v3.26.1
Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
The table below highlights the segment’s revenue, expenses, and net (loss) income for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue$753,214 $544,833 $1,361,318 $1,130,843 
Less:
Cost of revenue272,411 128,637 483,728 283,958 
Customer acquisition costs229,501 188,378 422,313 389,968 
Employee compensation included within:
Marketing10,519 11,499 23,637 22,011 
Operations and support35,398 26,542 71,092 50,365 
Technology and development15,312 15,840 33,754 29,330 
General and administrative43,601 19,608 73,576 34,277 
Stock-based compensation included within:
Marketing3,004 3,435 5,819 6,209 
Operations and support7,016 4,579 13,129 7,585 
Technology and development6,645 5,247 12,635 9,292 
General and administrative25,451 22,465 47,395 37,498 
Depreciation and amortization expense included within operating expenses28,098 9,800 48,681 17,336 
Legal contingencies47,500 — 62,500 — 
Change in fair value of equity securities(4,737)— 4,945 — 
Change in fair value of liabilities4,223 — 21,869 — 
Interest income and expense, net(2,254)(6,117)(7,287)(8,713)
Income tax (benefit) expense(6,343)(9,652)(15,779)1,358 
Other segment items(1)
124,159 82,067 237,716 158,379 
Segment net (loss) income(86,290)42,505 (178,405)91,990 
Reconciliation of profit or loss
Adjustments and reconciling items— — — — 
Consolidated net (loss) income$(86,290)$42,505 $(178,405)$91,990 
______________
(1)    Other segment items included in segment net (loss) income primarily consist of professional services, fulfillment, transaction processing, technology, and other general operating costs.