The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value as of June 30, 2026 and December 31, 2025 based on the three-tier fair value hierarchy:


	June 30, 2026
	Level 1		Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	107,390	$	—		$	—		$	107,390
Other non-current assets:
Derivative instruments	$	—	$	—		$	7,059	(2)	$	7,059
Equity securities	—		9,127		(1)	—			9,127
Total	$	107,390	$	9,127		$	7,059		$	123,576

Liabilities
Other current liabilities	$	—	$	—		$	245	(3)	$	245
Other long-term liabilities	—		—			35,441		(3)	35,441
Total	$	—	$	—		$	35,686		$	35,686


	December 31, 2025
	Level 1		Level 2			Level 3			Total
Assets
Cash equivalents:
Money market funds	$	184,212	$	—		$	—		$	184,212
Other non-current assets:
Derivative instruments	$	—	$	—		$	7,059	(2)	$	7,059
Equity securities	—		9,127		(1)	—			9,127
Total	$	184,212	$	9,127		$	7,059		$	200,398

Liabilities
Other current liabilities	$	—	$	—		$	14,900	(3)	$	14,900
Other long-term liabilities	—		—			59,534		(3)	59,534
Total	$	—	$	—		$	74,434		$	74,434

(1)Represents the Company’s non-marketable equity securities, which are classified as Level 2 because the Company measures these assets to fair value using observable inputs for similar investments of the same issuer. The Company has elected the remeasurement alternative for these assets.

(2)Represents the Company’s derivative instruments held in other public and privately held entities. The Company measures these derivative instruments to fair value using option pricing models and, accordingly, classifies these assets as Level 3. There were no new Level 3 derivative instruments sold, purchased by or issued to the Company during the six months ended June 30, 2026. The table below includes a range and an average weighted by relative fair value of the significant unobservable inputs used to measure these Level 3 derivative instruments to fair value. The key inputs to the valuations are underlying stock price, volatility and risk free rate. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date. Changes to fair value of these instruments are recorded in Other gain (loss), net on the condensed consolidated statements of operations.

(3)Represents the contingent consideration issuable to former Sports IQ Analytics Inc. (“SIQ”), Dijon Systems Limited (“Dijon”), Simplebet, Inc. (“Simplebet”) and Railbird equityholders in connection with the acquisition of SIQ, acquisition of Dijon, acquisition of Simplebet and the Railbird Transaction, respectively, upon the achievement of certain performance targets. The fair value of contingent consideration was generally calculated using customary valuation models based on probability-weighted outcomes of meeting certain future performance targets and forecasted results. The Company classified the contingent consideration liabilities as a Level 3 fair value measurement due to the lack of observable inputs used in the model. The key inputs to the valuations are the projections of future financial results in relation to the business,

revenue risk premium, revenue volatility, and operational leverage ratio as well as management judgment regarding the probability of achieving a future performance target. The table below includes a range and an average weighted by relative fair value of the significant unobservable inputs used to measure contingent consideration at fair value. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date. Changes to fair value of these instruments are recorded in Other gain (loss), net on the condensed consolidated statements of operations.


	June 30, 2026	December 31, 2025
Significant Unobservable Inputs of Level 3 Investments	Range (Weighted Average)	Range (Weighted Average)
Revenue volatility	10.6% - 19.8% (18.4%)	10.6% - 17.3% (15.3%)
Equity volatility	45.0% - 56.6% (53.2%)	45.0% - 54.2% (51.0%)
Operational leverage ratio	35.0% - 75.0% (38.4%)	61.0% - 75.0% (65.4%)