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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations | The following table summarizes the results of operations classified as discontinued operations, net of income taxes, in the condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $ | 315,783 |  |  | $ | 369,104 |  |  | $ | 640,830 |  |  | $ | 748,849 |
Costs and expenses: |  |  |  |  |  |  |
Cost of revenue | 89,890 |  |  | 160,788 |  |  | 209,442 |  |  | 330,394 |
Sales and marketing | 118,974 |  |  | 135,142 |  |  | 242,547 |  |  | 300,919 |
Research and development | 63,786 |  |  | 64,773 |  |  | 130,298 |  |  | 131,148 |
General and administrative | 1,224 |  |  | 1,837 |  |  | 4,202 |  |  | 4,166 |
Goodwill impairment | — |  |  | — |  |  | 188,943 |  |  | — |
Total costs and expenses | 273,874 |  |  | 362,540 |  |  | 775,432 |  |  | 766,627 |
Income (loss) from operations | 41,909 |  |  | 6,564 |  |  | (134,602) |  |  | (17,778) |
Other income: |  |  |  |  |  |  |
Gain on divestiture, net of transaction costs | 106,229 |  |  | — |  |  | 106,229 |  |  | — |
Other income, net | 1,220 |  |  | 827 |  |  | 1,519 |  |  | 1,504 |
Total other income, net | 107,449 |  |  | 827 |  |  | 107,748 |  |  | 1,504 |
Income (loss) from discontinued operations before income taxes | 149,358 |  |  | 7,391 |  |  | (26,854) |  |  | (16,274) |
Provision for (benefit from) income taxes | 101,683 |  |  | (1,596) |  |  | 72,590 |  |  | (2,087) |
Income (loss) from discontinued operations, net of income taxes | $ | 47,675 |  |  | $ | 8,987 |  |  | $ | (99,444) |  |  | $ | (14,187) |
The following table represents assets and liabilities that are classified as discontinued operations in the condensed consolidated balance sheets for the period presented (in thousands):
Assets: | December 31, 2024
Cash and cash equivalents | $ | 44,381 |
Accounts receivable, net | 130,911 |
Prepaid expenses and other current assets | 16,063 |
Total current assets of discontinued operations | 191,355 |
Goodwill | 345,741 |
Intangible assets, net | 423,826 |
Other non-current assets | 167,682 |
Total assets of discontinued operations | $ | 1,128,604 |
Liabilities: |
Accounts payable | $ | 59,125 |
Accrued and other current liabilities | 45,202 |
Deferred revenue | 32,786 |
Total current liabilities of discontinued operations | 137,113 |
Other non-current liabilities | 1,414 |
Total liabilities of discontinued operations | $ | 138,527 |
The following table summarizes significant non-cash operating items and capital expenditures related to discontinued operations, as reflected in the condensed consolidated statements of cash flows for the periods presented (in thousands):
| Six Months Ended June 30,
| 2025 |  | 2024
Amortization, depreciation and write-offs | $ | 64,054 |  |  | $ | 159,049 |
Stock-based compensation | $ | 3,663 |  |  | $ | 11,474 |
Goodwill impairment | $ | 188,943 |  |  | $ | — |
Acquisition of intangible assets | $ | 22,429 |  |  | $ | 15,089 |

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