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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 792,600 $ 726,100
Accounts receivable, net 65,400 59,700
Deferred costs, net 19,600 24,700
Prepaid expenses and other current assets 20,500 20,200
Total current assets 898,100 830,700
Property, equipment, and software, net 43,400 36,900
Intangible assets, net 27,100 24,500
Other assets 31,400 38,200
Total assets 1,000,000 930,300
Current liabilities:    
Content liabilities 100,000 104,100
Other accounts payable and accrued expenses 29,800 19,200
Accrued compensation and benefits 36,700 31,600
Deferred revenue, current 180,900 159,700
Other current liabilities 10,500 12,900
Total current liabilities 357,900 327,500
Deferred revenue, non-current 1,400 1,600
Other liabilities 5,000 3,800
Total liabilities 364,300 332,900
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock, $0.00001 par value—10.0 shares authorized and no shares issued and outstanding as of December 31, 2025 and 2024 0 0
Common stock, $0.00001 par value—300.0 shares authorized as of December 31, 2025 and December 31, 2024; 167.9 shares issued and outstanding as of December 31, 2025, and 165.3 shares issued and 160.1 shares outstanding as of December 31, 2024 0 0
Additional paid-in capital 1,546,900 1,506,700
Treasury stock, at cost—none and 5.2 shares as of December 31, 2025 and 2024 0 (49,100)
Accumulated deficit (911,200) (860,200)
Total stockholders’ equity 635,700 597,400
Total liabilities and stockholders’ equity $ 1,000,000 $ 930,300