v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information 13. Segment Information
The Company determines its operating segments based on how its chief operating decision maker ("CODM") manages the business, allocates resources, makes operating decisions and evaluates operating performance. The Company’s CODM is its Chief Executive Officer.
The CODM operates the Company’s business activities and reviews financial results as one operating and reportable segment. The CODM manages the business on a consolidated basis. Therefore, results of the Company’s operations are reported on a consolidated basis for purposes of segment reporting.
The following table provides segment net revenue, significant segment expenses, other segment items, and reported segment net income (loss) 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
$219,505 $162,084 $425,147$312,053
Less:
Bidding fees7,026 6,893 14,86212,379
Infrastructure costs1,2
30,448 24,696 58,41947,491
People costs1,2
33,674 39,352 65,94667,898
Non-people costs3
19,760 44,125 43,00762,883
Stock-based compensation1,2
28,223 21,854 34,83425,685
Depreciation and amortization22,963 25,120 44,73150,672
Interest expense, net33,339 30,038 68,31459,642
Post-conversion earnout share liability revaluation(139)— (2,675)—
Contingent consideration revaluation17,529 (3,300)12,6295,100
Income tax expense (benefit)23,461 (4,048)32,416(774)
Loss on debt extinguishment7,366 — 7,366—
Other segment items, net4
86 1,137 198992
Segment net income (loss)
$(4,231)$(23,783)$45,100 $(19,915)
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1 Internal-use software costs for the three months ended June 30, 2026 amounting to $3.5 million, $10.3 million, and $3.6 million were capitalized associated with infrastructure, people, and stock-based compensation, respectively. Internal-use software costs for the three months ended June 30, 2025 amounting to $2.7 million, $8.6 million, and $2.1 million were capitalized associated with infrastructure, people, and stock-based compensation, respectively.
2 Internal-use software costs for the six months ended June 30, 2026 amounting to $6.5 million, $20.5 million, and $5.1 million were capitalized associated with infrastructure, people, and stock-based compensation, respectively. Internal-use software costs for the six months ended June 30, 2025 amounting to $6.1 million, $17.6 million, and $5.1 million were capitalized associated with infrastructure, people, and stock-based compensation, respectively.
3 Non-people costs primarily consist of company overhead expenses including items such as facilities, rent expense, company events, transportation, and other miscellaneous expenses.
4 Other segment items, net consist primarily of foreign currency exchange gains and losses relating to transactions denominated in currencies other than the U.S. dollar.