REVENUE

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE

3. REVENUE

The Company’s disaggregated revenue is represented by the three reportable segments discussed in Note 16.

The contract balances include the following (in thousands):

	As of
	March 31, 2026		December 31, 2025
Accounts receivable, net	$	752,586	$	879,871
Contract assets (included in Prepaid expenses and other current assets)	5,193		995
Deferred revenue:
Deferred revenue, current portion	123,938		120,912
Deferred revenue, non-current portion	27,057		28,848
Total deferred revenue	$	150,995	$	149,760

The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets are created when invoicing occurs subsequent to revenue recognition. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. The Company’s contract assets are current in nature and are included in Prepaid expenses and other current assets. Contract assets increased by $4.2 million during the three months ended March 31, 2026 due to the timing of billing to customers.

Deferred revenue reflects consideration invoiced prior to the completion of performance obligations and revenue recognition. Deferred revenue increased by $1.2 million during the three months ended March 31, 2026 primarily due to timing of fulfillment of performance obligations related to advertising arrangements, and growth in Premium Subscriptions.

Revenue recognized during the three months ended March 31, 2026 from amounts included in total deferred revenue as of December 31, 2025 was $54.4 million. Revenue recognized during the three months ended March 31, 2025 from amounts included in total deferred revenue as of December 31, 2024 was $45.0 million.

Revenue allocated to remaining performance obligations represents estimated contracted revenue that has not yet been recognized which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Remaining performance obligations exclude contracts with original expected terms of one year or less. Estimated contracted revenue for these remaining performance obligations was $800.5 million as of March 31, 2026, of which the Company expects to recognize approximately 55% over the next 12 months and the remainder thereafter.

Revenue recognized from performance obligations that were satisfied in previous periods due to changes in the estimated transaction price of the Company’s revenue contracts was not significant during the three months ended March 31, 2026 and 2025.

Customer J accounted for 11% of total net revenue for both the three months ended March 31, 2026 and 2025, which were primarily attributable to the Advertising segment.

Revenue by geography is determined based on the location where the Company’s products and services are delivered. Revenue in international markets was less than 10% in each of the periods presented.