the single segment and decides how to allocate resources based on net income, which is reported on the condensed consolidated statements of operations as net income attributable to common
stockholders. Net income is used to monitor budget versus actual results. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.
The following table presents a reconciliation of segment net income to net income attributable to common stockholders for the periods presented (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net revenue
$375,519 $370,394 $736,976 $728,928 
Less:
Employee expenses (exclusive of stock-based compensation)(1)(3)
179,535 181,875 365,843 367,644 
Cost of revenue (exclusive of depreciation and amortization and stock-based compensation)
40,534 34,378 77,803 68,034 
Stock-based compensation
25,749 34,775 56,256 72,244 
Other segment items(2)(3)
67,120 48,016 128,376 102,075 
Depreciation and amortization
18,118 12,365 34,351 24,715 
Provision for income taxes
12,811 14,896 24,960 25,736 
Segment net income
$31,652 $44,089 $49,387 $68,480 
Reconciliation of segment net income to net income attributable to common stockholders
Adjustments and reconciling items
— — — — 
Net income attributable to common stockholders
$31,652 $44,089 $49,387 $68,480 
(1)    Includes expenses related to employees working in the sales and marketing, product development, and general and administrative departments and excludes expenses related to employees working in the infrastructure department whose costs are included in the cost of revenue (exclusive of depreciation and amortization and stock-based compensation) line.
(2)    Includes marketing, facilities, travel and entertainment, consulting and professional services, hardware and software, bad debt, other operating expenses and other income, net.
(3)    Prior period segment information has been recast to conform to the way the Company currently internally manages and monitors its business. The recast of prior period information had no impact on the Company’s condensed consolidated balance sheets, condensed consolidated statements of operations, or condensed consolidated statements of cash flows.
Net Revenue
When the Company communicates results externally, it disaggregates net revenue into major product lines and primary geographical markets, which is based on the billing address of the customer. The disaggregation of net revenue by major product lines is based on the type of service provided and also aligns with the timing of revenue recognition for each. To reflect the Company’s strategic focus on creating differentiated experiences for its Services categories and Restaurants, Retail & Other categories, the Company further disaggregates advertising revenue to reflect these two high-level category groupings. The Services categories consist of the following businesses: home, local, auto, professional, pets, events, real estate and financial services. The Restaurants, Retail & Other categories consist of the following businesses: restaurants, shopping, beauty & fitness, health and other.
The following table presents the Company’s net revenue by major product line (and by category for advertising revenue) for the periods presented (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Services$240,963 $240,802 $474,749 $472,378 
Restaurants, Retail & Other101,532 112,895 200,234 223,320 
Total advertising342,495 353,697 674,983 695,698 
Other33,024 16,697 61,993 33,230 
Total net revenue$375,519 $370,394 $736,976 $728,928 
During the three and six months ended June 30, 2026 and 2025, no individual customer accounted for 10% or more of consolidated net revenue.
The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
United States$373,472 $367,872 $732,777 $724,036 
All other countries2,047 2,522 4,199 4,892 
Total net revenue$375,519 $370,394 $736,976 $728,928