Sale of Instacash Advances	3 Months Ended
Jul. 03, 2026
Receivables [Abstract]
Sale of Instacash Advances	Sale of Instacash Advances Our Instacash Advance product overview and accounting policy for Instacash Advances, including our conclusion that financial asset accounting is appropriate and our application of sale accounting under ASC 860, Transfers and Servicing, upon sale of Instacash Advances, is unchanged from, and described in, Note 2, Sale of Instacash Advances, of our Annual Report on Form 10-K for the fiscal year ended April 3, 2026. Instacash Advances are sold pursuant to a Master Receivables Purchase Agreement, as amended (the Purchase Agreement), with Sound Point Capital Management LP (Sound Point). During the first quarter of fiscal 2027, we entered into an amendment to the Purchase Agreement that increased the aggregate facility limit from $225 million to $300 million, provided for an increase in the aggregate facility limit upon notice to and at the sole discretion of Sound Point of up to $100 million, and extended the scheduled termination date from June 30, 2026 to July 30, 2028, unless earlier terminated in accordance with its terms. The Purchase Agreement allows the purchasers to acquire, on a committed basis and subject to certain conditions and concentration limits, a majority of our eligible Instacash Advances, up to the aggregate facility limit at any given time and, upon notice to Sound Point, we may request such ratable increase in unused commitments. Optional Turbo Fees and Tips associated with Instacash Advances are excluded from the sale and are not transferred under the Purchase Agreement. During the three months ended July 3, 2026 and July 4, 2025, we sold $1,193 million and $823 million, respectively, of Instacash Advances under the Purchase Agreement and had $37 million of unused capacity as of July 3, 2026. During the three months ended July 3, 2026 and July 4, 2025, we recognized $60 million and $36 million, respectively, in loss on the mark-to-market and sale of Instacash Advances, which is recorded in sales and marketing in our Condensed Consolidated Statements of Operations. As of July 3, 2026, we were responsible for servicing $369 million of Instacash Advances sold under the Purchase Agreement. For the three months ended July 3, 2026 and July 4, 2025, we recognized $17 million and $12 million, respectively, in servicing income, recorded in Net revenues in our Condensed Consolidated Statements of Operations. As of July 3, 2026, we have a $77 million payable to Sound Point relating to the servicing activity, which will be settled using restricted cash and receivables from payment processors recorded in Other current assets. Refer to Note 6 for a breakdown of our Instacash Advances balance included in accounts receivable, net, in our Condensed Consolidated Balance Sheets. These Instacash Advances are not eligible to be sold under the Purchase Agreement, and we have no intent to sell.

Our Instacash Advance product overview and accounting policy for Instacash Advances, including our conclusion that financial asset accounting is appropriate and our application of sale accounting under ASC 860, Transfers and Servicing, upon sale of Instacash Advances, is unchanged from, and described in, Note 2, Sale of Instacash Advances, of our Annual Report on Form 10-K for the fiscal year ended April 3, 2026.

Instacash Advances are sold pursuant to a Master Receivables Purchase Agreement, as amended (the Purchase Agreement), with Sound Point Capital Management LP (Sound Point). During the first quarter of fiscal 2027, we entered into an amendment to the Purchase Agreement that increased the aggregate facility limit from $225 million to $300 million, provided for an increase in the aggregate facility limit upon notice to and at the sole discretion of Sound Point of up to $100 million, and extended the scheduled termination date from June 30, 2026 to July 30, 2028, unless earlier terminated in accordance with its terms. The Purchase Agreement allows the purchasers to acquire, on a committed basis and subject to certain conditions and concentration limits, a majority of our eligible Instacash Advances, up to the aggregate facility limit at any given time and, upon notice to Sound Point, we may request such ratable increase in unused commitments.

During the three months ended July 3, 2026 and July 4, 2025, we sold $1,193 million and $823 million, respectively, of Instacash Advances under the Purchase Agreement and had $37 million of unused capacity as of July 3, 2026. During the three months ended July 3, 2026 and July 4, 2025, we recognized $60 million and $36 million, respectively, in loss on the mark-to-market and sale of Instacash Advances, which is recorded in sales and marketing in our Condensed Consolidated Statements of Operations.

As of July 3, 2026, we were responsible for servicing $369 million of Instacash Advances sold under the Purchase Agreement. For the three months ended July 3, 2026 and July 4, 2025, we recognized $17 million and $12 million, respectively, in servicing income, recorded in Net revenues in our Condensed Consolidated Statements of Operations. As of July 3, 2026, we have a $77 million payable to Sound Point relating to the servicing activity, which will be settled using restricted cash and receivables from payment processors recorded in Other current assets.

Refer to Note 6 for a breakdown of our Instacash Advances balance included in accounts receivable, net, in our Condensed Consolidated Balance Sheets. These Instacash Advances are not eligible to be sold under the Purchase Agreement, and we have no intent to sell.