The following table reconciles cash and cash equivalents, restricted cash, and funds held in escrow that are restricted as reported in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 to the total of the same amounts shown in the condensed consolidated statement of cash flows for the six months ended June 30, 2026:


(In thousands)	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	476,040	$	294,356
Restricted cash	3,800		3,800
Funds held in escrow, including funds in transit	193,269		180,752
Total cash, cash equivalents, and restricted cash as shown in the condensed consolidated statement of cash flows	$	673,109	$	478,908

Property and Equipment, Net


(In thousands)	June 30, 2026		December 31, 2025
Internal-use software and platform development	$	103,866	$	83,461
Leasehold improvements	12,233		7,755
Computer equipment and software	8,213		7,630
Office furniture and fixtures	1,565		1,076
Total property and equipment	125,877		99,922
Less: accumulated depreciation	(67,272)		(55,501)
Property and equipment, net	$	58,605	$	44,421

For the three months ended June 30, 2026 and 2025, depreciation expense related to property and equipment, excluding internal-use software and platform development, was $0.8 million and $0.4 million, respectively. For the six months ended June 30, 2026 and 2025, depreciation expense related to property and equipment, excluding internal-use software and platform development, was $1.5 million and $0.8 million, respectively.

For the three months ended June 30, 2026 and 2025, the Company capitalized $11.2 million and $5.9 million of internal-use software and platform development costs, respectively. For the six months ended June 30, 2026 and 2025, the Company capitalized $20.4 million and $10.5 million of internal-use software and platform development costs, respectively.

For the three months ended June 30, 2026 and 2025, amortization expense related to the capitalized internal-use software and platform development costs was $5.1 million and $3.8 million, respectively. For the six months ended June 30, 2026 and 2025, amortization expense related to the capitalized internal-use software and platform development costs was $10.6 million and $6.4 million, respectively.


	June 30, 2026						December 31, 2025
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	34,600	$	10,397	$	24,203	$	34,600	$	6,203	$	28,397
Assembled workforce	3,188		3,188		—		3,188		3,188		—
Customer relationships	11,000		3,885		7,115		11,000		2,236		8,764
Total	$	48,788	$	17,470	$	31,318	$	48,788	$	11,627	$	37,161


(In thousands)	June 30, 2026		December 31, 2025
Accrued compensation and related benefits	$	27,131	$	51,858
Accrued taxes	14,349		19,715
Accrued vendor expenses	14,011		12,899
Accrued payment processing fees	5,786		4,708
Accrued talent costs	1,770		1,678
Operating lease liability, current	4,349		1,672
Other	1,287		1,493
Total accrued expenses and other current liabilities	$	68,683	$	94,023

For all performance stock unit awards, which are referred to as PSU awards, granted under the Company’s 2018 Equity Incentive Plan, which is referred to as the 2018 EIP, the number of PSU awards that become earned and eligible to vest is based on the Company’s achievement of performance conditions established at the time of grant by the compensation committee of the Company’s board of directors, which is referred to as the compensation committee, relating to one or more performance periods, which is referred to as the PSU Performance Condition. Following the completion of the applicable performance period, the compensation committee certifies the Company’s achievement of the applicable PSU Performance Condition, and the dates on which such certifications occur are referred to as Certification Dates. In order for any PSU awards to be earned and vest, recipients must remain in continuous service with the Company through the applicable Certification Date, which is referred to as the PSU Service Condition.

The Company classifies all PSU awards as equity awards. Stock-based compensation expense related to PSU awards is recognized as a component of operating expenses in the Company’s condensed consolidated statements of operations and comprehensive income and is recognized over the longer of the expected achievement period of the applicable PSU Performance Condition or the applicable PSU Service Condition. The grant-date fair value of PSU awards is determined using valuation techniques appropriate for the specific award terms, including valuation models that incorporate the impact of market-based conditions, as applicable. At each reporting date prior to the applicable Certification Date, the Company reassesses the number of PSU awards that are probable of vesting, and any changes are reflected in stock-based compensation expense in the period of change.

In February 2026, the compensation committee approved the grant of PSU awards to certain members of the Company’s leadership team under the 2018 EIP, which awards are referred to as the 2026 PSU Awards. These awards were granted on February 18, 2026.

Up to fifty percent of the maximum number of shares subject to the 2026 PSU Awards are eligible to vest based on the Company’s achievement of certain financial performance targets over a two-year performance period consisting of the Company’s fiscal years ending December 31, 2026 and 2027, and up to the remaining fifty percent of the maximum number of shares subject to the 2026 PSU Awards are eligible to vest based on the Company’s achievement of certain financial performance targets over a three-year performance period consisting of the Company’s fiscal years ending December 31, 2026, 2027, and 2028. The performance targets consist of a weighted average achievement percentage, reflecting equal weighting of adjusted EBITDA and revenue achievement for each fiscal year within the applicable performance period, subject to adjustment by a relative total shareholder return compound annual growth rate multiplier, all as established by the compensation committee at the time of grant.

Stock-based compensation expense related to the 2026 PSU Awards is recognized over the longer of the expected achievement period for the PSU Performance Condition and the PSU Service Condition, which is approximately 24 months and 36 months for the portions of the awards eligible to vest based on performance for the performance periods ending December 31, 2027 and December 31, 2028,

In September 2025, the Company’s board of directors authorized a share repurchase program for the repurchase of up to $100.0 million of shares of the Company’s outstanding common stock, which is referred to as the 2025 Share Repurchase Authorization. Under the 2025 Share Repurchase Authorization, the Company repurchased and subsequently retired 2.1 million shares of its common stock for an aggregate amount of $36.0 million, at an average price of $17.33 per share, from September 2025 through December 2025, and an additional 4.6 million shares for an aggregate amount of $64.0 million, at an average price of $14.00 per share, from January 2026 through March 2026. As of June 30, 2026, the Company had no remaining balance available for repurchases under the 2025 Share Repurchase Authorization.

In February 2026, the Company’s board of directors authorized a share repurchase program for the repurchase of up to $300.0 million of shares of the Company’s outstanding common stock, which is referred to as the 2026 Share Repurchase Authorization, and together the 2026 Share Repurchase Authorization and the 2025 Share Repurchase Authorization are referred to as the Share Repurchase Authorizations. Under the 2026 Share Repurchase Authorization, the Company repurchased and subsequently retired 3.7 million shares of its common stock for an aggregate amount of $45.7 million, at an average price of $12.31 per share, since the authorization in February 2026. As of June 30, 2026, the Company had $254.3 million available for repurchase under the 2026 Share Repurchase Authorization.

Collectively, during the three and six months ended June 30, 2026, the Company repurchased and subsequently retired 0.2 million and 8.3 million shares of its common stock, for an aggregate amount of $1.8 million and $109.7 million, at an average price of $11.16 and $13.24 per share, respectively, including fees associated with the repurchases and excluding excise tax, under the Share Repurchase Authorizations.