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INFORMATION ABOUT SEGMENT, REVENUE AND GEOGRAPHIC AREAS | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
INFORMATION ABOUT SEGMENT, REVENUE AND GEOGRAPHIC AREAS | INFORMATION ABOUT SEGMENT, REVENUE AND GEOGRAPHIC AREAS The Company considers operating segments to be components of the Company for which separate financial information is available and evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company has determined that it has a single operating and reporting segment managed on a consolidated basis. The single segment generates substantially all of its revenue from the sale of performance-based advertising products through its advertising platform. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer assesses performance for the single segment and decides how to allocate resources based on net income, which is reported on the condensed consolidated statements of operations as net income attributable to common stockholders. Net income is used to monitor budget versus actual results. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The following table presents a reconciliation of segment net income to net income attributable to common stockholders for the periods presented (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue | $ | 376,038 |  |  | $ | 360,344 |  |  | $ | 1,104,966 |  |  | $ | 1,050,112 |
Less: |  |  |  |  |  |  |
Employee expenses (exclusive of stock-based compensation)(1) | 181,532 |  |  | 169,409 |  |  | 546,804 |  |  | 520,519 |
Cost of revenue (exclusive of depreciation and amortization and stock-based compensation) | 35,290 |  |  | 31,080 |  |  | 103,324 |  |  | 86,315 |
Stock-based compensation | 32,881 |  |  | 39,472 |  |  | 105,125 |  |  | 123,396 |
Other segment items(2) | 55,574 |  |  | 57,174 |  |  | 160,021 |  |  | 168,148 |
Depreciation and amortization | 12,526 |  |  | 9,326 |  |  | 37,241 |  |  | 28,841 |
Provision for income taxes | 18,911 |  |  | 15,443 |  |  | 44,647 |  |  | 32,263 |
Segment net income | $ | 39,324 |  |  | $ | 38,440 |  |  | $ | 107,804 |  |  | $ | 90,630 |
Reconciliation of segment net income to net income attributable to common stockholders |  |  |  |  |  |  |
Adjustments and reconciling items | — |  |  | — |  |  | — |  |  | — |
Net income attributable to common stockholders | $ | 39,324 |  |  | $ | 38,440 |  |  | $ | 107,804 |  |  | $ | 90,630 |
(1) Includes expenses related to employees working in the sales and marketing, product development, and general and administrative departments and excludes expenses related to employees working in the infrastructure department whose costs are included in the cost of revenue (exclusive of depreciation and amortization and stock-based compensation) line. (2) Includes marketing, facilities, travel and entertainment, consulting and professional services, hardware and software, bad debt, litigation settlement, asset impairment, other operating expenses and other income (expense). Net Revenue When the Company communicates results externally, it disaggregates net revenue into major product lines and primary geographical markets, which is based on the billing address of the customer. The disaggregation of net revenue by major product lines is based on the type of service provided and also aligns with the timing of revenue recognition for each. To reflect the Company’s strategic focus on creating differentiated experiences for its Services categories and Restaurants, Retail & Other categories, the Company further disaggregates advertising revenue to reflect these two high-level category groupings. The Services categories consist of the following businesses: home, local, auto, professional, pets, events, real estate and financial services. The Restaurants, Retail & Other categories consist of the following businesses: restaurants, shopping, beauty & fitness, health and other. The following table presents the Company’s net revenue by major product line (and by category for advertising revenue) for the periods presented (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue by product: |  |  |  |  |  |  |
Advertising revenue by category: |  |  |  |  |  |  |
Services | $ | 243,805 |  |  | $ | 228,009 |  |  | $ | 716,183 |  |  | $ | 654,252 |
Restaurants, Retail & Other | 113,547 |  |  | 116,397 |  |  | 336,867 |  |  | 349,130 |
Total advertising | 357,352 |  |  | 344,406 |  |  | 1,053,050 |  |  | 1,003,382 |
Other | 18,686 |  |  | 15,938 |  |  | 51,916 |  |  | 46,730 |
Total net revenue | $ | 376,038 |  |  | $ | 360,344 |  |  | $ | 1,104,966 |  |  | $ | 1,050,112 |
During the three and nine months ended September 30, 2025 and 2024, no individual customer accounted for 10% or more of consolidated net revenue. The following table presents the Company’s net revenue by major geographic region for the periods presented (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 373,566 |  |  | $ | 357,656 |  |  | $ | 1,097,602 |  |  | $ | 1,042,159 |
All other countries | 2,472 |  |  | 2,688 |  |  | 7,364 |  |  | 7,953 |
Total net revenue | $ | 376,038 |  |  | $ | 360,344 |  |  | $ | 1,104,966 |  |  | $ | 1,050,112 |
Long-Lived Assets The following table presents the Company’s long-lived assets by major geographic region as of September 30, 2025 and December 31, 2024 (in thousands):
| September 30, 2025 |  | December 31, 2024
United States | $ | 86,266 |  |  | $ | 71,641 |
All other countries | 3,497 |  |  | 4,028 |
Total long-lived assets | $ | 89,763 |  |  | $ | 75,669 |

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- Definition The entire disclosure for reporting segments including data and tables. 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