Equity Method Investments

6 Months Ended

Jun. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Equity Method Investments

As disclosed in Note 2 – Discontinued Operations, the Company received 596,869,142 ordinary shares of Tripledot, valued at $285.0 million, as part of the consideration for the sale of its Apps Business. These shares represented approximately 22% of Tripledot’s outstanding ordinary shares and the same proportion of its voting rights as of the closing date. The Company determined it had the ability to exercise significant influence, but not control, over Tripledot through its ownership interest. As such, the investment was accounted for under the equity method of accounting and included in other non-current assets on the condensed consolidated balance sheets as of June 30, 2025.

The carrying value of the equity method investment will be adjusted for the Company’s proportionate share of Tripledot’s income or loss, recognized one quarter in arrears. The Company has determined that the basis difference between the initial fair value of the investment and its proportional share of Tripledot’s net assets carrying value as of the closing date was not material. As the transaction closed on June 30, 2025, no income or loss from Tripledot was recorded in the Company’s condensed consolidated statements of operations for the three months ended June 30, 2025.