v3.25.3
Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
The CODM utilizes net income as the measure of segment profit or loss. The CODM uses net income to evaluate return on assets and decide whether to reinvest profits into the segment or into other new investment opportunities.

In addition to the unaudited condensed consolidated statements of operations and comprehensive income, the CODM is regularly provided with financial information that includes the following captions when assessing the performance and allocation of resources: cost of revenue, customer acquisition costs (comprising advertising and media costs associated with the Company’s efforts to acquire new customers, promote its brands, and build awareness for its products and services, including advertising in digital media, social media, television, radio, out-of-home media, and various other media outlets and excluding content production costs), employee compensation (comprising salaries and wages, benefits, taxes, and performance bonuses, and excluding stock-based compensation) by operating expense caption, and stock-based compensation by operating expense caption. These are significant segment expenses, as they are regularly provided to the CODM.
The table below highlights the segment’s revenue, expenses, and net income for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue$598,976 $401,556 $1,729,819 $995,375 
Less:
Cost of revenue156,918 83,670 440,876 191,781 
Customer acquisition costs202,574 160,654 592,542 397,677 
Employee compensation included within:
Marketing9,828 9,046 31,839 26,711 
Operations and support30,771 18,617 81,136 52,253 
Technology and development13,992 10,517 43,322 27,684 
General and administrative18,961 11,847 53,238 34,517 
Stock-based compensation included within:
Marketing3,116 2,458 9,325 6,755 
Operations and support5,452 2,605 13,037 7,462 
Technology and development4,842 3,310 14,134 8,710 
General and administrative26,762 16,526 64,260 45,046 
Depreciation and amortization expense included within operating expenses16,802 3,842 34,138 9,862 
Interest income and expense, net(8,008)(2,637)(16,721)(7,608)
Income tax benefit(3,551)(51,995)(2,193)(50,593)
Other segment items*104,743 57,508 263,122 145,105 
Segment net income15,774 75,588 107,764 100,013 
Reconciliation of profit or loss
Adjustments and reconciling items— — — — 
Consolidated net income$15,774 $75,588 $107,764 $100,013 

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(*)    Other segment items included in segment net income primarily consist of professional services, fulfillment, transaction processing, technology, and other general operating costs.

In addition to the segment’s operating results, the CODM is regularly provided with total assets as reported on the Company’s unaudited condensed consolidated balance sheets as well as the expenditures for both purchases of property, equipment, and intangible assets, and investment in website development and internal-use software, which are reported on the Company’s consolidated statements of cash flows and totaled $69.4 million and $5.9 million during the three months ended September 30, 2025 and 2024, respectively, and $178.7 million and $25.9 million during the nine months ended September 30, 2025 and 2024, respectively.