ZIFF DAVIS, INC., 10-K filed on 2/24/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 18, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 0-25965    
Entity Registrant Name ZIFF DAVIS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 47-1053457    
Entity Address, Address Line One 360 Park Avenue S    
Entity Address, City or Town New York    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10010    
City Area Code 212    
Local Phone Number 503-3500    
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol ZD    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 883,468,363
Entity Common Stock, Shares Outstanding   37,654,436  
Documents Incorporated by Reference
Portions of the definitive Proxy Statement to be delivered to stockholders in connection with the Annual Meeting of Stockholders to be held May 6, 2026 are incorporated by reference into Part III of this Form 10-K.
    
Entity Central Index Key 0001084048    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location New York, New York
Auditor Firm ID 185
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 607,011 $ 505,880
Accounts receivable, net of allowances of $9,216 and $8,148, respectively 667,216 660,223
Prepaid expenses and other current assets 96,172 105,966
Total current assets 1,370,399 1,272,069
Long-term investments 93,228 158,187
Property and equipment, net 213,179 197,216
Trade names and trademarks, net 129,389 153,019
Customer relationships, net 176,530 215,328
Other purchased intangibles, net 38,293 57,402
Goodwill 1,607,537 1,580,258
Deferred income taxes 5,286 7,487
Other assets 29,465 63,368
TOTAL ASSETS 3,663,306 3,704,334
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable and accrued expenses 709,434 670,769
Income taxes payable, current 9,509 19,715
Deferred revenue, current 189,992 199,664
Current portion of long-term debt 148,685 0
Other current liabilities 17,333 9,499
Total current liabilities 1,074,953 899,647
Long-term debt 717,815 864,282
Deferred revenue, noncurrent 18,948 5,504
Liability for uncertain tax positions 19,733 30,296
Deferred income taxes 41,412 46,018
Other noncurrent liabilities 36,870 47,705
TOTAL LIABILITIES 1,909,731 1,893,452
Commitments and contingencies (Note 11)
Preferred stock 0 0
Common stock, $0.01 par value. Authorized 95,000,000; total issued and outstanding 38,376,859 and 42,848,339 shares at December 31, 2025 and 2024, respectively 384 428
Additional paid-in capital 472,723 491,891
Retained earnings 1,337,542 1,401,034
Accumulated other comprehensive loss (57,074) (82,471)
TOTAL STOCKHOLDERS’ EQUITY 1,753,575 1,810,882
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 3,663,306 3,704,334
Series A Preferred Stock    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Preferred stock 0 0
Series B Preferred Stock    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Preferred stock $ 0 $ 0
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Allowance for doubtful accounts $ 9,216 $ 8,148
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 95,000,000 95,000,000
Common stock, shares issued (in shares) 38,376,859 42,848,339
Common stock, shares outstanding (in shares) 38,376,859 42,848,339
Series A Preferred Stock    
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 6,000 6,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Series B Preferred Stock    
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 20,000 20,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Total revenues $ 1,451,268 $ 1,401,688 $ 1,364,028
Operating costs and expenses:      
Direct costs 206,598 200,323 185,650
Sales and marketing 543,325 519,694 487,365
Research, development, and engineering 61,962 67,373 68,860
General, administrative, and other related costs 210,027 203,461 195,726
Depreciation and amortization 228,691 211,916 236,966
Goodwill impairment 17,579 85,273 56,850
Total operating costs and expenses 1,268,182 1,288,040 1,231,417
Income from operations 183,086 113,648 132,611
Interest expense, net (25,910) (13,988) (20,031)
Loss on sale of businesses (57,988) (3,780) 0
Gain (loss) on investments, net 5,018 (7,654) (28,138)
Provision for credit losses on investments (17,566) 0 0
Other (loss) income, net (5,893) 4,968 (9,468)
Income before income tax expense and (loss) income from equity method investment 80,747 93,194 74,974
Income tax expense (25,447) (41,370) (24,142)
(Loss) income from equity method investment, net of tax (7,946) 11,223 (9,329)
Net income $ 47,354 $ 63,047 $ 41,503
Net income per common share:      
Basic (in dollars per share) $ 1.16 $ 1.42 $ 0.89
Diluted (in dollars per share) $ 1.15 $ 1.42 $ 0.89
Weighted average shares outstanding:      
Basic (in shares) 40,977,183 44,457,071 46,400,941
Diluted (in shares) 41,098,514 44,519,693 46,464,261
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 47,354 $ 63,047 $ 41,503
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustment 27,509 (12,426) 13,657
Change in fair value on available-for-sale investments, net of tax expense of $677, tax benefit of $(514), and tax expense of $(16) for the years ended December 31, 2025, 2024 and 2023, respectively (2,112) 1,575 96
Other comprehensive income (loss), net of tax 25,397 (10,851) 13,753
Comprehensive income $ 72,751 $ 52,196 $ 55,256
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Change in fair value on available-for-sale investments, tax (benefit) expense $ 677 $ (514) $ 16
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 47,354 $ 63,047 $ 41,503
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 228,691 211,916 236,966
Non-cash operating lease costs 9,001 10,923 11,141
Share-based compensation 44,927 40,915 31,920
Provision for credit losses on accounts receivable 4,027 2,898 2,809
Provision for credit losses on investments 17,566 0 0
Deferred income taxes, net 3,961 (18,822) (30,017)
Loss on sale of businesses 57,988 3,780 0
Goodwill impairment 17,579 85,273 56,850
Changes in fair value of contingent consideration (2,834) 0 (200)
Loss (income) from equity method investments 7,946 (11,223) 9,329
(Gain) loss on investment, net (5,018) 7,654 28,138
Other 3,067 3,601 5,159
Decrease (increase) in:      
Accounts receivable (8,381) (153,121) (35,371)
Prepaid expenses and other current assets (9,347) (17,153) (8,700)
Other assets 9,759 11,367 (5,574)
Increase (decrease) in:      
Accounts payable and income taxes payable 2,578 171,280 9,419
Deferred revenue (4,584) 5,043 (6,802)
Accrued liabilities and other current liabilities (17,212) (27,063) (26,608)
Net cash provided by operating activities 407,068 390,315 319,962
Cash flows from investing activities:      
Purchases of property and equipment (119,198) (106,635) (108,729)
Acquisitions, net of cash received (67,340) (217,570) (9,492)
Purchase of equity investments 0 0 (11,858)
Proceeds from sale of equity investments 25,250 19,455 3,174
Proceeds from sale of equity method investment 860 0 0
Distribution from equity method investment 10,756 0 0
Proceeds from sale of businesses, net of cash divested 3,579 7,860 0
Other 338 (565) (503)
Net cash used in investing activities (145,755) (297,455) (127,408)
Cash flows from financing activities:      
Payment of debt 0 (134,989) 0
Debt extinguishment costs 0 (277) 0
Repurchase of common stock (173,792) (185,181) (108,527)
Issuance of common stock under employee stock purchase plan 6,542 8,371 8,727
Deferred payments for acquisitions (1,344) (7,842) (15,241)
Other (1,700) (1,076) 250
Net cash used in financing activities (170,294) (320,994) (114,791)
Effect of exchange rate changes on cash and cash equivalents 10,112 (3,598) 7,056
Net change in cash and cash equivalents 101,131 (231,732) 84,819
Cash and cash equivalents at beginning of year 505,880 737,612 652,793
Cash and cash equivalents at end of year $ 607,011 $ 505,880 $ 737,612
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2022   47,269,446      
Beginning balance at Dec. 31, 2022 $ 1,892,611 $ 473 $ 439,681 $ 1,537,830 $ (85,373)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 41,503     41,503  
Other comprehensive income (loss), net of tax expense (benefit) 13,753       13,753
Issuance of restricted stock, net (in shares)   47,274      
Issuance of restricted stock, net (4,647)   (6,220) 1,573  
Issuance of shares under employee stock purchase plan (in shares)   161,488      
Issuance of shares under employee stock purchase plan 8,727 $ 2 8,725    
Issuance of common stock, net (in shares)   186,102      
Issuance of common stock, net 13,422 $ 2 13,420    
Repurchase and retirement of common stock (in shares)   (1,585,846)      
Repurchase and retirement of common stock (104,919) $ (16) (15,388) (89,515)  
Share-based compensation 31,920   31,920    
Other, net 628   63 565  
Ending balance (in shares) at Dec. 31, 2023   46,078,464      
Ending balance at Dec. 31, 2023 1,892,998 $ 461 472,201 1,491,956 (71,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 63,047     63,047  
Other comprehensive income (loss), net of tax expense (benefit) (10,851)       (10,851)
Issuance of restricted stock, net (in shares)   95,169      
Issuance of restricted stock, net (5,148)   (7,632) 2,484  
Issuance of shares under employee stock purchase plan (in shares)   174,706      
Issuance of shares under employee stock purchase plan 8,371 $ 2 8,369    
Repurchase and retirement of common stock (in shares)   (3,500,000)      
Repurchase and retirement of common stock (181,830) $ (35) (24,973) (156,822)  
Share-based compensation 40,915   40,915    
Increase in fair value of conversion feature on 3.625% Convertible Notes, net of tax effect of $1,000 3,001   3,001    
Other, net $ 379   10 369  
Ending balance (in shares) at Dec. 31, 2024 42,848,339 42,848,339      
Ending balance at Dec. 31, 2024 $ 1,810,882 $ 428 491,891 1,401,034 (82,471)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 47,354     47,354  
Other comprehensive income (loss), net of tax expense (benefit) 25,397       25,397
Issuance of restricted stock, net (in shares)   187,791      
Issuance of restricted stock, net (5,250) $ 3 (10,654) 5,401  
Issuance of shares under employee stock purchase plan (in shares)   242,171      
Issuance of shares under employee stock purchase plan 6,542 $ 2 6,540    
Repurchase and retirement of common stock (in shares) [1]   (4,901,442)      
Repurchase and retirement of common stock [1] (176,104) $ (49) (59,857) (116,198)  
Share-based compensation 44,758   44,758    
Other, net $ (4)   45 (49)  
Ending balance (in shares) at Dec. 31, 2025 38,376,859 38,376,859      
Ending balance at Dec. 31, 2025 $ 1,753,575 $ 384 $ 472,723 $ 1,337,542 $ (57,074)
[1] Includes 143,161 shares received in connection with sale of our minority equity ownership interest in OpenEvidence during the year ended December 31, 2025.
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Change in fair value on available-for-sale investments, tax (benefit) expense $ 677 $ (514) $ 16
Tax effect   $ 1,000  
Shares of common stock sold (in shares) 143,161    
Convertible Debt | 3.625% Convertible Notes      
Stated interest rate 3.625%    
v3.25.4
The Company
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
The Company The CompanyZiff Davis, Inc., together with its subsidiaries (“Ziff Davis”, “the Company”, “our”, “us”, or “we”), is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, shopping, gaming and entertainment, health and wellness, connectivity, cybersecurity, and martech. Our business specializes in the technology, shopping, gaming and entertainment, healthcare, and connectivity markets, offering content, tools, and services to consumers and businesses and provides internet-delivered cloud-based services to consumers and businesses including cybersecurity, privacy, and marketing technology.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Ziff Davis and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, including judgments about investment classifications and the reported amounts of net revenue and expenses during the reporting period. The Company believes that its most significant estimates are those related to revenue recognition, valuation and impairment of investments, its assessment of ownership interests as variable interest entities and the related determination of consolidation, share-based compensation expense, fair value of assets acquired and liabilities assumed in connection with business combinations, long-lived and intangible asset impairment, contingent consideration, income taxes and contingencies, and allowance for credit losses. On an ongoing basis, management evaluates its estimates based on historical experience and on various other factors that the Company believes to be reasonable under the circumstances. Actual results could materially differ from those estimates.
Segment Reporting
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting (“ASC 280”), establishes standards for the way that public business enterprises report information about operating segments in their annual consolidated financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers. The Company’s business segments are based on the organization structure used by the chief operating decision maker for making operating and investment decisions and for assessing performance.
The Company has five operating segments which are its five reportable segments: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech. Refer to Note 17 — Segment Information for additional detail.
Cash and Cash Equivalents
The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the Company purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value.
Accounts Receivable, net
Accounts receivable, net consisted of the following (in thousands):
December 31,
20252024
Settlement receivables, net$313,413 $296,553 
Trade receivables, net346,848 349,120 
Other receivables6,955 14,550 
Accounts receivable, net$667,216 $660,223 
Settlement receivables, net represent amounts due from third parties that are collected by the Company and passed through to our customers, net of a fee earned by the Company, related to services provided in the facilitation of gift card processing and program management.
Allowances for Credit Losses
The Company maintains an allowance for credit losses on accounts receivable, which is recorded as a reduction to accounts receivable. Changes in the allowance are classified as ‘General, administrative, and other related costs’ in the Consolidated Statements of Operations. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when it identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status. It also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. On an ongoing basis, management evaluates the adequacy of these reserves.
The rollforward of allowance for credit losses on Accounts receivable, net is as follows (in thousands):
Years ended December 31,
202520242023
Beginning balance$8,148 $6,871 $6,868 
Current period provision for credit losses
4,027 2,898 2,809 
Write-offs charged against the allowance, net of recoveries collected (1)
(2,959)(1,621)(2,806)
Ending balance$9,216 $8,148 $6,871 
(1)Amounts of recoveries were immaterial for periods presented.
Investments
The Company accounts for its investments in debt securities in accordance with ASC Topic 320, Investments — Debt Securities (“ASC 320”). The Company’s available-for-sale debt securities are carried at an estimated fair value with any unrealized gains or losses, net of taxes, included in accumulated other comprehensive loss on our Consolidated Balance Sheets. All debt securities are accounted for on a specific identification basis. Available-for-sale debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses. Expected credit losses on available-for-sale debt securities are recognized in ‘Provision for credit losses on investments’ in the Consolidated Statements of Operations, and any remaining unrealized losses, net of taxes, are included in ‘Accumulated comprehensive loss’ in the Consolidated Balance Sheets.
The Company accounts for its investments in equity securities in accordance with ASC Topic 321, Investments — Equity Securities (“ASC 321”) which requires the accounting for equity investments, other than those accounted for under the equity method of accounting, generally be measured at fair value for equity securities with readily determinable fair values. Equity securities without a readily determinable fair value, which are not accounted for under the equity method of accounting, are measured at their cost, less impairment, if any, and adjusted for observable price changes arising from orderly transactions in the same or similar investment from the same issuer. Any unrealized gains or losses will be reported within earnings on our Consolidated Statements of Operations.
The Company assesses whether an other-than-temporary impairment loss on an investment has occurred due to declines in fair value or other market conditions. Refer to Note 5 — Investments for additional information.
The Company accounted for its investment in Consensus common stock as an investment in equity securities, at fair value under the fair value option, and the related fair value gains and losses were recognized in earnings. The fair value of Consensus common stock was readily available as Consensus is a publicly traded company.
Concentration of Credit Risk
The Company primarily invests its cash, cash equivalents, and marketable securities with major financial institutions primarily within the United States, Canada, United Kingdom, Australia, the European Union, Japan, Denmark, Sweden, and Norway. These investments are made in accordance with the Company’s investment policy with the principal objectives being preservation of capital, fulfillment of liquidity needs, and above market returns commensurate with preservation of capital. The Company’s investment policy also requires that investments in marketable securities be in only highly rated instruments, with limitations on investing in securities of any single issuer. However, these investments are not insured against the possibility of a total or near complete loss of earnings or principal and are inherently subject to the credit risk related to the continued credit worthiness of the underlying issuer and general credit market risks. As of December 31, 2025, the Company’s cash and cash equivalents that were maintained in demand deposit accounts in qualifying financial institutions are insured up to the limit determined by the applicable governmental agency. 
Variable Interest Entities (“VIE”s)
A VIE requires consolidation by the entity’s primary beneficiary. The Company evaluates its investments in entities in which it is involved to determine if the entity is a VIE and if so, whether it holds a variable interest and is the primary beneficiary. The Company has determined that it holds a variable interest in its investment as a limited partner in the OCV Fund I, LP (“OCV Fund”), as well as in another independent corporation. The Company has concluded that it will not consolidate these VIEs, as it is not the primary beneficiary.
OCV Fund qualifies as an investment company under ASC Topic 946, Financial Services, Investment Companies (“ASC 946”). Under ASC Topic 323, Investments — Equity Method and Joint Ventures, an investor that holds investments that qualify for specialized industry accounting for investment companies in accordance with ASC 946 should record its share of the earnings or losses, realized or unrealized, as reported by its equity method investees in the Consolidated Statements of Operations.
Fair Value Measurements
The Company complies with the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), in measuring fair value and in disclosing fair value measurements. ASC 820 provides a framework for measuring fair value and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities.
The carrying values of cash and cash equivalents, accounts receivable, interest receivable, accounts payable, accrued expenses, interest payable, customer deposits, and long-term debt are reflected in the financial statements at cost. With the exception of certain investments and long-term debt, cost approximates fair value due to the short-term nature of such instruments. The fair value of the Company’s outstanding debt was determined using the quoted market prices of debt instruments with similar terms and maturities when available. As of the same dates, the carrying value of other noncurrent liabilities approximated fair value as the related interest rates approximate rates currently available to the Company.
Property and Equipment
Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets and is recorded in ‘Depreciation and amortization’ on the Consolidated Statements of Operations based on the function the underlying asset supports. The estimated useful lives of property and equipment range from one to ten years. Fixtures, which are comprised primarily of leasehold improvements are amortized on a straight-line basis over their estimated useful lives or for leasehold improvements, the related lease term, if less. The Company has capitalized certain internal-use software and website development costs which are included in property and equipment and depreciated using a straight-line method over the estimated useful life which is typically three years.
Leases
The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date of the lease in determining the present value of future payments. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. There are lease agreements with lease and non-lease components, which are generally accounted for as a single lease component.
Impairment or Disposal of Long-Lived Assets
The Company accounts for long-lived assets, which include property and equipment, operating lease right-of-use assets, and identifiable intangible assets with finite useful lives (subject to amortization), in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment (“ASC 360”), which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset to the expected undiscounted future net cash flows generated by the asset. If it is determined that the asset may not be recoverable, and if the carrying amount of an asset exceeds its estimated fair value, an impairment charge is recognized to the extent of the difference.
The Company assesses the impairment of identifiable definite-lived intangibles and long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the Company determined that the carrying value of definite-lived intangibles and long-lived assets may not be recoverable based upon the existence of one or more indicators of impairment, it would record an impairment equal to the excess of the carrying amount of the asset over its estimated fair value.
Business Combinations and Valuation of Goodwill and Intangible Assets
The Company applies the acquisition method of accounting for business combinations in accordance with GAAP and uses estimates and judgments to allocate the purchase price paid for acquisitions to the fair value of the assets, including identifiable intangible assets and liabilities acquired. Such estimates may be based on significant unobservable inputs and assumptions such as, but not limited to, future revenue growth rates, gross and operating margins, customer attrition rates, royalty rates, discount rates, and terminal growth rate assumptions. The Company uses established valuation techniques and may engage reputable valuation specialists to assist with the valuations. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings.
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The Company tests goodwill for impairment annually on October 1st at the reporting unit level, or more frequently if indicators of impairment exist, or if a decision is made to dispose of a business.
The Company evaluates its goodwill and indefinite-lived intangible assets for impairment pursuant to ASC Topic 350, Intangibles— Goodwill and Other (“ASC 350”), which provides that goodwill and other intangible assets with indefinite lives are not amortized but tested annually for impairment or more frequently if the Company believes indicators of impairment exist. In connection with the annual impairment test for goodwill, the Company has the option to perform a qualitative assessment in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it was more likely than not that the fair value of the reporting unit is less than its carrying amount, it then performs an impairment test of goodwill. The impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. The Company generally determines the fair value of its reporting units using a mix of an income approach and a market approach. If the carrying value of a reporting unit exceeds the reporting unit’s fair value, an impairment loss is recognized for the difference. During the years ended December 31, 2025, 2024, and 2023, the Company recorded goodwill impairments of $17.6 million, $85.3 million, and $56.9 million, respectively. Refer to Note 8 — Goodwill and Intangible Assets for additional details.
The Company did not have intangible assets with indefinite lives during years ended December 31, 2025, 2024, and 2023.
Intangible assets resulting from the acquisitions of entities accounted for using the acquisition method of accounting are recorded at the estimated fair value of the assets acquired. Identifiable intangible assets are comprised of purchased customer relationships, trademarks, trade names, and other intangible assets, including developed technologies. The fair values of these identified intangible assets are based upon expected future cash flows or income, which take into consideration certain assumptions such as customer turnover, trade names, and patent lives. These determinations are primarily based upon the Company’s historical experience and expected benefit of each intangible asset. If it is determined that such assumptions are not accurate, then the resulting change will impact the fair value of the intangible asset. Trade names and trademarks are generally amortized on a straight-line basis with an estimated useful life ranging from two to twenty years. The Company amortizes customer relationship assets in a pattern that best reflects the pace at which the asset’s benefits are consumed with useful lives ranging from three to sixteen years. This pattern results in more amortization expense being recognized earlier in the useful life. Other purchased intangible assets subject to amortization are amortized over the period of estimated economic benefit ranging from one to ten years. Amortization expense of definite-lived intangibles assets is included in depreciation and amortization in the Consolidated Statements of Operations.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):
December 31,
20252024
Accounts payable$151,287 $164,352 
Settlement payables, net469,134 408,747 
Accrued employee related costs35,980 55,800 
Other accrued liabilities53,033 41,870 
Accounts payable and accrued expenses$709,434 $670,769 
Settlement payables, net represent amounts owed to our customers related to services provided in the facilitation of gift card processing and program management whereby, as part of our services we collect from third-parties and pass through payment to our customers, net of a fee earned by the Company.
Contingent Consideration
Certain of the Company’s acquisition agreements include contingent earn-out arrangements, which are generally based on the achievement of future income thresholds or other metrics. The contingent earn-out arrangements are based upon the Company’s valuations of the acquired companies and reduce the risk of overpaying for acquisitions if the projected financial results are not achieved.
The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, the Company estimates the fair value of contingent earn-out payments as part of the initial purchase price and records the estimated fair value of contingent consideration as a liability on the Consolidated Balance Sheets. The Company reviews and re-assesses the estimated fair value of contingent consideration on a quarterly basis, and the updated fair value could be materially different from the initial estimates or prior amounts. Changes in the estimated fair value of its contingent earn-out liabilities and adjustments to the estimated fair value related to changes in all other unobservable inputs are reported in ‘General, administrative, and other related costs’ in the Consolidated Statements of Operations.
Debt Issuance Costs and Debt Discount
The Company capitalizes costs incurred with borrowing and issuance of debt securities and records debt issuance costs and discounts as a reduction to the debt amount. These costs and discounts are amortized and included in interest expense over the life of the borrowing using the effective interest method.
Revenue Recognition
The Company recognizes revenue when the Company satisfies its obligation by transferring control of the goods or services to its customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Refer to Note 3 — Revenues for additional details.
Share-Based Compensation
The Company accounts for share-based awards to employees and non-employees in accordance with the provisions of ASC Topic 718, Compensation — Stock Compensation (“ASC 718”), which requires compensation cost, measured at the grant date fair value, to be recognized over the employee’s requisite service period using the straight-line method. The measurement of share-based compensation expense is based on several criteria, including but not limited to the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate, and award cancellation rate. Certain of these inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining share-based compensation expense and the actual factors, which become known over time, the Company may change the input factors used in determining future share-based compensation expense. Any such changes could materially impact the Company’s results of operations in the period in which the changes are made and in periods thereafter. The amount of share-based compensation expense recognized in the Consolidated Statements of Operations is net of estimated forfeitures. The forfeiture rate is estimated at the grant date based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from the estimated rate. The expense ultimately recorded is for the awards that vest.
Direct Costs
Direct costs represent the Company’s costs of revenue and primarily include costs associated with compensation for personnel directly involved in revenue generation, content fees, production costs, royalty fees, hosting and licensing costs, and processing fees. Direct costs exclude depreciation and amortization expenses for all periods presented. For the years ended December 31, 2025, 2024, and 2023, direct costs were $206.6 million, $200.3 million, and $185.7 million, respectively.
Research, Development, and Engineering
Research, development, and engineering costs are costs associated with software design and development and primarily consist of compensation for personnel. Costs incurred during the preliminary project stage are expensed as incurred. Costs for software development incurred during the application development stage are capitalized and amortized over their estimated useful lives. We do not capitalize any costs once the software is ready for its intended use. For the years ended December 31, 2025, 2024, and 2023, research, development, and engineering expenditures were $62.0 million, $67.4 million, and $68.9 million, respectively.
Advertising Costs
The Company incurs external advertising costs to promote its brands. These costs primarily consist of expenses related to digital advertising on websites and apps of third parties, creative services, trade shows and similar events, marketing expenses, and marketing intelligence expenses. Advertising costs are expensed as incurred. For the years ended December 31, 2025, 2024, and 2023 external advertising costs were $119.4 million, $114.8 million, and $120.8 million, respectively.
Foreign Currency
Most of the Company’s foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities are translated at exchange rates prevailing at the balance sheet dates. Revenues and expenses are translated into U.S. Dollars at average exchange rates for the period. Gains and losses resulting from translation are recorded as a component of accumulated other comprehensive income (loss). Net translation income (loss) was $27.5 million, $(12.4) million, and $13.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. Realized gains and losses from foreign currency transactions are recognized within ‘Other income (loss), net’ in the Consolidated Statements of Operations. Foreign exchange losses amounted to $(5.6) million, $(1.0) million, and $(3.9) million for the years ended December 31, 2025, 2024 and 2023, respectively.
Income Taxes
The Company’s income is subject to taxation in both the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves for tax contingencies are established when the Company believes that certain positions might be challenged despite the Company’s belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of a tax audit or lapse of a statute of limitations. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate.
The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires deferred tax assets and liabilities to be recognized using enacted tax rates for the effect of temporary differences between the book and tax basis of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the net deferred tax assets will not be realized. Valuation allowances are reviewed quarterly based upon the facts and circumstances known at the time. In assessing valuation allowances, the Company reviews historical and future expected operating results and other factors, including its recent cumulative earnings experience, expectations of future taxable income by taxing jurisdiction and the carryforward periods available for tax reporting purposes, to determine whether it is more likely than not that deferred tax assets are realizable.
ASC 740 provides guidance on the minimum threshold that an uncertain income tax benefit is required to meet before it can be recognized in the financial statements and applies to all income tax positions taken by a company. ASC 740 contains a two-step approach to recognizing and measuring uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. If it is not more likely than not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain income tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. The Company recognizes accrued interest and penalties related to uncertain income tax positions in income tax expense in its Consolidated Statements of Operations.
Earnings Per Common Share (“EPS”)
EPS is calculated pursuant to the two-class method as defined in ASC Topic 260, Earnings per Share (“ASC 260”), which specifies that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends or dividend equivalents are considered participating securities and should be included in the computation of EPS pursuant to the two-class method.
Basic EPS is calculated by dividing net distributed and undistributed earnings allocated to common shareholders, excluding participating securities, by the weighted-average number of common shares outstanding. The Company’s participating securities consist of its unvested share-based payment awards that contain rights to non-forfeitable dividends or dividend equivalents.
The Company applies the if-converted method for the diluted net income per share calculation of convertible debt instruments.
Share Repurchases
The Company accounts for share repurchases on a trade date basis by allocating cost in excess of par value between retained earnings and additional paid-in capital. The repurchased shares are constructively retired and returned to an authorized but unissued status. The Company accrues a mandatory 1.0% excise tax on all completed share repurchases.
Recent Accounting Pronouncements
Recently issued applicable accounting pronouncements adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than 5% of the amount computed by multiplying pretax income by statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5% of total income taxes paid. The amendments eliminate some of the previously required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within twelve months. The amendments in this update are effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. We adopted this update for the annual period ended December 31, 2025 and the amendments have been applied prospectively.
Recently issued applicable accounting pronouncements not yet adopted
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update are intended to enhance clarity and consistency in interim reporting disclosures. The update improves the navigability of interim reporting guidance, provides a comprehensive list of required disclosures, and includes a new disclosure principle for reporting material events occurring after the most recent annual period. The guidance is effective
for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is currently evaluating the effect of adoption of this update on our consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update eliminates accounting considerations for software project development stages and replaces it with the requirement to commence software capitalization when (1) management has authorized and committed to funding the project and (2) it is probable that the project will be completed and will be used to perform its intended function. This update further provides the guidance about “probable-to-complete” recognition threshold. Specifically, such threshold is not considered being met when there is a significant uncertainty associated with the development activities of the software, This update is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the effect of adoption of this update on our consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides all entities with the practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC Topic 606, Revenues from Contracts with Customers (“ASC 606”). This update permits all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. This update is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted for financial statements that have not been issued or made available for issuance. The Company is currently evaluating the effect of adoption of this update on our consolidated financial statements.
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For entities subject to the SEC's existing disclosure requirements and entities required to file/furnish financial statements with or to the SEC in preparation for the sale of or for the purpose of issuing securities that are not subject to contractual restrictions on transfer, the effective date for which each amendment will be the date on the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, amendments will be effective two years later. We do not anticipate that adoption of this update will have a material impact on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expenses Disaggregation Disclosure (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public business entities. The amendments in this update do not change the expense captions an entity presents on the face of the income statement; rather, they require disaggregation of certain expense captions into specified categories, including but not limited to purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statements - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The following describes the nature of the Company’s primary types of revenues.
Advertising and Performance Marketing
Advertising and performance marketing revenues are earned primarily from the delivery of advertising services and from marketing, performance marketing, and production services. Revenues from the delivery of advertising services are earned on websites and applications that are owned and operated by the Company and on those websites and applications that are part of the Company’s advertising network. Revenues are primarily earned by generating traffic to the Company’s websites, apps, and third-party platforms on which brands of the Company have a presence and monetize this traffic. The value provided to the customer is primarily derived from the provision of traffic the Company generates from its specific content within each vertical, as well as data obtained by the website or app traffic. Such revenues are generally recognized over the period in which the products or services are delivered.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the Company’s advertising and performance marketing revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC Topic 606, Revenue from Contracts with Customer (“ASC 606”). Revenues recognized on a gross basis are generated (i) by the Company serving online display and video advertising across its owned and operated web properties, on third-party sites, or on unaffiliated advertising networks; and (ii) through the Company’s lead-generation business. The Company records revenues on a net basis with respect to revenues paid to the Company by certain third-party advertising networks who serve online display and video advertising across the Company’s owned-and-operated web properties and certain third-party platforms. The Company also records revenues on a net basis with respect to the transfer of functional intellectual property through third-party gaming platforms and with respect to revenues earned from servicing client gift card programs.

Subscription and Licensing
Revenues from subscriptions are earned through (i) the granting of access to, or delivery of, data products or services to customers; (ii) usage-based fees, and (iii) reselling various third-party solutions, primarily through the Company’s email security line of business. Subscriptions cover video games and related content, health information, data, and other copyrighted material. Revenues are also earned from listing fees, subscriptions to online publications, and from other sources. Third-party solutions, along with the Company’s proprietary products, allow the Company to offer customers a variety of solutions to better meet the customer’s needs. Subscription revenues are primarily recognized over the contract term. Revenues related to the provision of access to historical data for certain services are recorded at the time of delivery. In instances where usage-based fees are charged, a significant portion of which are paid in advance, the Company defers the portions of monthly, quarterly, semi-annual, and annual fees collected in advance of the satisfaction of performance obligations and recognizes them in the period earned.
Licensing revenues are earned through the license of certain assets to clients. Assets are licensed for clients’ use in their own promotional materials or otherwise and may include logos, editorial reviews, or other copyrighted material that represent symbolic intellectual property, as defined in ASC 606. Revenues under such license agreements are generally recognized over the contract term. In instances when technology assets in the form of functional intellectual property are licensed to the Company’s clients, revenues from the license of these assets are recognized at a point in time.
Licensing revenues also include revenues from transactions involving the sale of perpetual software licenses, related software support, and maintenance. Revenue will be recognized when the obligations are met, either over time or at a point in time, depending on the nature of the obligation.
•Revenues from software license performance obligations are generally recognized upfront at the point in time that the software is made available to the customer for download and use.
•Revenues from related software support and maintenance are generally recognized ratably over the contractual period, because technical support, unspecified software product upgrades, maintenance releases, and patches are provided to customers on an as needed basis and they are available during the term of the support period.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the subscription and licensing revenues is recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenues on a gross basis with respect to revenues generated from the resale of various third-party solutions, primarily through its email security line of business, because the Company has control of the specified good or service prior to transferring control to the customer.
Other
Other revenues primarily include those from the sale of hardware used in conjunction with software described above, online course revenues, game publishing revenues, and revenues from a customer acquisition platform for subscription services companies. Hardware product and related software performance obligations, such as those relating to an operating system or firmware, are highly interdependent and interrelated and are accounted for as a bundled performance obligation. The revenues for this bundled performance obligation are generally recognized at the point in time that the hardware and software products are delivered and ownership is transferred to the customer.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The majority of the Company’s other revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenues on a net basis with respect to games sold on third-party platforms.
Disaggregated Revenues
Revenues from external customers classified by revenue source are as follows (in thousands).
Years ended December 31,
Technology & Shopping
2025 (1)
2024 (1)
2023 (1)
Advertising and performance marketing$350,985 $345,655 $310,733 
Subscription and licensing10,438 7,158 8,256 
Other(4,827)9,069 11,568 
Total Technology & Shopping revenues$356,596 $361,882 $330,557 
Gaming & Entertainment
Advertising and performance marketing$124,212 $120,788 $114,074 
Subscription and licensing59,323 59,468 54,747 
Other23 20 — 
Total Gaming & Entertainment revenues$183,558 $180,276 $168,821 
Health & Wellness
Advertising and performance marketing$335,746 $299,474 $309,182 
Subscription and licensing53,727 49,538 41,185 
Other12,880 13,396 11,556 
Total Health & Wellness revenues$402,353 $362,408 $361,923 
Connectivity
Advertising and performance marketing$12,642 $11,926 $13,112 
Subscription and licensing202,065 185,994 179,286 
Other16,026 15,700 19,120 
Total Connectivity revenues$230,733 $213,620 $211,518 
Cybersecurity & Martech
Subscription and licensing$273,115 $283,502 $291,209 
Other4,913 — — 
Total Cybersecurity & Martech revenues$278,028 $283,502 $291,209 
Total Revenues$1,451,268 $1,401,688 $1,364,028 
(1)Amounts presented are net of inter-segment revenues.
The Company recorded $188.9 million and $181.7 million of revenue for the years ended December 31, 2025 and 2024, respectively, which was previously included in the deferred revenue balance as of the beginning of each respective year.
Performance Obligations
The Company may be a party to multiple concurrent contracts with the same customers, or a party or parties related to those customers. Some of these situations may require an evaluation to determine if those arrangements should be accounted for as a single contract. The Company’s contracts with customers may include multiple performance obligations, including contracts when advertising and licensing services are sold together.
The Company determines the transaction price based on the amount to which the Company expects to be entitled in exchange for services provided. The Company includes any fixed consideration within its contracts as part of the total transaction price. The Company’s contracts occasionally contain variable consideration, such as commissions that are recognized in the period of the commissionable event. Payment terms vary by type and location of customers and the services
offered. The time between invoicing and when payment is due is generally not significant. Due to the nature of the services provided, there are no obligations for returns.
Advertising and performance marketing revenues consist primarily of performance obligations that are satisfied over time, where the customer simultaneously receives and consumes the benefit of the services provided. In certain instances, the Company provides content to its advertising partners and receives a revenue share based on the terms of the agreement. Revenues are recognized based on delivery of services over the contract period for advertising. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on individual contracts with customers, revenues from advertising and performance marketing revenues are recognized over time as distinct performance obligations are satisfied, including when:
•Online display and video advertising in form of impressions, video views and other means is placed for viewing on the Company’s owned-and-operated properties and on third-party sites.
•Commissions are earned upon the sale of an advertised product.
•Qualified sales leads are delivered.
•Visitor “clicks through” an advertisement.
Subscription and licensing revenues are earned from (i) subscription services with performance obligations that are satisfied over time; and (ii) licensing arrangements that have standalone functionality with performance obligations satisfied at a point in time, where the customer simultaneously receives and consumes the benefit of the services provided regardless of whether the customer uses the services. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on the individual contracts with the customer, revenues for subscription and licensing services are recognized over the contract period as distinct performance obligations are satisfied, including when:
•Voice, email marketing, and search engine optimization as services are delivered.
•Consumer privacy services and data backup capabilities are provided.
•Security solutions, including email and endpoint, are provided.
•Access is granted to data products and services.
•Continuing access to the content on our websites and apps is provided.
The Company has concluded the best measure of progress toward the complete satisfaction of the performance obligation delivered over the time is a time-based measure. The Company recognizes revenues on a straight-line basis throughout the subscription period, or as usage occurs, or when functional intellectual property is delivered for services outside of the subscription.
Other revenues consist primarily of performance obligations that are satisfied at a point in time at which control for goods and services is transferred to a customer. The Company believes that the methods described are a faithful depiction of the transfer of goods and services.
Transaction Price Allocation to Future Performance Obligations
As of December 31, 2025, the aggregate amount of transaction price that is allocated to future performance obligations was approximately $68.1 million and is expected to be recognized as follows: 62% by December 31, 2026 and 38% thereafter. The amount disclosed does not include revenues related to performance obligations that are part of contracts with original expected durations of twelve months or less or portions of the contracts that remain subject to cancellations. Further, the disclosure does not include contracts for which the transaction price is a variable consideration that corresponds directly with the Company’s performance.
Sales Taxes
The Company has made an accounting policy election to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are (i) both imposed on and concurrent with a specific revenue-producing transaction and (ii) collected by the Company from a customer.
Costs to Obtain a Contract
The Company’s revenues are primarily generated from customer contracts that are for one year or less. Costs primarily consist of incentive compensation paid to employees based on the achievements of sales targets in a given period for related revenue streams and are recognized in the month when the revenue is earned. Incentive compensation is paid on the issuance or renewal of the customer contract. The Company also partners with various affiliates in order to generate a portion of its revenues for certain lines of business. The commissions earned by the Company’s affiliates are incentive based and are paid on the acquisition of new customers in a given period. As a practical expedient, for employee and affiliate commissions, amortization periods of which are determined to be one year or less, the Company expenses any incremental costs of obtaining the contract with a customer when incurred. For those customers with amortization periods determined to be greater than one year, the Company capitalizes and amortizes the expenses over the period of benefit.
As of December 31, 2025 and 2024, the Company capitalized approximately $14.6 million and $14.2 million, respectively, related to affiliate commissions and they are included in ‘Prepaid expenses and other current assets’ and ‘Other assets’ in the Consolidated Balance Sheets.
In addition, the Company pays fees to app stores for the distribution of its paid mobile apps. The Company defers and amortizes mobile app store fees related to subscriptions over the term of the applicable subscription. As of December 31, 2025 and 2024, the Company deferred approximately $4.4 million and $6.0 million, respectively, related to app store fees and are included in ‘Prepaid expenses and other current assets’ in the Consolidated Balance Sheets.
During the years ended December 31, 2025, 2024, and 2023, the Company recognized expense of $26.5 million, $26.2 million, and $21.7 million respectively, related to the amortization of capitalized costs to obtain a contract with a customer.
Practical Expedients
Existence of a Significant Financing Component in a Contract
If at contract inception, the Company expects that the period between payment by the customer and the transfer of promised goods or services by the Company to the customer will be one year or less, the Company does not assess whether a contract has a significant financing component. In addition, the Company has determined that the payment terms that the Company provides to its customers are structured primarily for reasons other than the provision of finance to the customer. The Company typically charges a single upfront amount for services because other payment terms would affect the nature of the risk assumed by the Company to provide service given the costs of the customer acquisition and the highly competitive and commoditized nature of the business it operates, which allows customers to easily move from one provider to another. This additional risk may make it uneconomical to provide the service.
v3.25.4
Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions and Dispositions Acquisitions and Dispositions
Acquisitions
The Company uses acquisitions as a strategy to grow its customer base by increasing its presence in new and existing markets, expand and diversify its service offerings, enhance its technology, and acquire skilled personnel.
2025 Acquisitions
The Company completed seven immaterial acquisitions during the year ended December 31, 2025, paying the purchase price in cash for each transaction. These acquisitions were comprised of six acquisitions that were accounted for as business combinations and one accounted for as an asset acquisition. Total consideration for these acquisitions was $81.9 million, or $76.7 million, net of cash acquired.
Goodwill recognized for these acquisitions during the year ended December 31, 2025 was $30.6 million, of which $21.0 million is expected to be deductible for income tax purposes. Approximately $40.2 million of definite-lived intangibles were recorded in connection with the acquisitions during the year ended December 31, 2025, including $25.1 million of Customer relationships, net, $7.0 million of Trade names and trademarks, net, and $8.1 million of Other purchased intangibles, net. The initial accounting for one of the 2025 business acquisitions is incomplete due to the timing of available information and is subject to change. As of December 31, 2025, the Company has recorded provisional amounts for certain intangible assets (including customer relationships, trade names, and other purchased intangibles), preliminary acquisition date working capital, and related tax items.
The Condensed Consolidated Statement of Operations reflects the results of operations of the 2025 acquisitions since the date of each respective acquisition.
2024 Acquisitions
The Company completed the following acquisitions during the year ended December 31, 2024, paying the purchase price in cash in each transaction: (a) a purchase of 100% of the equity interest in TDS Gift Cards (“TDS”), acquired on February 5, 2024, a digital gifting and branded payments platform, which is reported within our Technology & Shopping segment; (b) a purchase of 100% of the equity interest in CNET Media, Inc. and certain related entities (“CNET”), acquired on September 12, 2024, a digital medial publication platform, which is reported within our Technology & Shopping segment; and (c) two other immaterial acquisitions. All of these acquisitions were accounted for as business combinations. The acquisition of TDS expanded our ability to offer innovative shopping solutions to our merchant partners and broaden our capabilities to help facilitate commerce between consumers and some of the market’s most highly visible brands. The acquisition of CNET allowed us to reach a wider audience that is attractive to advertisers in the technology space. Total consideration for all businesses acquired in 2024 was $365.1 million, or $219.2 million, net of cash acquired.

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed for our 2024 acquisitions (in thousands):
Valuation
Assets and LiabilitiesTDS
CNET (2)
Cash$142,957 $— 
Accounts receivable and other current assets (1)
171,290 17,236 
Intangible assets108,340 100,500 
Goodwill (2)
81,248 36,316 
Deferred tax asset, noncurrent (3)
— 11,412 
Other assets203 1,480 
Accounts payable and other current liabilities(290,161)(11,827)
Deferred tax liability, noncurrent(25,442)(169)
Deferred revenue, noncurrent— — 
Other noncurrent liabilities(847)(700)
Total$187,588 $154,248 
(1)The fair value of the assets acquired includes accounts receivable of $170.7 million (including Settlement receivables, net of $166.8 million) related to TDS and $16.5 million related to CNET.
(2)During the year ended December 31, 2025, we recorded a measurement period adjustment of $(1.2) million to Customer relationships, $0.7 million to Other purchased intangibles assets, $0.9 million to Accounts receivable and other current assets, $0.8 million to Other assets, $(0.7) million to Other noncurrent liabilities, and $(0.2) million to Deferred tax liability, noncurrent with corresponding adjustments to Goodwill.
(3)Deferred tax asset balance for CNET is presented within ‘Deferred income taxes’ in the Consolidated Balance Sheets.
The accompanying Consolidated Statements of Operations reflects the results of operations of the 2024 acquisitions since the date of each respective acquisition.
For the year ended December 31, 2024, the Company recorded $83.2 million of incremental revenue from the businesses acquired during 2024. Net income from continuing operations contributed by these acquisitions was not separately identifiable due to the Company’s integration activities and is impracticable to provide.
Unaudited Pro Forma Financial Information for the 2024 Acquisitions
The following unaudited pro forma information reflects the combined results from these 2024 acquisitions had they occurred on January 1, 2023. This information is not necessarily indicative of the Company’s consolidated results of operations in future periods or the results that actually would have been realized had the Company and the acquired businesses been combined companies during the periods presented. These pro forma results are estimates and exclude any savings or synergies that would have resulted from these business acquisitions had they occurred on January 1, 2023. This unaudited pro forma supplemental information includes incremental intangible asset amortization and other charges as a result of the acquisitions, net of the related tax effects.
Years ended December 31,
(in thousands, except per share data)
20242023
(unaudited)
Revenues$1,470,182 $1,521,064 
Net income$49,433 $22,206 
Income per common share from continuing operations - Basic
$1.11 $0.48 
Income per common share from continuing operations - Diluted
$1.11 $0.48 
2023 Acquisitions
The Company completed two immaterial acquisitions during the year ended December 31, 2023, paying the purchase price in cash in each transaction.
The accompanying Consolidated Statements of Operations reflect the results of operations of the 2023 acquisitions since the date of each respective acquisition.
Goodwill recognized associated with these acquisitions during the year ended December 31, 2023 was $6.5 million, all of which is expected to be deductible for income tax purposes. Approximately $7.2 million of definite-lived intangibles were recorded in connection with the acquisitions during the year ended December 31, 2023.
During the year ended December 31, 2023, the Company recorded adjustments to the initial working capital and to the purchase accounting of certain prior period acquisitions due to the finalization of prior period acquisitions in the Health business which resulted in a net decrease in goodwill of $0.1 million.
Dispositions
On December 31, 2025, the Company completed the disposition of its video game publishing business within its Technology & Shopping reportable segment, which did not meet the criteria for discontinued operations. The Company sold its entire video game publishing business, including but not limited to its unreleased and released video games, including trademarks as applicable, and working capital. Total consideration received includes cash proceeds upon disposition and cash contingent consideration to be paid over five years. The Company made an accounting policy election to record the contingent consideration as the contingent consideration is earned and the contingencies are resolved under ASC Topic 450, Commitments and Contingencies. Thus an estimate of the fair value of contingent consideration is not included within the determination of the loss on sale. Total recognized pre-tax loss on disposal of the video game publishing business was $58.0 million and is included in ‘Loss on sale of businesses’ in the Consolidated Statements of Operations.
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments consist of equity and debt securities.
Investment in equity securities
On October 7, 2021, we completed the separation of our cloud fax business (the “Separation”) into an independent publicly traded company. Following the Separation, the Company retained an interest in Consensus common stock. During the year ended December 31, 2023, the Company sold 52,393 shares of common stock of Consensus in the open market. As of December 31, 2023, the carrying value of the investment in Consensus was $27.1 million, which was included in ‘Short-term investments’ in the Consolidated Balance Sheets. The Company accounted for its investment in Consensus at fair value under the fair value option, and the related fair value gains and losses are recognized in earnings. During the year ended December 31, 2024, the Company sold its remaining 1,034,295 shares of Consensus in the open market. As of December 31, 2025 and 2024, the Company did not hold any shares of the common stock of Consensus. The Company accounted for its investment in Consensus at fair value under the fair value option, and the related fair value gains and losses were recognized in earnings. For the years ended December 31, 2025, 2024, and 2023, losses of zero, $7.7 million, and $28.1 million, respectively, were recorded in the Consolidated Statements of Operations.
On July 31, 2023, the Company entered into an agreement to purchase a $25.0 million minority equity ownership interest in OpenEvidence (formerly known as Xyla), an artificial intelligence company. This minority investment was made in the form of cash and shares of the Company’s common stock. The Company accounted for its investment in OpenEvidence as an equity investment without a readily determinable fair value measured under the measurement alternative in accordance with ASC 321. As of December 31, 2024, the investment in OpenEvidence had a carrying value of $25.3 million, including transaction costs, and was included in ‘Long-term investments’ in the Condensed Consolidated Balance Sheets. On April 24, 2025, the Company sold its minority interest in OpenEvidence for $29.7 million, including $25.2 million in cash and 143,161 shares of the Company’s common stock, all of which had been issued in the purchase of the minority interest in OpenEvidence.
Investment in corporate debt security
On April 12, 2022, the Company entered into an agreement with an entity to acquire 4% convertible notes with an aggregate value of $15.0 million. On May 19, 2023, the Company entered into the Note Amendment Agreement (the “Amendment”) with respect to the same entity. The Amendment increased the interest rate on the convertible notes to 6%, extended the maturity date, and subordinated all existing and future obligations, liabilities, and indebtedness of the entity to the entity’s senior creditor, as defined in the Amendment. This investment is included in ‘Short-term investments’ in the Consolidated Balance Sheets and is classified as available-for-sale. The investment was initially measured at its transaction price and subsequently re-measured at fair value, with unrealized gains and losses reported as a component of other comprehensive income. In evaluating the available-for-sale debt security, the Company elected to exclude accrued interest receivable from the fair value and amortized cost basis. The amortized cost of the available-for-sale debt security excluded accrued interest receivable of zero, net of allowance for credit losses of $2.6 million, as of December 31, 2025 and $2.1 million, net of allowance for credit losses of zero, as of December 31, 2024, which is presented in 'Prepaid expenses and other current assets' in the Consolidated Balance Sheets.
During the year ended December 31, 2025, based on the latest available financial and certain other information related to the issuing entity, the Company determined that the fair value of its investment in this corporate debt security was below its amortized cost. Based on this information, the Company determined that a credit loss exists. During the year ended December 31, 2025, the Company recognized the provision for credit losses of $17.6 million on the total amount of accrued interest receivable and amortized cost of the available-for-sale debt security in ‘Provision for credit losses on investments’ in the Consolidated Statements of Operations. An additional $3.5 million, before tax, representing the excess of unrealized losses over the provision for credit losses was recognized in ‘Accumulated other comprehensive loss’ in the Consolidated Balance Sheets. There were no investments in an unrealized loss position as of December 31, 2024. The Company does not intend to sell its available-for-sale corporate debt security. In addition, it is more likely than not that the Company will not be required to sell it before recovery of the amortized cost basis, which may be at maturity.
As of December 31, 2025, the carrying value and the maximum exposure of the Company’s investment in the corporate debt security was approximately zero and $15.0 million, with a contractual maturity date that was less than one year. As of December 31, 2024, both the carrying value and the maximum exposure of the Company’s investment in the corporate debt security was approximately $17.8 million, with a contractual maturity date that was more than one year but less than five years. Cumulative gross unrealized gains (losses) on investment in the corporate debt security as of December 31, 2025 were zero. Cumulative gross unrealized gains on investment in the corporate debt security as of December 31, 2024 were approximately $2.8 million, respectively.
Equity method investment
On September 25, 2017, the Company entered into a commitment to invest in the OCV Fund. The Company recognizes its equity in the net earnings or losses relating to the investment in OCV Fund on a one-quarter lag due to the timing and availability of financial information from OCV Fund. If the Company becomes aware of a significant decline in value that is other-than-temporary, the loss will be recorded in the period in which the Company identifies the decline.
During the years ended December 31, 2025, 2024, and 2023, the Company recognized (loss) income from equity method investment of $(7.9) million, $11.2 million, and $(9.3) million, net of taxes, respectively. During the year ended December 31, 2025, the loss was primarily a result of a $21.2 million, net of tax, other-than-temporary impairment related to one of the underlying investments of the OCV Fund that had a significant deterioration in its financial performance and expected future cash flows. The impairment amount represented substantially all of the Company’s proportionate interest in the underlying investment. The loss was offset in part by an increase in the value of certain other OCV Fund investments. During the years ended December 31, 2024 and 2023, the income or loss were primarily the result of gains or losses in the underlying investments.
During the year ended December 31, 2025, the Company received a distribution from the OCV Fund of $10.8 million.
As of December 31, 2025, both the carrying value and the maximum exposure of the Company’s equity method
investment was approximately $93.2 million. As of December 31, 2024, both the carrying value and the maximum exposure of the Company’s equity method investment was approximately $115.0 million. These equity securities are included within ‘Long-term investments’ in the Consolidated Balance Sheets.
As a limited partner, the Company’s maximum exposure to loss is limited to its proportional ownership in the partnership. In addition, the Company is not required to contribute any further capital. Finally, there are no call or put options, or other types of arrangements, which limit the Company’s ability to participate in losses and returns of the OCV Fund.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company complies with the provisions of ASC 820, which defines fair value, provides a framework for measuring fair value, and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value.
§Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
§Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
§Level 3 – Unobservable inputs which are supported by little or no market activity.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Recurring Fair Value Measurements
The Company’s money market funds are classified within Level 1. The Company values these Level 1 investments using quoted market prices.
The fair value of the Company’s investment in Consensus common stock was determined using quoted market prices, which is Level 1 input. During the year ended December 31, 2024, the Company sold its remaining investments in Consensus common stock (see Note 5 — Investments).
The Company has an investment in a corporate debt security that does not have a readily determinable fair value because the acquired security is privately held, not traded on any public exchanges and not an investment in a mutual fund or similar investment. The investment is classified as available-for-sale and is initially measured at its transaction price. The fair value of the corporate debt security is determined primarily based on estimates and assumptions, including Level 3 inputs. During the years ended December 31, 2025, the Company determined that the fair value of the Company’s investment in this corporate debt security fell to zero based on the latest available financial and certain other information related to the issuing entity. Refer to Note 5 — Investments for further information. As of December 31, 2024, the fair value was determined based upon various probability-weighted scenarios which included discount rate assumptions between 9% and 10%, depending on the probability scenario. In addition, the determination of fair value included a conversion timeframe of approximately six months to two years, depending on the probability scenario, as of December 31, 2024.
The Company classifies its contingent consideration liability in connection with acquisitions within Level 3 because factors used to develop the estimated fair value are unobservable inputs, such as volatility and market risks, and are not supported by market activity. The valuation approaches used to value Level 3 investments considers unobservable inputs in the market such as time to liquidity, volatility, risk-free rates, dividend yield, and breakpoints. The Company also estimates the fair value of certain contingent consideration arrangements based upon its current expectation of achievement of the targets underlying the contingent consideration. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.
In connection with certain of the Company’s acquisitions, contingent consideration may be payable upon achieving certain future earnings before interest, taxes, depreciation and amortization (“EBITDA”), gross margin, and/or revenue thresholds and had a combined fair value of $6.8 million and $2.8 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025, the possible payments under these arrangements ranged from zero to a maximum total of $9.2 million. As of December 31, 2024, the possible payments under these arrangements ranged from zero to a maximum total of
$2.8 million. As of December 31, 2024, the contingent consideration was determined using a 100% probability of payout at the maximum amount, without any other estimates applied.
The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):
December 31, 2025Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
   Money market and other funds$86,657 $— $— $86,657 $86,657 
Total assets measured at fair value$86,657 $— $— $86,657 $86,657 
Liabilities:
Contingent consideration$— $— $6,837 $6,837 $6,837 
Total liabilities measured at fair value$— $— $6,837 $6,837 $6,837 
December 31, 2024Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
   Money market and other funds$85,833 $— $— $85,833 $85,833 
Long-term investments:
Investment in corporate debt securities— — 17,788 17,788 17,788 
Total assets measured at fair value$85,833 $— $17,788 $103,621 $103,621 
Liabilities:
Contingent consideration$— $— $2,834 $2,834 $2,834 
Total liabilities measured at fair value$— $— $2,834 $2,834 $2,834 
At the end of each reporting period, management reviews the inputs to the fair value measurements of financial and non-financial assets and liabilities to determine when transfers between levels are deemed to have occurred. For the year ended December 31, 2025 and 2024, there were no transfers that occurred between levels.
The following table presents a reconciliation of the Company’s Level 3 financial assets related to our contingent consideration arrangements and investment in corporate debt security that are measured at fair value on a recurring basis (in thousands):
Years ended December 31,
20252024
Contingent Consideration ArrangementsCorporate Debt SecuritiesContingent Consideration ArrangementsCorporate Debt Securities
Balance as of January 1$2,834 $17,788 $2,834 $15,699 
Fair value at date of acquisition6,865 — — — 
Fair value adjustments (1)
(2,784)(17,788)— 2,089 
Foreign currency translation adjustment
(78)— — — 
Balance as of December 31
$6,837 $— $2,834 $17,788 
(1)During the years ended December 31, 2025, the fair value adjustments to the contingent consideration arrangements in the table above were recorded within ‘General, administrative, and other related costs’ in the Consolidated Statements of Operations and relate to changes in the expected payout against financial targets. During the years ended December 31, 2025 and 2024, the fair value adjustments to the corporate debt security in the table above were recorded in ‘Change in fair value on available-for-sale investments, net’ in the Consolidated Statements of Comprehensive Income for the portion of the change that does not relate to change in credit conditions and in the ‘Provision for credit losses on investments’ in the Consolidated Statements of Operations for the portion of the change that relates to change in credit conditions.
Nonrecurring Fair Value Measurements
The Company’s non-financial assets, such as goodwill, intangible assets, right-of-use assets, and property, plant and equipment, are adjusted to fair value only when an impairment is recognized. The Company’s financial assets, comprised of equity securities without readily determinable fair value, are adjusted to fair value when observable price changes are identified or due to impairment. Such fair value measurements are based predominately on Level 3 inputs. See Note 8 — Goodwill and Intangible Assets for further information on goodwill impairment charges recorded in the years ended December 31, 2025 and 2024.
Other Fair Value Disclosures
The fair value of the Company’s 4.625% Senior Notes, 3.625% Convertible Notes, and 1.75% Convertible Notes (as defined in Note 9 — Debt) was determined using quoted market prices or dealer quotes for instruments with similar maturities and other terms and credit ratings, which are Level 1 inputs. If such information is not available for the 1.75% Convertible Notes and 3.625% Convertible Notes, the fair value is determined using cash-flow models of the scheduled payments discounted at market interest rates for comparable debt without the conversion feature.
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes (in thousands)
December 31,
20252024
Carrying ValueFair ValueCarrying ValueFair Value
4.625% Senior Notes
$457,645 $434,736 $457,211 $420,935 
1.75% Convertible Notes
$148,685 $145,381 $148,186 $139,976 
3.625% Convertible Notes
$260,170 $256,568 $258,885 $259,200 
v3.25.4
Property and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, stated at cost, consists of the following (in thousands):
December 31,
20252024
Computer hardware, software, and related equipment
$662,630 $546,777 
Furniture and equipment5,211 4,820 
Leasehold improvements8,987 7,328 
676,828 558,925 
Less: Accumulated depreciation and amortization(463,649)(361,710)
 Total property and equipment, net$213,179 $197,216 
Depreciation expense included in ‘Depreciation and amortization’ in our Consolidated Statements of Operations was $106.9 million, $94.4 million, and $92.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in carrying amounts of goodwill for the years ended December 31, 2025 and 2024 are as follows (in thousands):
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechConsolidated
Balance as of January 1, 2024
$293,652 $61,485 $403,257 $258,486 $529,185 $1,546,065 
Goodwill acquired (Note 4)
117,855 6,811 — — 4,532 129,190 
Goodwill removed due to sale of businesses (1)
(3,983)— — — — (3,983)
Goodwill impairment(85,273)— — — — (85,273)
Foreign exchange translation(194)5 (201)(1,544)(3,815)(5,741)
Balance as of December 31, 2024
$322,057 $68,301 $403,056 $256,942 $529,902 $1,580,258 
Goodwill acquired (Note 4)
— 11,552 508 401 18,160 30,621 
Purchase accounting adjustments (2)
(291)48 — — 123 (120)
Goodwill impairment— — — — (17,579)(17,579)
Foreign exchange translation36 625 1,034 3,230 9,432 14,357 
Balance as of December 31, 2025
$321,802 $80,526 $404,598 $260,573 $540,038 $1,607,537 
(1)During the year ended December 31, 2024, in a cash transaction, the Company sold an international business at the Technology & Shopping reportable segment, which resulted in $4.0 million of goodwill being removed in connection with this sale.
(2)Purchase accounting adjustments relate to measurement period adjustments to goodwill in connection with prior business acquisitions (see Note 4 — Acquisitions and Dispositions).
During the year ended December 31, 2025, on its annual assessment date, the Company performed quantitative fair value tests of all of its reporting units following a sustained decline in the Company’s stock price. Based on the quantitative fair value tests, the carrying value of one reporting unit within the Cybersecurity & Martech reportable segment exceeded its fair value, and the Company recorded an impairment of approximately $17.6 million during the year ended December 31, 2025. The Company also performed an interim quantitative test as of December 31, 2025 on one of its reporting units within its Technology & Shopping reportable segment and the fair value was in excess of its carrying value and no impairment was recorded.
During the year ended December 31, 2024, the Company reassessed the fair value of certain reporting units within the Technology & Shopping, Health & Wellness, and Cybersecurity & Martech reportable segment as a result of a sustained decline in the Company’s stock price and forecasted reductions in revenue or EBITDA in certain of its reporting units. Based on the quantitative fair value test of two reporting units within the Technology & Shopping reportable segment, the carrying value of the reporting units exceeded their fair value, and the Company recorded an impairment of approximately $85.3 million during the year ended December 31, 2024.
In each period, the fair value of the reporting units was determined using an equal weighting of an income approach that was based on the discounted estimated future cash flows of the reporting unit and a market approach that uses the guideline public company approach. We believe the combination of these approaches provides an appropriate valuation because it incorporates the expected cash generation of the reporting unit in addition to how a third-party market participant would value the reporting unit. As the business is assumed to continue in perpetuity, the discounted future cash flows include a terminal value. Determining fair value using a discounted estimated future cash flow analysis requires the exercise of significant judgment with respect to several items, including the amount and timing of expected future cash flows and appropriate discount rates. The expected cash flows used in the discounted cash flow analyses were based on the most recent forecast for the reporting unit. For years beyond the forecast period, the estimates were based, in part, on forecasted growth rates. The discount rate the Company used represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in its reporting unit operations and the rate of return a market participant would expect to earn. Determining fair value using a market approach considers multiples of financial metrics based on trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined, which is applied to financial metrics to estimate the fair value of the reporting unit.
Goodwill as of December 31, 2025 reflects accumulated impairment losses of $169.5 million in the Technology & Shopping reportable segment and $17.6 million in the Cybersecurity & Martech reportable segment. Goodwill as of December 31, 2024 reflects accumulated impairment losses of $169.5 million in the Technology & Shopping reportable segment.
Intangible Assets Subject to Amortization
As of December 31, 2025, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks
$372,715 $243,326 $129,389 
Customer relationships
823,406 646,876 176,530 
Other purchased intangibles410,351 372,058 38,293 
Total$1,606,472 $1,262,260 $344,212 
As of December 31, 2024, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks
$375,449 $222,430 $153,019 
Customer relationships
836,254 620,926 215,328 
Other purchased intangibles
421,128 363,726 57,402 
Total$1,632,831 $1,207,082 $425,749 

Expected amortization expenses for intangible assets subject to amortization at December 31, 2025 are as follows (in thousands):
Fiscal Year:
2026$100,740 
202775,587 
202847,608 
202937,650 
2030
28,674 
Thereafter53,953 
Total expected amortization expense$344,212 
Amortization expense included in ‘Depreciation and amortization’ in our Consolidated Statements of Operations was approximately $121.7 million, $117.5 million, and $144.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consists of the following (in thousands):
December 31,
20252024
4.625% Senior Notes
$460,038 $460,038 
1.75% Convertible Notes
149,109 149,109 
3.625% Convertible Notes
263,147 263,147 
Total Notes872,294 872,294 
Credit Agreement— — 
Less: Unamortized discount(4,283)(5,676)
Deferred issuance costs (1)
(1,511)(2,336)
Total long-term debt$866,500 $864,282 
Less: current portion(148,685)— 
Total long-term debt, less current portion$717,815 $864,282 
(1)Includes $0.6 million and $0.7 million of carrying amount of deferred issuance costs on the 4.625% Senior Notes as of December 31, 2025 and December 31, 2024, respectively, $0.4 million and $0.9 million of carrying amount of deferred issuance costs on the 1.75% Convertible Notes as of December 31, 2025 and December 31, 2024, respectively, and $0.5 million and $0.7 million of carrying amount of deferred issuance costs on the 3.625% Convertible Notes as of December 31, 2025 and December 31, 2024, respectively.
At December 31, 2025, future principal and interest payments for debt are as follows (in thousands):
PrincipalInterest
2026$149,109 $33,426 
2027— 30,816 
2028263,147 26,047 
2029— 21,277 
2030460,038 21,276 
Thereafter— — 
Total
$872,294 $132,842 
Interest expense was $37.6 million, $35.3 million, and $41.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
4.625% Senior Notes
On October 7, 2020, the Company completed the issuance and sale of $750.0 million aggregate principal amount of its 4.625% senior notes due 2030 (the “4.625% Senior Notes”) in a private placement offering exempt from the registration requirements of the Securities Act of 1933, as amended. The Company received proceeds of $742.7 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The net proceeds were used to redeem all of its then outstanding 6.0% Senior Notes due in 2025 and the remaining net proceeds were available for general corporate purposes, including acquisitions and the repurchase or redemption of other outstanding indebtedness.
These 4.625% Senior Notes bear interest at a rate of 4.625% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, and payments commenced on April 15, 2021. The 4.625% Senior Notes mature on October 15, 2030, and are senior unsecured obligations of the Company which are guaranteed, jointly and severally, on an unsecured basis by certain of the Company’s existing and future domestic direct and indirect wholly-owned subsidiaries (collectively, the “Guarantors”). If the Company or any of its restricted subsidiaries acquires or creates a domestic restricted subsidiary, other than an Insignificant Subsidiary (as defined in the indenture pursuant to which the 4.625% Senior Notes were issued (the “Indenture”)), after the issue date, or any Insignificant Subsidiary ceases to fit within the definition of Insignificant Subsidiary, such restricted subsidiary is required to unconditionally guarantee, jointly and severally, on an unsecured basis, the Company’s obligations under the 4.625% Senior Notes.
The Company may redeem some or all of the 4.625% Senior Notes at any time on or after October 15, 2025 at specified redemption prices plus accrued and unpaid interest, if any, up to, but excluding the redemption date. In addition, at any time prior to October 15, 2025, the Company was permitted to redeem some or all of the 4.625% Senior Notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus an applicable “make-whole” premium. The discount and deferred issuance costs are being amortized, at an effective interest rate of 4.7%, to interest expense through the maturity date.
The Indenture contains covenants that restrict the Company’s ability to (i) pay dividends or make distributions on the Company’s common stock or repurchase the Company’s capital stock; (ii) make certain restricted payments; (iii) create liens or enter into sale and leaseback transactions; (iv) enter into transactions with affiliates; (v) merge or consolidate with another company; and (vi) transfer and sell assets. These covenants contain certain exceptions. Restricted payments are applicable only if the Company and subsidiaries designated as restricted subsidiaries have a net leverage ratio of greater than 3.5 to 1.0. In addition, if such net leverage ratio is in excess of 3.5 to 1.0, the restriction on restricted payments is subject to various exceptions, including the total aggregate amount not exceeding the greater of (A) $250 million and (B) 50.0% of EBITDA for the most recently ended four fiscal quarter period ended immediately prior to such date for which internal financial statements are available. The Company is in compliance with its debt covenants for the 4.625% Senior Notes as of December 31, 2025.
Cumulatively as of December 31, 2025, the Company has repurchased approximately $290 million in aggregate principal of its 4.625% Senior Notes.
The following table provides additional information on the 4.625% Senior Notes (in thousands):
December 31,
20252024
Principal amount of 4.625% Senior Notes
$460,038 $460,038 
Less: Unamortized discount
(1,818)(2,148)
Less: Deferred issuance costs
(575)(679)
Net carrying amount of 4.625% Senior Notes
$457,645 $457,211 
The following table provides the components of interest expense related to 4.625% Senior Notes (in thousands):
Years ended December 31,
202520242023
Coupon interest expense$21,277 $21,269 $21,159 
Amortization of discount and deferred issuance costs
434 415 396 
Total interest expense related to 4.625% Senior Notes
$21,711 $21,684 $21,555 

1.75% Convertible Notes
On November 15, 2019, the Company issued $550.0 million aggregate principal amount of 1.75% convertible senior notes due November 1, 2026 (the “1.75% Convertible Notes”). The Company received proceeds of $537.1 million in cash, net of purchasers’ discounts and commissions and other debt issuance costs. A portion of the net proceeds were used to pay off all amounts outstanding under the then-existing Credit Facility. The 1.75% Convertible Notes bear interest at a rate of 1.75% per annum, payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2020. The 1.75% Convertible Notes will mature on November 1, 2026, unless earlier converted or repurchased.
Under certain conditions set forth in the indenture, the 1.75% Convertible Notes bear additional interest of 0.50% per annum payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021. During the year ended December 31, 2023, the Company recorded $7.7 million of interest expense related to the 1.75% Convertible Notes for such additional interest. The Company paid $7.0 million of this interest obligation to the trustee under the indenture for the 1.75% Convertible Notes in August 2023 and the remaining $0.7 million in November 2023. As of August 1, 2023, the Company has complied with the conditions set forth in the indenture. As such, the cumulative $7.7 million interest expense was non-recurring.
On July 16, 2024, the Company exchanged approximately $400.9 million in aggregate principal amount of its 1.75% Convertible Notes as part of the Exchange Transaction, as defined below. As of December 31, 2024, the remaining principal amount of the 1.75% Convertible Notes was $149.1 million. The Company also paid outstanding and accrued interest of $1.5 million on the exchanged 1.75% Convertible Notes during 2024.
Holders may surrender their 1.75% Convertible Notes for conversion at any time prior to the close of business on the
business day immediately preceding July 1, 2026 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding the calendar quarter is greater than 130% of the applicable conversion price of the 1.75% Convertible Notes on each such applicable trading day; (ii) during the five business day period following any 10 consecutive trading day period in which the trading price per $1,000 principal amount of 1.75% Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after July 1, 2026, and prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances. The 1.75% Convertible Notes can be settled in cash, the Company’s common stock, or a combination of cash and the Company’s common stock, at $0.01 par value per share, at the Company’s election. The Company will settle conversions of the 1.75% Convertible Notes by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination thereof at the Company’s election. Holders of the notes will have the right to require the Company to repurchase for cash all or any portion of their notes upon the occurrence of certain corporate events, subject to certain conditions. As of December 31, 2025 and December 31, 2024, the market trigger conditions did not meet the conversion requirements of the 1.75% Convertible Notes. Accordingly, as of December 31, 2024, the 1.75% Convertible Notes were classified as long-term debt on our Consolidated Balance Sheets. As of December 31, 2025, the 1.75% Convertible Notes are classified as a short-term debt on our Consolidated Balance Sheets as a result of their nearing maturity.
As of December 31, 2025, the conversion rate is 9.3783 shares of the Company’s common stock for each $1,000 principal amount of 1.75% Convertible Notes (or 1,398,391 shares in the aggregate), which represents a conversion price of approximately $106.63 per share of the Company’s common stock. The conversion rate is subject to adjustment for certain events as set forth in the indenture governing the 1.75% Convertible Notes but will not be adjusted for accrued interest. In addition, upon the occurrence of a “Make-Whole Fundamental Change” (as defined in the 1.75% Convertible Note indenture), in certain circumstances, the Company will increase the conversion rate for a holder that elects to convert its 1.75% Convertible Notes in connection with such a corporate event.
The Company may not redeem the 1.75% Convertible Notes prior to November 1, 2026, and no sinking fund is provided for the 1.75% Convertible Notes.
The 1.75% Convertible Notes are the Company’s general senior unsecured obligations and rank: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 1.75% Convertible Notes; (ii) equal in right of payment to the Company’s existing and future indebtedness that is not so subordinated; (iii) effectively junior to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all existing and future indebtedness and other liabilities incurred by the Company’s subsidiaries.
The following table provides additional information related to the 1.75% Convertible Notes (in thousands):
December 31,
20252024
Principal amount of 1.75% Convertible Notes
$149,109 $149,109 
Less: Deferred issuance costs
(424)(923)
Net carrying amount of 1.75% Convertible Notes
$148,685 $148,186 

The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):
Years ended December 31,
202520242023
Coupon interest expense$2,609 $6,429 $17,369 
Amortization of deferred issuance costs
499 1,251 1,863 
Total interest expense related to 1.75% Convertible Notes
$3,108 $7,680 $19,232 
3.625% Convertible Notes
On July 16, 2024, the Company issued $263.1 million in aggregate principal amount of 3.625% Convertible Notes due 2028 (the “3.625% Convertible Notes”) and paid an aggregate of approximately $135.0 million in cash in exchange for approximately $400.9 million in aggregate principal amount of the Company’s 1.75% Convertible Notes (collectively, the “Exchange Transaction”) pursuant to separate, privately negotiated exchange agreements with certain holders of the 1.75% Convertible Notes. The Exchange Transaction was accounted for as a debt modification, and accordingly, no gain or loss was recognized. In connection with the Exchange Transaction, the Company recognized an increase in the fair value of the conversion feature of the 3.625% Convertible Notes compared to the fair value of the conversion feature of the 1.75% Convertible Notes of $4.0 million, partially offset by an increase to deferred tax liabilities of $1.0 million, which is included in ‘Additional paid-in capital’ on the Consolidated Balance Sheets, and a corresponding reduction to the carrying value of the 3.625% Convertible Notes. The discount and deferred issuance costs are being amortized to interest expense through the maturity date at an effective interest rate of 4.2%.
The 3.625% Convertible Notes bear interest at a rate of 3.625% per annum on the principal amount thereof, payable semi-annually in arrears on September 1 and March 1 of each year, beginning on March 1, 2025, to the noteholders of record of the 3.625% Convertible Notes as of the close of business on the immediately preceding August 15 and February 15, respectively. The 3.625% Convertible Notes will mature on March 1, 2028, unless earlier converted or repurchased. The 3.625% Convertible Notes can be settled in cash, the Company’s common stock at an initial conversion rate of $100 per share, or a combination of cash and the Company’s common stock, at the Company’s election.
Holders may surrender their 3.625% Convertible Notes for conversion at any time prior to the close of business on the business day immediately preceding December 1, 2027 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on September 30, 2024 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the 3.625% Convertible Notes on each such applicable trading day; (ii) during the 5 business day period following any 10 consecutive trading day period in which the trading price per $1,000 principal amount of 3.625% Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after December 1, 2027, and prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances, at an initial conversion rate of 10 shares of the Company’s common stock per $1,000 principal amount of 3.625% Convertible Notes. The Company will settle conversions of the 3.625% Convertible Notes by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination thereof at the Company’s election. Holders of the notes will have the right to require the Company to repurchase for cash all or any portion of their notes upon the occurrence of certain corporate events, subject to certain conditions. As of December 31, 2025 and December 31, 2024, the market trigger conditions did not meet the conversion requirements of the 3.625% Convertible Notes and, accordingly, the 3.625% Convertible Notes are classified as long-term debt on our Consolidated Balance Sheets.
As of December 31, 2025, the conversion rate of the 3.625% Convertible Notes is 10 shares per $1,000 principal amount of the 3.625% Convertible Notes (or 2,631,470 shares), which represents an initial conversion price of $100 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events as set forth in the indenture governing the 3.625% Convertible Notes, but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a “Make-Whole Fundamental Change”, as defined in the 3.625% Convertible Note Indenture, the Company will in certain circumstances increase the conversion rate for a holder that elects to convert its 3.625% Convertible Notes in connection with such a corporate event.
The Company may not redeem the 3.625% Convertible Notes prior to the maturity date, and no sinking fund is provided for the 3.625% Convertible Notes.
The 3.625% Convertible Notes are the Company’s general senior unsecured obligations and rank: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 3.625% Convertible Notes; (ii) equal in right of payment to the Company’s existing and future indebtedness that is not so subordinated; (iii) effectively junior to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all existing and future indebtedness and other liabilities incurred by the Company’s subsidiaries.
The following table provides additional information related to the 3.625% Convertible Notes (in thousands):
December 31,
20252024
Principal amount of 3.625% Convertible Notes
$263,147 $263,147 
Less: Unamortized discount
(2,465)(3,528)
Less: Deferred issuance costs
(512)(734)
Net carrying amount of 3.625% Convertible Notes
$260,170 $258,885 

The following table provides the components of interest expense related to the 3.625% Convertible Notes (in thousands):
Years ended December 31,
20252024
Coupon interest expense$9,539 $4,372 
Amortization of discount and deferred issuance costs
1,285 571 
Total interest expense related to 3.625% Convertible Notes
$10,824 $4,943 
Credit Agreement
On April 7, 2021, the Company entered into a $100.0 million Credit Agreement (the “Credit Agreement”). Subject to certain conditions and approvals, the Company had the right, from time to time, to request increases in the commitments under the Credit Agreement in an aggregate amount up to $250.0 million, for a total aggregate commitment of up to $350.0 million. On June 18, 2024, the Company entered into a New Lender Joinder Agreement and Eighth Amendment (the “Joinder and Amendment”) to the Credit Agreement. The Joinder and Amendment provides for, among other things, (i) an increase in the Aggregate Revolving Loan Commitment by an aggregate principal amount of $250.0 million for a total of $350.0 million, (ii) an extension of the scheduled maturity date from April 7, 2026 to the earlier of (x) June 18, 2027 or (y) under certain limited circumstances, August 2, 2026, (iii) a “credit spread adjustment” for SOFR-based borrowings of 0.10% across all interest periods, (iv) the inclusion of limited conditionality borrowing mechanics with respect to certain borrowings and (v) certain other related amendments.
At the Company’s option, amounts borrowed under the Credit Agreement bear interest at either (i) a base rate equal to the greater of (x) the Federal Funds Effective Rate (as defined in the Credit Agreement) in effect on such day plus 0.5% per annum, (y) the rate of interest per annum most recently announced by the Agent (as defined in the Credit Agreement) as its U.S. Dollar “Reference Rate” and (z) one month Term SOFR (as defined in the Credit Agreement) plus a credit spread adjustment plus 1.00% or (ii) a rate per annum equal to Term SOFR plus a credit spread adjustment, in each case, plus an applicable margin. The applicable margin relating to any base rate loan ranges from 0.50% to 1.25% and the applicable margin relating to any Term SOFR loan ranges from 1.50% to 2.25%, in each case, depending on the total leverage ratio of the Company. The Company is permitted to make voluntary prepayments of the Credit Facility at any time without payment of a premium or penalty. The Credit Agreement is secured by an associated collateral agreement that provides for a lien on the majority of the Company’s assets and the assets of the guarantors, in each case, subject to customary exceptions.
The Credit Agreement contains financial maintenance covenants, including (i) a maximum total leverage ratio as of the last date of any fiscal quarter not to exceed 4.00:1.00 for the Company and its restricted subsidiaries and (ii) a minimum interest coverage ratio as of the last date of any fiscal quarter not less than 3.00:1.00 for the Company and its restricted subsidiaries. The Credit Agreement also contains restrictive covenants that limit, among other things, the Company’s and its restricted subsidiaries’ ability to incur additional indebtedness, create, incur or assume liens, consolidate, merge, liquidate or dissolve, pay dividends or make other distributions or other restricted payments, make or hold certain investments, enter into certain transactions with affiliates, sell assets other than on terms specified by the Credit Agreement, amend the terms of certain other indebtedness and organizational documents, and change their lines of business and fiscal years, in each case, subject to customary exceptions. The Credit Agreement also sets forth customary events of default, including, among other things, the failure to make timely payments under the Credit Facility, the failure to satisfy certain covenants, cross-default and cross-acceleration to other material debt for borrowed money, the occurrence of a change of control and specified events of bankruptcy and insolvency. The Company is in compliance with its debt covenants for the Credit Agreement as of December 31, 2025.
As of each December 31, 2025 and December 31, 2024, net availability under the Credit Agreement was $348.8 million and $348.9 million, respectively, net of letters of credit.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company leases certain facilities and equipment under non-cancelable operating leases which expire at various dates through 2031. Office and equipment leases are typically for terms of one to five years and generally provide renewal options. Some of the Company’s leases include options to terminate within one year.
During the year ended December 31, 2025, 2024, and 2023, the Company recorded impairments of $1.3 million, $0.9 million, and $2.2 million, respectively on its operating lease right of use assets within various reportable segments primarily related to exiting certain lease space as the Company regularly evaluates its office space requirements in light of more of its workforce working from home as part of a “remote” or “partial remote” work model. The impairments were determined by comparing the fair value of the impacted right-of-use asset to the carrying value of the asset as of the impairment measurement date, as required under ASC 360. The fair value of the right-of-use asset was based on the estimated sublease income for the affected facilities taking into consideration the time it will take to obtain a sublease tenant, the applicable discount rate and the sublease rate which represent Level 3 unobservable inputs. The impairments are presented in ‘General, administrative, and other related costs’ on the Consolidated Statements of Operations.
In certain agreements in which the Company leases office space where the Company is the tenant, it subleases the site to various other companies through a sublease agreement.
Operating right-of-use assets are included in ‘Other assets’ on the Consolidated Balance Sheets. Operating lease liabilities are included in ‘Other current liabilities’ and ‘Other noncurrent liabilities’, respectively, on the Consolidated Balance Sheets as follows (in thousands):
December 31,
20252024
Operating lease right-of-use assets$22,324 $26,249 
Operating lease liabilities, current$7,416 $8,666 
Operating lease liabilities, noncurrent17,793 21,797 
Total operating lease liabilities$25,209 $30,463 
The components of lease expense are as follows (in thousands):
Years ended December 31,
20252024
Operating lease cost$9,463 $10,760 
Short-term lease cost (1)
85 519 
Total lease cost$9,548 $11,279 
(1)The Company made an election to account for a short-term lease payments on a straight-line basis over the term of the lease.

Other supplemental operating lease information consists of the following:
December 31,
20252024
Operating leases:
Weighted average remaining lease term4.0 years3.9 years
Weighted average discount rate4.58 %4.28 %
As of December 31, 2025, maturities of operating lease liabilities were as follows (in thousands):
2026$8,246 
20276,502 
20284,824 
20294,311 
20303,723 
Thereafter1,444 
Total lease payments$29,050 
Less: Imputed interest3,841 
Present value of operating lease liabilities$25,209 
Sublease
Total sublease income for the years ended December 31, 2025, 2024, and 2023 was $1.7 million, $5.3 million, and $6.0 million, respectively. Total estimated aggregate sublease income to be received in the future is $1.5 million.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
In the ordinary course of business, the Company enters into commitments including those related to cloud computing, information technology, security, and information and document management. The Company also has revenue sharing arrangements with annual minimum guarantees based upon third-party website advertising metrics and other contractual provisions.
Litigation
From time to time, the Company and its affiliates are involved in litigation and other legal disputes or regulatory inquiries that arise in the ordinary course of business. Any claims or regulatory actions against the Company and its affiliates, whether meritorious or not, could be time consuming and costly, and could divert significant operational resources. The outcomes of such matters are subject to inherent uncertainties, carrying the potential for unfavorable rulings that could include monetary damages and injunctive relief. The Company does not believe, based on current knowledge, that any such legal proceedings or claims pending against us, including any set forth below, after giving effect to existing accrued liabilities, are likely to have a material adverse effect on the Company’s overall consolidated financial position, results of operations, or cash flows. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could have a material effect on the Company’s consolidated financial position, results of operations, or cash flows in a particular period.
On June 13, 2025, a putative class action captioned John Milito v. Ookla, LLC, et al., 25-2-17772-6 SEA, was filed against certain subsidiaries of the Company in the Superior Court of the State of Washington, King County, alleging that subsidiaries of the Company posted certain job openings without disclosing either wage scales or salary ranges in violation of Washington law and seeking statutory damages, interest, attorney’s fees, expenses, and costs of suit, as well as injunctive and other relief.
On December 17, 2024, a putative class action captioned Dawn Fregosa v. Mashable, Inc., 24CV103566, was filed against Mashable, Inc., a subsidiary of the Company, in the Superior Court of the State of California for the County of Alameda. The complaint alleges that the Mashable website uses third-party “trackers” in violation of the California Invasion of Privacy Act and seeks statutory damages, interest, attorney’s fees, expenses, and costs of suit. On February 3, 2025, Mashable removed the action to the United States District Court for the Northern District of California, case number 25-cv-01094. On April 10, 2025, the court granted Mashable’s motion to dismiss the first amended complaint with leave to amend. On October 9, 2025, the court denied Mashable’s motion to dismiss the second amended complaint.
On June 18, 2024, a putative class action captioned Joseph Josue v. IGN Entertainment, Inc., 24-cv-11579, was filed against IGN Entertainment, Inc., a subsidiary of the Company, in United States District Court for the District of Massachusetts. The complaint alleges that IGN disclosed to third parties the titles and URLs of the videos that plaintiff viewed on the IGN website in violation of the Video Privacy Protection Act. The complaint seeks statutory damages, punitive damages, interest, attorney’s fees, expenses, and costs of suit. On July 10, 2025, the court denied IGN’s motion to dismiss the first amended complaint.
The Company does not believe, based on current knowledge, that any legal proceedings or claims pending against us, after giving effect to any existing accrued liabilities for such legal proceedings or claims, are likely to have a material adverse
effect on the Company’s overall consolidated financial position, results of operations, or cash flows. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could have a material effect on the Company’s consolidated financial position, results of operations, or cash flows in a particular period.
Although the Company cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may be incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss or make a statement that such an estimate cannot be made. The Company follows a thorough process in which it seeks to estimate the reasonably possible loss or range of loss, and only if it is unable to make such an estimate does it conclude and disclose that an estimate cannot be made. Due to the uncertainty of the pending litigation discussed above, the Company cannot currently reasonably estimate the amount of any possible loss or range of loss relating to such claims.
The Company has not accrued for any material loss contingencies relating to these legal proceedings because materially unfavorable outcomes are not considered probable by management. It is the Company’s policy to expense as incurred legal fees related to various litigations.
Non-Income Related Taxes
The Company does not collect and remit sales and use, telecommunication, or similar taxes and fees in certain jurisdictions where the Company believes such taxes are not applicable or legally required. Several states and other taxing jurisdictions have presented or threatened the Company with assessments, alleging that the Company is required to collect and remit such taxes there. The Company is currently under audit or is subject to audit for indirect taxes in various states, municipalities, and foreign jurisdictions. The Company recognizes a liability for these matters when it is probable that an obligation exists and the amount can be reasonably estimated based on all relevant information that is available at each reporting period.
The Company established reserves for these matters of $22.3 million and $25.2 million as of December 31, 2025 and December 31, 2024, respectively, which are included in ‘Accounts payable and accrued expenses’ and ‘Other noncurrent liabilities’ on the Consolidated Balance Sheet. It is reasonably possible that additional liabilities could be incurred resulting in additional expense, which could have a material impact to our financial results, however, as of December 31, 2025, any potential range of loss was not estimable.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The income tax (expense) benefit consisted of the following (in thousands):
 
Years ended December 31,
 20252024 2023
Current:
Federal$736 $(33,333)$(29,040)
State(3,407)(8,625)(8,179)
Foreign(18,815)(18,234)(16,940)
Total current(21,486)(60,192)(54,159)
 
Deferred:
Federal(5,003)14,684 20,817 
State2,550 2,144 7,177 
Foreign(1,508)1,994 2,023 
Total deferred(3,961)18,822 30,017 
Income tax expense
$(25,447)$(41,370)$(24,142)
Income before income taxes for the years ended December 31, 2025, 2024, and 2023, respectively is as follows (in thousands):
Years ended December 31,
202520242023
Income from domestic operations
$20,888 $25,117 $25,762 
Income from foreign operations
59,859 68,077 49,212 
Income before income tax
$80,747 $93,194 $74,974 
A reconciliation of the statutory federal income tax rate with the Company’s effective income tax rate for the year ended December 31, 2025 is as follows (amounts in thousands):
Year ended December 31, 2025
Amount
Percentage
Income before income tax expense$80,747 
U.S. Federal statutory rate
16,986 21.0 %
State and local income taxes, net of federal tax effect (1)
864 1.1 %
Foreign tax effect
Canada
Provincial taxes
1,269 1.6 %
Changes in valuation allowances
3,292 4.1 %
Goodwill impairment
885 1.1 %
Other
425 0.5 %
Finland
Return to Provision adjustments
(1,162)(1.5)%
Other
(245)(0.3)%
United Kingdom
1,773 2.2 %
Other foreign jurisdiction
4,237 5.2 %
Effect of cross-border tax laws
Global intangible low-taxed income (“GILTI”)
3,102 3.8 %
Foreign derived intangible income (“FDII”)
(2,120)(2.6)%
Subpart F inclusion
756 0.9 %
Tax credits
Research and development(3,259)(4.0)%
Foreign tax credits(6,257)(7.7)%
Changes in valuation allowances
417 0.5 %
Nontaxable or nondeductible items
Goodwill impairment
2,079 2.6 %
Share-based payments awards
6,033 7.5 %
Domestic-Foreign Intercompany Offset
(1,852)(2.3)%
Other
419 0.5 %
Changes in unrecognized tax benefits
(1,883)(2.3)%
Other adjustments
(312)(0.4)%
Effective tax rate
$25,447 31.5 %
(1)In year 2025, state and local income taxes in California, Maryland, and Missouri comprise the majority of the domestic, state, and local income taxes, net of federal effect category.
The effective tax rate for the year ended December 31, 2025 differs from the federal statutory rate primarily due to the expense recognized for book purposes on the goodwill impairment that resulted in no corresponding tax benefit, a tax expense recognized due to recording a valuation allowance related to the Company’s U.S. and Canadian tax attributes and a tax expense recognized from the shortfall of share-based payments awards. The reduction to our effective tax rate was partially offset by tax benefits from tax credits and a decrease in the reserve for uncertain tax positions that was primarily due to the lapse of the statute of limitations.
A reconciliation of the statutory federal income tax rate with the Company’s effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:
 Years Ended December 31,
 20242023
Statutory tax rate21.0 %21.0 %
State income taxes, net5.9 6.5 
Foreign rate differential4.3 3.1 
Foreign income inclusion3.1 6.0 
Foreign tax credit(3.1)(4.7)
Reserve for uncertain tax positions(6.1)(5.9)
Valuation allowance6.3 — 
Impact on deferred taxes of enacted tax law and rate changes— 0.6 
Tax credits and incentives(6.5)(8.4)
Impairment of goodwill
19.2 16.0 
Return to provision adjustments
(2.3)(5.1)
Executive compensation3.2 2.4 
Other(0.6)0.7 
Effective tax rates44.4 %32.2 %
The effective tax rate for the year ended December 31, 2024 differs from the federal statutory rate primarily due to the expense recognized for book purposes on the goodwill impairment related to two of the Company’s reporting units that resulted in no corresponding tax benefit and a tax expense recognized due to recording a valuation allowance related to the Company’s U.S. capital loss carryforwards. The detrimental impact to our effective tax rate was partially offset by a tax benefit recognized as a result of a decrease in the reserve for uncertain tax positions that was primarily due to the lapse of the statute of limitations.
The effective tax rate for the year ended December 31, 2023 differs from the federal statutory rate primarily due to the expense recognized for book purposes on the goodwill impairment related to one of the Company’s reporting units that resulted in no corresponding tax benefit and had a detrimental impact to the effective tax rate. The detrimental impact to our effective tax rate was partially offset by a tax benefit recognized as a result of a decrease in the reserve for uncertain tax positions that was primarily due to the lapse of the statute of limitations.
The Organization for Economic Co-operation and Development (“OECD”) established a Pillar Two Framework that was supported by over 130 countries worldwide. On December 15, 2022, the European Union (“EU”) Member States adopted the EU’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15% with effective dates of January 1, 2025 for certain provisions of the directive. A significant number of other countries are also implementing similar legislation. The Company has analyzed the impact of the Pillar Two framework’s corporate minimum income tax rate of 15% and does not expect that it will have a material effect on the Company’s liability for corporate taxes and the Company’s consolidated effective tax rate.
Deferred tax assets and liabilities result from differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Temporary differences and carryforwards which give rise to deferred tax assets and liabilities from continuing operations are as follows (in thousands):
 
Years ended December 31,
 2025 2024
Deferred tax assets:
Net operating loss and other carryforwards$19,776 $14,923 
Tax credit carryforwards3,780 3,727 
Accrued expenses12,416 12,019 
Allowance for bad debt1,924 2,514 
Share-based compensation expense10,266 8,634 
Operating lease liabilities4,941 5,717 
Basis difference in fixed assets30,559 39,242 
Deferred revenue5,654 3,413 
Convertible debt
2,062 2,952 
State taxes699 2,526 
Other3,398 1,675 
 95,475 97,342 
Less: valuation allowance(10,379)(7,669)
Total deferred tax assets$85,096 $89,673 
  
Deferred tax liabilities: 
Operating lease right-of-use assets(4,753)(5,040)
Basis difference in intangible assets(104,458)(103,676)
Unrealized gains on investments(2,949)(13,364)
Prepaid insurance(3,357)(2,111)
Other(5,706)(4,014)
Total deferred tax liabilities(121,223)(128,205)
Net deferred tax liabilities$(36,127)$(38,532)
The Company had approximately $85.1 million and $89.7 million in deferred tax assets, net of valuation allowances as of December 31, 2025 and 2024, respectively, related primarily to capital loss carryforwards, net operating loss carryforwards, capitalized research and development expenses, fixed asset basis, and accrued expenses being treated differently between its financial statements and its tax returns. Based on the weight of available evidence, the Company assesses whether it is more likely than not that some portion or all of a deferred tax asset will not be realized. If necessary, the Company records a valuation allowance sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The deferred tax assets should be realized through future operating results and the reversal of temporary differences.
The Company had a valuation allowance on deferred tax assets from continuing operations of $10.4 million and $7.7 million as of December 31, 2025 and 2024, respectively.
The rollforward of the valuation allowance on the deferred tax assets from continuing operations is as follows (in thousands):
Years ended December 31,
202520242023
Beginning balance$7,669 $1,720 $1,699 
Charges to costs and expenses
3,809 5,949 21 
Write-offs and recoveries(1,099)— — 
Ending balance$10,379 $7,669 $1,720 
As of December 31, 2025, the Company had federal net operating loss carryforwards (“NOLs”) of $27.1 million, after considering substantial restrictions on the utilization of these NOLs due to “ownership changes”, as defined in the Internal Revenue Code of 1986, as amended. The Company estimates that all of the above-mentioned federal NOLs will be available for use before their expiration. Approximately $2.0 million of the NOLs expire through 2031 with the remainder able to be carried forward indefinitely, depending on the year the loss was incurred. Additionally, the Company had tax-effected NOLs, net of valuation allowances of $1.7 million for foreign tax jurisdictions and $5.5 million for state tax jurisdictions.
As of December 31, 2025, the Company’s deferred tax assets included federal capital loss limitation carryforwards of $10.3 million that begin to expire in 2026 through 2028. In addition, as of December 31, 2025, the Company had available state research and development tax credit carryforwards of $3.2 million, which last indefinitely. The Company had no foreign tax credit carryforwards as of December 31, 2025.
The Company has not provided for deferred taxes on approximately $173.5 million of undistributed earnings from foreign subsidiaries as of December 31, 2025 or with respect to items such as foreign withholding taxes, state income tax or foreign exchange gain or loss that would be due when cash is actually repatriated to the U.S. because those foreign earnings are considered permanently reinvested in the business or may be remitted substantially free of any additional taxes. In addition, because of the various avenues in which to repatriate the earnings, it is not practicable to determine the amount of the unrecognized deferred tax liability related to the undistributed earnings if eventually remitted.
Certain taxes are prepaid during the year and, where appropriate, included within ‘Prepaid expenses and other current assets’ on the Consolidated Balance Sheets. The Company’s prepaid taxes were $26.2 million and $6.4 million at December 31, 2025 and 2024, respectively.
Uncertain Income Tax Positions
Tax positions are evaluated in a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as non-current liabilities in the Consolidated Balance Sheets. The Company has classified $9.1 million of unrecognized tax benefits including interest as a current liability as it expects to settle the balance within one year.
As of December 31, 2025, the total amount of unrecognized tax benefits for continuing operations was $18.4 million, of which $17.0 million, if recognized, would affect the Company’s effective tax rate. As of December 31, 2024, the total amount of unrecognized tax benefits for continuing operations was $22.6 million, of which $21.2 million, if recognized, would affect the Company’s effective tax rate. As of December 31, 2023, the total amount of unrecognized tax benefits for continuing operations was $29.2 million, of which $27.4 million, if recognized, would affect the Company’s effective tax rate.
The aggregate changes in the balance of unrecognized tax benefits, which excludes interest and penalties, for the years ended December 31, 2025, 2024, and 2023, is as follows (in thousands):
Years ended December 31,
202520242023
Beginning balance $22,617 $29,158 $34,208 
Increases related to tax positions during a prior year379 275 218 
Decreases related to tax positions taken during a prior year(166)(540)(1,023)
Increases related to tax positions taken in the current year422 635 744 
Decreases related to expiration of statute of limitations(4,846)(6,911)(4,989)
Ending balance$18,406 $22,617 $29,158 
The Company includes interest and penalties related to unrecognized tax benefits within ‘Income tax expense’ on the Consolidated Statements of Operations. As of December 31, 2025, 2024, and 2023, the total amount of interest and penalties accrued was $10.2 million, $7.4 million, and $7.1 million, respectively, which is presented within ‘Liability for uncertain tax positions’ on the Consolidated Balance Sheets. In connection with the liability for unrecognized tax benefits, the Company recognized interest and penalty expense during the years ended December 31, 2025, 2024, and 2023 of $2.8 million, $0.3 million, and $0.7 million, respectively.
We conduct business on a global basis and as a result, one or more of our subsidiaries file income tax returns in the U.S. federal and in multiple state, local, and foreign tax jurisdictions. Our U.S. federal income tax returns for years 2012
through 2016 are under various stages of audit by the IRS. We are also under audit for various U.S. state and local tax purposes. With limited exception, our significant foreign tax jurisdictions are no longer subject to an income tax audit by the various tax authorities for tax years prior to 2022.
It is reasonably possible that these audits may conclude in the next twelve months and that the uncertain tax positions the Company has recorded in relation to these tax years may change compared to the liabilities recorded for these periods. If the recorded uncertain tax positions were inadequate to cover the associated tax liabilities, the Company would be required to record additional tax expense in the relevant period, which could be material. If the recorded uncertain tax positions were adequate to cover the associated tax liabilities, the Company would be required to record any excess as reduction in tax expense in the relevant period, which could be material. However, it is not currently possible to estimate the amount, if any, of such change.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law which, among other things, provided a permanent extension of certain tax measures initially established under the 2017 Tax Cuts and Jobs Act, which were set to expire at the end of 2025, and modified tax legislation affecting bonus depreciation rules and the tax treatment of research and development expenses and interest deductions. Specifically, the OBBBA provides for 100% bonus depreciation and eliminates the requirement under Internal Revenue Code Section 174 to capitalize and amortize U.S. based research and experimental expenditures over five years, making these expenditures fully deductible in the period incurred beginning after 2024. The Company currently does not expect the OBBBA to have a material impact on its effective tax rate but expects these provisions to result in a reduction of current income tax liabilities and an increase in deferred tax liabilities. The Company will continue to assess the implications of the OBBBA and will provide further disclosures in subsequent reporting periods, as necessary.
Income Taxes Paid
Income taxes paid, net of refunds during the year ended December 31, 2025 were as follows (in thousands):
Year ended
December 31, 2025
U. S. Federal
$25,375 
State
5,016 
Foreign
Canada
3,737 
United Kingdom
8,616 
Other foreign jurisdictions
5,865 
Income taxes paid, net of refunds
$48,609 
Income taxes paid, net of refunds during the years ended December 31, 2024 and 2023 were as follows (in thousands):
Years ended December 31,
20242023
Income taxes paid, net of refunds$68,731 $64,594 
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
On August 6, 2020, the Company’s Board of Directors (the “Board”) approved a program authorizing the repurchase of up to ten million shares of the Company’s common stock through August 6, 2025 (the “2020 Program”). The Company entered into certain Rule 10b5-1 trading plans to execute repurchases under the 2020 Program.
On August 2, 2024, the Board authorized (i) an increase in its 2020 Program pursuant to which the Company may purchase up to an additional five million shares of the Company’s common stock (the “Additional Authorization”) and (ii) an extension of the expiration date of the share repurchase program from August 6, 2025 to August 2, 2029. As a result of the Additional Authorization, the aggregate number of shares of the Company’s common stock authorized for repurchase under the 2020 Program increased from up to ten million to up to 15 million shares of the Company’s common stock.
During the years ended December 31, 2025, 2024, and 2023, the Company repurchased 4,758,281, 3,500,000, and 1,585,846 shares, respectively, under the 2020 Program, at an aggregate cost of $171.7 million, $181.8 million, and $104.9 million, respectively (including excise tax). Cumulatively as of December 31, 2025, 13,516,973 shares were repurchased under the 2020 Program, at an aggregate cost of $755.3 million (including excise tax). As a result of the repurchases, the number of shares of the Company’s common stock available for purchase as of December 31, 2025 was 1,483,027 shares.
On April 24, 2025, the Company repurchased 143,161 shares of its common stock at an aggregate value of approximately $4.5 million in connection with the sale of its minority equity ownership interest in OpenEvidence. The transaction had a non-cash element and involved the repurchase of our common stock that was issued in 2023 as partial consideration for the acquisition of a minority equity ownership interest in OpenEvidence. Refer to Note 5 - Investments and Note 18 - Supplemental Cash Flow Information for further information.
Periodically, participants in the Company’s stock plans surrender to the Company shares of stock to pay the exercise price or to satisfy tax withholding obligations arising upon the exercise of stock options or the vesting of restricted stock. During the years ended December 31, 2025, 2024 and 2023, the Company purchased and retired 132,291, 80,241, and 69,622 shares, respectively, at an aggregate cost of approximately $5.2 million, $4.1 million, and $4.6 million, respectively, from plan participants for this purpose.
v3.25.4
Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The Company’s share-based compensation plans include the Ziff Davis, Inc. 2024 Equity Incentive Plan (the “2024 Plan”), the 2015 Stock Option Plan (the “2015 Plan”), and 2001 Employee Stock Purchase Plan (the “Purchase Plan”). Each plan is described below.
On May 7, 2024, the 2024 Plan was approved by the stockholders of the Company and replaced the 2015 Stock Option Plan. The 2024 Plan permits the Company to issue shares of common stock to or for the benefit of employees, consultants, and non-employee directors of the Company and its subsidiaries as part of their compensation. The 2024 Plan provides for the grant of stock options, restricted stock, stock appreciation rights, restricted stock units, performance-based awards, and other incentive awards. Shares authorized but unissued under the 2015 Plan that were not subject to outstanding awards under the 2015 Plan as of May 7, 2024 were canceled. The total number of shares of the Company’s common stock that may be issued under the 2024 Plan shall not exceed 3,500,000 shares, plus any Returned Shares, as defined in the 2024 Plan, under the 2015 Plan, and any shares under the 2024 Plan that are subsequently forfeited, canceled, reacquired by the Company, satisfied or are otherwise terminated (other than by exercise) or used to pay tax withholding obligations with respect to outstanding awards issued under the 2024 Plan. The 2024 Plan will expire on March 21, 2034, unless earlier terminated by the Board. Awards outstanding under the 2015 Plan were not impacted by the approval of the 2024 Plan. Collectively, the 2015 Plan and 2024 Plan are referred to herein as “Plans”. As of December 31, 2025, 435,135 shares underlying options and 2,066,549 shares of restricted stock units were outstanding under the Plans. As of December 31, 2025, there were 2,019,694 additional shares underlying options, shares of restricted stock, and other share-based awards available for grant under the 2024 Plan.
Share-Based Compensation Expense
The following table presents the effects of share-based compensation expense in the Consolidated Statements of Operations during the periods presented (in thousands):
Years ended December 31,
202520242023
Direct costs
$276 $248 $262 
Sales and marketing4,957 3,756 2,686 
Research, development, and engineering3,593 3,665 3,245 
General, administrative, and other related costs (1)
36,101 33,246 25,727 
Total share-based compensation expense$44,927 $40,915 $31,920 
(1)Includes expense of $0.2 million related to liability classified awards issued to non-employees of the Company for the year ended December 31, 2025.
Stock Options
As of December 31, 2025, 2024, and 2023, options to purchase 380,743, 326,351, and 271,959 shares of common stock were exercisable under and outside of the Plans, at weighted average exercise prices of $68.97, $68.97, $68.97, respectively. Stock options generally expire after 10 years and vest over a 5 to 8 year period.
All stock option grants are approved by “outside directors” within the meaning of Internal Revenue Code Section 162(m).
Stock option activity for the years ended December 31, 2025, 2024, and 2023 is summarized as follows:
Number of Shares
Weighted-Average
Exercise Price
Weighted-Average Remaining Contractual Life (In Years)
  Aggregate Intrinsic Value
Options outstanding at January 1, 2023
435,135 $68.97 
      Granted— $— 
      Exercised— $— 
      Canceled— $— 
Options outstanding at December 31, 2023
435,135 $68.97 
      Granted— $— 
      Exercised— $— 
      Canceled— $— 
Options outstanding at December 31, 2024
435,135 $68.97 
      Granted— $— 
      Exercised— $— 
      Canceled— $— 
Options outstanding at December 31, 2025
435,135 $68.97 2.0$0 
Exercisable at December 31, 2025
380,743 $68.97 2.0$0 
Vested and expected to vest at December 31, 2025
54,373 $68.97 2.0$0 

There were no stock option exercises in 2025, 2024, and 2023. The total fair value of options vested during the years ended December 31, 2025, 2024, and 2023 was $1.0 million, $1.0 million, and $1.0 million, respectively.
As of December 31, 2025, there was an immaterial amount of unrecognized compensation expense related to non-vested options granted under the Plans.
Restricted Stock and Restricted Stock Units
The Company has awarded restricted stock and restricted stock units to its Board and senior staff pursuant to the Plans. Compensation expense resulting from restricted stock and restricted unit grants is measured at fair value on the date of grant and is recognized as share-based compensation expense over the applicable vesting period. Vesting periods are approximately one year for awards to members of the Company’s Board, generally three or four years for senior staff (excluding market-based awards discussed below), and three to eight years for the Chief Executive Officer. The Company granted 757,292, 413,053, and 305,549 shares of restricted stock units (excluding awards with market conditions below) (“RSUs”) during the years ended December 31, 2025, 2024, and 2023, respectively.
The Company has awarded certain key employees market-based restricted stock (“PSAs”) and equity classified market-based restricted stock units (“PSUs”) pursuant to the Plans. PSUs granted in 2024 and 2025 vest in shares of the Company’s stock ranging from 0% to 200% of the award based on the Company’s attainment of a relative Total Shareholder Return (“TSR”) target compared to the TSR of all listed companies in the market index over the respective periods. Performance periods for PSUs granted in 2024 were one, two, and three-years and performance periods for PSUs granted in 2025 were two and three years. In each of 2024 and 2025, market conditions were factored into the grant date fair value using a Monte Carlo valuation model, which utilized multiple input variables to determine the probability of the Company and all listed companies in a market index achieving the relative TSR targets. During the years ended December 31, 2025 and 2024, the Company awarded 598,676 and 308,970 equity classified PSUs that vest under the conditioned specified above.
PSAs and PSUs granted prior to 2024 have vesting conditions that are based on specific stock price targets of the Company’s common stock. Market conditions were factored into the grant date fair value using a Monte Carlo valuation model, which utilized multiple input variables to determine the probability of the Company achieving the specified stock price targets with a 20-day and 30-day look back (trading days). During the year ended December 31, 2023, the Company awarded 167,606 PSUs at stock price targets ranging from $83.61 to $103.76 per share.
Share-based compensation expense related to an award with a market condition is recognized over the requisite service period using the graded-vesting method regardless of whether the market condition is satisfied, provided that the requisite service period has been completed.
The per share weighted average grant-date fair values of PSUs granted during the years ended December 31, 2025, 2024, and 2023 were $38.80, $87.17, and $70.06, respectively.
The assumptions used in determining the weighted-average fair values of PSUs granted during the periods presented are as follows:
Years ended December 31,
202520242023
Underlying stock price at valuation date$38.19 $66.88 $77.80 
Expected volatility34.5 %32.9 %32.0 %
Risk-free interest rate3.9 %4.3 %4.1 %

 Restricted stock award (“RSA”) and PSA activity for the years ended December 31, 2025, 2024 and 2023 is set forth below:
RSAs
PSAs
Number of Shares
Weighted Average
Grant Date
Fair Value
Number of Shares
Weighted Average
Grant Date
Fair Value
Nonvested at January 1, 2023
148,100 $70.93 163,181 $36.27 
Granted— — — — 
Vested(52,060)72.29 — — 
Forfeited
(322)77.75 — — 
Nonvested at December 31, 2023
95,718 $70.17 163,181 $36.27 
Granted— — — — 
Vested(40,735)71.73 — — 
Forfeited
(154)77.75 — — 
Nonvested at December 31, 2024
54,829 $68.97 163,181 $36.27 
Granted— — — — 
Vested(27,632)68.97 — — 
Forfeited
— — — — 
Nonvested at December 31, 2025
27,197 $68.97 163,181 $36.27 
RSU and PSU activity for the years ended December 31, 2025, 2024 and 2023 is set forth below:
RSUs
PSUs
Number of Shares
Weighted Average
Grant Date
Fair Value
Number of Shares (1)
Weighted Average
Grant Date
Fair Value
Outstanding at January 1, 2023
343,955 $102.53 120,399 $87.04 
Granted305,549 76.80 167,606 70.06 
Vested(111,185)101.41 — — 
Forfeited
(31,894)83.82 (17,233)77.98 
Outstanding at December 31, 2023
506,425 $88.36 270,772 $77.09 
Granted413,053 64.60 308,970 87.17 
Vested(175,564)90.68 — — 
Forfeited
(91,687)74.44 (58,756)79.88 
Outstanding at December 31, 2024
652,227 $74.59 520,986 $82.73 
Granted757,292 37.20 598,676 38.80 
Vested(296,605)79.13 (23,477)78.73 
Forfeited
(61,459)58.53 (81,091)68.39 
Outstanding at December 31, 2025
1,051,455 $47.32 1,015,094 $57.74 
Vested and expected to vest at December 31, 2025
970,428 $47.73 920,505 $59.28 
(1)Represents the number of shares at 100% achievement.
Aggregate intrinsic value of shares outstanding as of December 31, 2025 was $37.0 million and $35.7 million for RSUs and PSUs, respectively. Aggregate intrinsic value for shares vested and expected to vest as of December 31, 2025 was $34.1 million and $32.4 million for RSUs and PSUs, respectively.
As of December 31, 2025, share-based compensation cost of $32.5 million is expected to be recognized over a weighted-average period of 1.8 years for RSUs, and share-based compensation cost of $21.2 million is expected to be recognized over a weighted-average period of 1.8 years for PSUs. As of December 31, 2025, there was an immaterial amount of unrecognized compensation expense related to non-vested RSAs. Share-based compensation cost for PSAs is fully recognized.
The total fair value of restricted stock and restricted stock units vested during the years ended December 31, 2025, 2024, and 2023 was $25.3 million, $15.9 million, and $11.3 million, respectively. The actual tax benefit realized for the tax deductions from the vesting of restricted stock and restricted stock units totaled $2.0 million, $2.3 million, and $1.9 million, respectively, for the years ended December 31, 2025, 2024, and 2023. 
Employee Stock Purchase Plan
The Purchase Plan provides for the issuance of a maximum of two million shares of the Company’s common stock. Under the Purchase Plan, eligible employees can have up to 15% of their earnings withheld, up to certain maximums, to be used to purchase shares of the Company’s common stock at certain plan-defined dates. The price of the Company’s common stock purchased under the Purchase Plan for the six-month offering periods is equal to 85% of the lesser of the fair market value of a share of the common stock of the Company on the beginning or the end of the offering period. Employees are immediately vested in the shares purchased at the purchase date.
During 2025, 2024, and 2023, 242,171, 174,706, and 74,390 shares were purchased under the Purchase Plan, respectively, at a price ranging from $25.80 to $28.00 per share during 2025. Cash received upon the issuance of the Company’s common stock under the Purchase Plan was $6.5 million, $8.4 million, and $8.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025, 577,334 shares were available under the Purchase Plan for future issuance.
The Company determined that a plan provision exists which allows for the more favorable of two exercise prices, commonly referred to as a “look-back” feature. The purchase price discount and the look-back feature cause the Purchase Plan to be compensatory and the Company to recognize compensation expense. The compensation cost is recognized on a straight-line basis over the requisite service period, or the six-month offering period. The Company used the Black-Scholes option pricing model to calculate the estimated fair value of the purchase right issued under the Purchase Plan. The expected volatility is based on historical volatility of the Company’s common stock. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a term equal to the expected term of the option assumed at the date of grant. The Company uses an annualized dividend yield based upon the per share dividends declared by its Board of Directors. Estimated forfeiture rates were 12.0%, 12.1%, and 12.5% as of December 31, 2025, 2024, and 2023, respectively.
The share-based compensation expense related to the Purchase Plan has been estimated utilizing the following weighted average assumptions:
December 31,
202520242023
Risk-free interest rate4.3%5.3%3.4%
Expected term (in years)0.50.50.5
Expected volatility44.6%31.4%38.3%
v3.25.4
Defined Contribution 401(k) Savings Plan
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Defined Contribution 401(k) Savings Plan Defined Contribution 401(k) Savings Plan
The Company has several 401(k) Savings Plans that qualify under Section 401(k) of the Internal Revenue Code. Eligible employees may contribute a portion of their salary through payroll deductions, subject to certain limitations. The Company may make annual contributions at its sole discretion to these plans. For the years ended December 31, 2025, 2024, and 2023, the Company made contributions of $6.8 million, $4.9 million, and $5.2 million, respectively, to these 401(k) Savings Plans.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
     The components of basic and diluted earnings per share from continuing operations are as follows (in thousands, except share and per share data):
 
Years ended December 31,
 202520242023
Numerator for basic and diluted net income per common share:   
Net income from continuing operations$47,354 $63,047 $41,503 
Less: Net income available to participating securities (1)
— — (2)
Plus: Convertible Notes interest expense (after-tax)
— — — 
Net income available to the Company’s common shareholders from continuing operations$47,354 $63,047 $41,501 
Denominator:  
Basic weighted-average outstanding shares of common stock40,977,183 44,457,071 46,400,941 
Diluted effect of: 
Equity incentive plans
121,331 62,622 63,320 
Convertible debt
— — — 
Diluted weighted-average outstanding shares of common stock41,098,514 44,519,693 46,464,261 
Net income per share:
  
Basic$1.16 $1.42 $0.89 
Diluted$1.15 $1.42 $0.89 
Weighted-average shares excluded from diluted weighted-average shares outstanding:
Anti-dilutive stock options and restricted stock796,753 1,069,443 629,807 
Anti-dilutive convertible debt4,029,861 4,892,773 5,158,071 
(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s businesses are based on the organizational structure used by the Chief Executive Officer of the Company, who acts as the chief operating decision maker (“CODM”). The Company has five operating segments which are its five reportable segments as follows: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech. The Technology & Shopping reportable segment primarily generates revenues from advertising on publishing platforms and commerce sites and through publishing of specialized technology-based content and provision of authoritative content relating to products, services, shopping and savings. The Gaming & Entertainment reportable segment generates revenue by providing authoritative content relating to video games and entertainment and includes a video game and entertainment website focusing on games (including game help), films, anime, television, comics, technology, and other media. It also generates revenues through subscriptions to and storefront sales of video games, ebooks, and software, as well as through related advertising. The Health & Wellness reportable segment generates revenues from a collection of interactive tools and mobile applications that are designed to enable consumers to manage a broad array of health and wellness needs on a daily basis, including medical conditions, pregnancy, diet, and fitness, and from a collection of educational and professional development services, news, and information for healthcare professionals. The Connectivity reportable segment includes several data and services businesses that sit at the center of the broadband economy and are sources of information on internet connectivity and network performance and primarily generates revenues through the granting of access to, or delivery of, data products or services to customers and the sale of perpetual software licenses, related software support, and maintenance. The Cybersecurity & Martech reportable segment generates revenues from cloud-based Software-as-a-Service offerings for various communication, messaging, security, privacy, customer marketing, and other needs of end-users. It also generates revenues from a customer acquisition platform for subscription services companies.
The accounting policies of the reportable segments are the same as those described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies. The Company evaluates performance of all of its reportable segments based on its ‘Income from operations’ and the CODM uses ‘Income from operations’ to assess performance, make operating decisions, and allocate resources, including employees, property, and financial or capital resources, for each reportable segment. On a monthly basis, the CODM considers forecast-to-actual variances when making decisions about allocating capital and personnel-related resources to each reportable segment. Segment results presented below are exclusive of inter-segment revenues and inter-segment expenses, which are immaterial. The CODM does not use Balance Sheet information in connection with operating and investment decisions and as such that information is not presented. The CODM does use capital expenditures by reportable segment in connection with operating and investment decisions.
Information on reportable segments revenues is as follows (in thousands):
 Years Ended December 31,
 202520242023
Revenue by reportable segment:
Technology & Shopping$356,596 $361,882 $330,557 
Gaming & Entertainment183,558 180,276 168,821 
Health & Wellness402,353 362,408 361,923 
Connectivity230,733 213,620 211,518 
Cybersecurity & Martech278,028 283,502 291,209 
Total segment revenues
1,451,268 1,401,688 1,364,028 
Corporate
— — — 
Total revenues
$1,451,268 $1,401,688 $1,364,028 
The descriptions of significant reportable segment expenses shown in the following tables are as follows:
•Salaries, benefits, and other employee expenses include employee compensation expenses for salaries, bonuses, benefits, payroll taxes, commissions, share-based compensation, severance costs, other related employee costs.
•Cloud computing, software, and other related expenses include costs associated with cloud computing, software purchases, web hosting, database hosting, and other computer related costs.
•Advertising and related marketing expenses include advertising relationships with an array of online service providers, marketing expenses, and other audience extension costs.
•Partner payments include expense associated with revenue sharing arrangements, content fees, and royalties.
•Professional and other-third party services include expenses for outside providers including freelancers, consultants, legal costs, and other professional services.
Significant reportable segment expenses are set forth in the tables below (in thousands):
Year ended December 31, 2025
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$134,453 $42,377 $115,691 $58,030 $68,518 $419,069 
Cloud computing, software, and other related expenses26,588 8,280 17,011 17,936 42,482 112,297 
Advertising and marketing related expenses52,197 13,368 41,460 3,436 18,196 128,657 
Partner payments2,244 30,738 45,765 712 23,636 103,095 
Professional and other third-party services23,574 5,537 9,631 20,491 19,530 78,763 
Goodwill impairment— — — — 17,579 17,579 
Depreciation and amortization90,880 11,740 54,472 29,028 42,151 228,271 
Other17,358 (1)18,483 (2)28,939 (3)24,987 (4)17,339 (5)107,106 
Total segment operating costs and expenses347,294 130,523 312,969 154,620 249,431 1,194,837 
Corporate (6)
73,345 
Total operating costs and expenses$1,268,182 
Year ended December 31, 2024
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$139,293 $45,294 $115,509 $53,172 $77,518 $430,786 
Cloud computing, software, and other related expenses28,086 5,630 13,903 14,849 40,009 102,477 
Advertising and marketing related expenses51,418 12,226 39,199 2,898 21,799 127,540 
Partner payments7,063 27,262 38,736 932 21,063 95,056 
Professional and other third-party services20,455 5,908 8,730 14,356 17,228 66,677 
Goodwill impairment85,273 — — — — 85,273 
Depreciation and amortization83,424 10,733 52,766 31,882 33,025 211,830 
Other17,942 (1)19,222 (2)26,358 (3)16,157 (4)17,899 (5)97,578 
Total segment operating costs and expenses432,954 126,275 295,201 134,246 228,541 1,217,217 
Corporate (6)
70,823 
Total operating costs and expenses$1,288,040 
Year ended December 31, 2023
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$121,721 $43,224 $109,401 $55,492 $75,340 $405,178 
Cloud computing, software, and other related expenses23,580 3,974 11,599 9,865 37,402 86,420 
Advertising and marketing related expenses55,185 9,468 42,477 3,296 24,189 134,615 
Partner payments7,721 26,637 33,842 730 19,120 88,050 
Professional and other third-party services15,025 3,629 10,604 13,199 18,211 60,668 
Goodwill impairment56,850 — — — — 56,850 
Depreciation and amortization83,271 10,368 59,870 31,793 52,618 237,920 
Other17,702 (1)14,222 (2)30,555 (3)26,552 (4)21,119 (5)110,150 
Total segment operating costs and expenses381,055 111,522 298,348 140,927 247,999 1,179,851 
Corporate (6)
51,566 
Total operating costs and expenses$1,231,417 
(1)Other Technology & Shopping operating costs and expenses consist primarily of credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(2)Other Gaming & Entertainment operating costs and expenses consist primarily of credit card processing fees, inventory-related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(3)Other Health & Wellness operating costs and expenses consist primarily of app-store fees, credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(4)Other Connectivity operating costs and expenses consist primarily of inventory-related costs, credit card processing fees, inventory related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(5)Other Cybersecurity & Martech operating costs and expenses consist primarily of credit card processing fees, telecommunication backbone costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(6)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributed to any particular segment.
Information on income from operations is set forth in the table below (in thousands).
Years ended December 31,
202520242023
Income (loss) from operations by reportable segment:
Technology & Shopping$9,302 $(71,072)$(50,498)
Gaming & Entertainment53,035 54,001 57,299 
Health & Wellness89,384 67,207 63,575 
Connectivity76,113 79,374 70,591 
Cybersecurity & Martech28,597 54,961 43,210 
Total segment income from operations
256,431 184,471 184,177 
Corporate (1)
(73,345)(70,823)(51,566)
Income from operations$183,086 $113,648 $132,611 
(1)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributable to any particular segment.

Information on capital expenditures is set forth in the table below (in thousands).
Years ended December 31,
202520242023
Capital expenditures:
Technology & Shopping$15,899 $13,609 $17,778 
Gaming & Entertainment8,975 5,298 5,891 
Health & Wellness40,991 36,553 35,070 
Connectivity28,037 24,742 25,182 
Cybersecurity & Martech24,518 25,062 24,712 
Total from reportable segments118,420 105,264 108,633 
Corporate778 1,371 96 
Total capital expenditures$119,198 $106,635 $108,729 
The Company maintains operations in the U.S., Canada, Ireland, the United Kingdom, India, and other countries. Geographic information about the U.S. and all other countries for the reporting periods is presented below. Such information attributes revenues based on jurisdictions where revenues are reported (in thousands).
 
Years ended December 31,
 202520242023
Revenues:  
United States$1,219,221 $1,165,571 $1,137,857 
All other countries232,047 236,117 226,171 
Total$1,451,268 $1,401,688 $1,364,028 
Long-lived assets, excluding goodwill and other intangible assets are as follows (in thousands):
December 31,
20252024
Long-lived assets:  
United States$186,869 $178,732 
All other countries48,634 44,733 
Total$235,503 $223,465 
v3.25.4
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Non-cash investing and financing activities were as follows (in thousands):
Years ended December 31,
202520242023
Non-cash investing activity:
Property and equipment, accrued but unpaid$— $— $55 
Right-of-use assets acquired in exchange for operating lease obligations$782 $13,372 $1,597 
Purchase of equity investments with common stock
$— $— $13,500 
Sale of equity investments for common stock (1)
$4,488 $— $— 
Non-cash financing activity:
Increase in fair value of conversion feature on 3.625% Convertible Notes
$— $4,001 $— 
Excise tax on share repurchases
$1,584 $1,099 $— 
(1)Includes 143,161 shares received in connection with sale of our minority equity ownership interest in OpenEvidence during the year ended December 31, 2025.

Supplemental data (in thousands):
Years ended December 31,
202520242023
Interest paid$34,618 $28,856 $38,653 
 Operating cash outflows related to lease liabilities were as follows (in thousands):
Years ended December 31,
202520242023
Operating cash outflows related to lease liabilities$9,081 $17,167 $23,230 
v3.25.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of tax, for the years ended December 31, 2025, 2024, and 2023 (in thousands):
Unrealized Gains (Losses) on InvestmentsForeign Currency TranslationTotal
Balance as of January 1, 2023
$441 $(85,814)(85,373)
Other comprehensive income before reclassifications
96 13,657 13,753 
Consensus separation— — — 
Balance as of December 31, 2023
$537 $(72,157)$(71,620)
Other comprehensive income (loss) before reclassifications
1,575 (12,426)(10,851)
Balance as of December 31, 2024
$2,112 $(84,583)$(82,471)
Other comprehensive income before reclassifications
540 27,509 28,049 
Amounts reclassified from accumulated other comprehensive loss
(2,652)— (2,652)
Balance as of December 31, 2025
$— $(57,074)$(57,074)
During the years ended December 31, 2025, the Company reclassified $2.7 million, net of tax, out of accumulated other comprehensive loss, representing the excess of unrealized losses over the provision for credit losses on the corporate debt security. See Note 5 – Investments for further details.
There were no reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2024 and 2023.
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
OCV Fund
OCV Fund is considered a related party because it is an investment that is accounted for by the equity method. On September 25, 2017, the Company entered into a commitment to invest $200.0 million (approximately 76.6% of equity) in the OCV Fund. The primary purpose of the OCV Fund is to provide a limited number of select investors with the opportunity to realize long-term appreciation from public and private companies, with a particular focus on the technology and life science industries. The general activities of the OCV Fund is to buy, sell, hold, and otherwise invest in securities of every kind and nature and rights and options with respect thereto, including, without limitation, stock, notes, bonds, debentures, and evidence of indebtedness; to exercise all rights, powers, privileges, and other incidents of ownership or possession with respect to securities held or owned by the OCV Fund; to enter into, make and perform all contracts and other undertakings; and to engage in all activities and transactions as may be necessary, advisable, or desirable to carry out the foregoing.
Subject to the terms and conditions of the Fund’s limited partnership agreement, once the Company has received distributions equal to its invested capital, the OCV Fund’s general partner would be entitled to a carried interest equal to 20%. The OCV Fund has a six year investment period, during which any incremental investments can be made, subject to certain exceptions. The commitment was approved by the Audit Committee of the Board in accordance with the Company’s related-party transaction approval policy. No future capital calls will be made in connection with the Company’s investment in the OCV Fund, nor will any further management fees be paid by the Company to the manager.
v3.25.4
Subsequent Event
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On February 22, 2026, the Board of the Company authorized (i) an increase in its 2020 Program pursuant to which the Company may purchase up to an additional ten million shares of the Company’s common stock and (ii) an extension of the expiration date of the share repurchase program from August 2, 2029 to February 22, 2036 (“Amended Stock Repurchase Program”). As a result of the Amended Stock Repurchase Program, the aggregate number of shares of the Company’s common stock under 2020 Program increases from up to 15 million shares to up to 25 million of the Company’s common stock, with 10,741,308 shares remaining under the Amended Stock Repurchase Program as of February 22, 2026.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our and our customers’ data and information assets. As such, we have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
We design and assess our program based on the International Organization for Standardization (“ISO”) and National Institute of Standards and Technology (“NIST”) information security risk management frameworks. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the above frameworks as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels, and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Our cybersecurity risk management program includes:
•risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;
•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test, or otherwise assist with aspects of our security controls;
•cybersecurity awareness training of our employees, incident response personnel, and senior management, including through the use of third-party providers for regular mandatory trainings;
•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents;
•a third-party risk management process for service providers, suppliers, and vendors; and
•a cyber insurance policy to help manage, in part, costs associated with significant cybersecurity incidents that may occur.
Although we have designed our cybersecurity program and governance procedures above to mitigate cybersecurity risks, we face cybersecurity risks, threats, and attacks that could materially affect our operations, business strategy, results of operations, or financial condition. For further details on the exposures related to these risks, see the section titled “Risk Factors” within this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our and our customers’ data and information assets. As such, we have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
We design and assess our program based on the International Organization for Standardization (“ISO”) and National Institute of Standards and Technology (“NIST”) information security risk management frameworks. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the above frameworks as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels, and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee the oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff, or external experts as part of the Board of Directors’ continuing education on topics that impact public companies.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as certain incidents with lesser impact potential.
The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff, or external experts as part of the Board of Directors’ continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]
The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff, or external experts as part of the Board of Directors’ continuing education on topics that impact public companies.
    Our management team, including our Chief Technology Officer (“CTO”) and CISO, is responsible for assessing and managing our material risks from cybersecurity threats. The team has a primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our current Chief Technology Officer has over 25 years of experience in the field of technology, including cybersecurity. His in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our CISO has over 25 years of experience in various roles in cybersecurity and information technology. Our CTO, CISO, and internal security personnel endeavor to stay abreast of emergent developments in relevant areas of technology and cybersecurity.
Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include receiving briefings from internal security personnel; analyzing threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and reviewing alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management team, including our Chief Technology Officer (“CTO”) and CISO, is responsible for assessing and managing our material risks from cybersecurity threats. The team has a primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our current Chief Technology Officer has over 25 years of experience in the field of technology, including cybersecurity. His in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our CISO has over 25 years of experience in various roles in cybersecurity and information technology. Our CTO, CISO, and internal security personnel endeavor to stay abreast of emergent developments in relevant areas of technology and cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as certain incidents with lesser impact potential.
The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff, or external experts as part of the Board of Directors’ continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Ziff Davis and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, including judgments about investment classifications and the reported amounts of net revenue and expenses during the reporting period. The Company believes that its most significant estimates are those related to revenue recognition, valuation and impairment of investments, its assessment of ownership interests as variable interest entities and the related determination of consolidation, share-based compensation expense, fair value of assets acquired and liabilities assumed in connection with business combinations, long-lived and intangible asset impairment, contingent consideration, income taxes and contingencies, and allowance for credit losses. On an ongoing basis, management evaluates its estimates based on historical experience and on various other factors that the Company believes to be reasonable under the circumstances. Actual results could materially differ from those estimates.
Segment Reporting
Segment Reporting
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting (“ASC 280”), establishes standards for the way that public business enterprises report information about operating segments in their annual consolidated financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers. The Company’s business segments are based on the organization structure used by the chief operating decision maker for making operating and investment decisions and for assessing performance.
The Company has five operating segments which are its five reportable segments: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the Company purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value.
Accounts Receivable, net Settlement receivables, net represent amounts due from third parties that are collected by the Company and passed through to our customers, net of a fee earned by the Company, related to services provided in the facilitation of gift card processing and program management.
Allowances for Credit Losses
Allowances for Credit Losses
The Company maintains an allowance for credit losses on accounts receivable, which is recorded as a reduction to accounts receivable. Changes in the allowance are classified as ‘General, administrative, and other related costs’ in the Consolidated Statements of Operations. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when it identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status. It also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. On an ongoing basis, management evaluates the adequacy of these reserves.
Investments
Investments
The Company accounts for its investments in debt securities in accordance with ASC Topic 320, Investments — Debt Securities (“ASC 320”). The Company’s available-for-sale debt securities are carried at an estimated fair value with any unrealized gains or losses, net of taxes, included in accumulated other comprehensive loss on our Consolidated Balance Sheets. All debt securities are accounted for on a specific identification basis. Available-for-sale debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses. Expected credit losses on available-for-sale debt securities are recognized in ‘Provision for credit losses on investments’ in the Consolidated Statements of Operations, and any remaining unrealized losses, net of taxes, are included in ‘Accumulated comprehensive loss’ in the Consolidated Balance Sheets.
The Company accounts for its investments in equity securities in accordance with ASC Topic 321, Investments — Equity Securities (“ASC 321”) which requires the accounting for equity investments, other than those accounted for under the equity method of accounting, generally be measured at fair value for equity securities with readily determinable fair values. Equity securities without a readily determinable fair value, which are not accounted for under the equity method of accounting, are measured at their cost, less impairment, if any, and adjusted for observable price changes arising from orderly transactions in the same or similar investment from the same issuer. Any unrealized gains or losses will be reported within earnings on our Consolidated Statements of Operations.
The Company assesses whether an other-than-temporary impairment loss on an investment has occurred due to declines in fair value or other market conditions. Refer to Note 5 — Investments for additional information.
The Company accounted for its investment in Consensus common stock as an investment in equity securities, at fair value under the fair value option, and the related fair value gains and losses were recognized in earnings. The fair value of Consensus common stock was readily available as Consensus is a publicly traded company.
Concentration of Credit Risk
Concentration of Credit Risk
The Company primarily invests its cash, cash equivalents, and marketable securities with major financial institutions primarily within the United States, Canada, United Kingdom, Australia, the European Union, Japan, Denmark, Sweden, and Norway. These investments are made in accordance with the Company’s investment policy with the principal objectives being preservation of capital, fulfillment of liquidity needs, and above market returns commensurate with preservation of capital. The Company’s investment policy also requires that investments in marketable securities be in only highly rated instruments, with limitations on investing in securities of any single issuer. However, these investments are not insured against the possibility of a total or near complete loss of earnings or principal and are inherently subject to the credit risk related to the continued credit worthiness of the underlying issuer and general credit market risks. As of December 31, 2025, the Company’s cash and cash equivalents that were maintained in demand deposit accounts in qualifying financial institutions are insured up to the limit determined by the applicable governmental agency.
Variable Interest Entities (“VIE”s)
Variable Interest Entities (“VIE”s)
A VIE requires consolidation by the entity’s primary beneficiary. The Company evaluates its investments in entities in which it is involved to determine if the entity is a VIE and if so, whether it holds a variable interest and is the primary beneficiary. The Company has determined that it holds a variable interest in its investment as a limited partner in the OCV Fund I, LP (“OCV Fund”), as well as in another independent corporation. The Company has concluded that it will not consolidate these VIEs, as it is not the primary beneficiary.
OCV Fund qualifies as an investment company under ASC Topic 946, Financial Services, Investment Companies (“ASC 946”). Under ASC Topic 323, Investments — Equity Method and Joint Ventures, an investor that holds investments that qualify for specialized industry accounting for investment companies in accordance with ASC 946 should record its share of the earnings or losses, realized or unrealized, as reported by its equity method investees in the Consolidated Statements of Operations.
Fair Value Measurements
Fair Value Measurements
The Company complies with the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), in measuring fair value and in disclosing fair value measurements. ASC 820 provides a framework for measuring fair value and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities.
The carrying values of cash and cash equivalents, accounts receivable, interest receivable, accounts payable, accrued expenses, interest payable, customer deposits, and long-term debt are reflected in the financial statements at cost. With the exception of certain investments and long-term debt, cost approximates fair value due to the short-term nature of such instruments. The fair value of the Company’s outstanding debt was determined using the quoted market prices of debt instruments with similar terms and maturities when available. As of the same dates, the carrying value of other noncurrent liabilities approximated fair value as the related interest rates approximate rates currently available to the Company.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets and is recorded in ‘Depreciation and amortization’ on the Consolidated Statements of Operations based on the function the underlying asset supports. The estimated useful lives of property and equipment range from one to ten years. Fixtures, which are comprised primarily of leasehold improvements are amortized on a straight-line basis over their estimated useful lives or for leasehold improvements, the related lease term, if less. The Company has capitalized certain internal-use software and website development costs which are included in property and equipment and depreciated using a straight-line method over the estimated useful life which is typically three years.
Leases
Leases
The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date of the lease in determining the present value of future payments. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. There are lease agreements with lease and non-lease components, which are generally accounted for as a single lease component.
Impairment or Disposal of Long-Lived Assets Impairment or Disposal of Long-Lived Assets
The Company accounts for long-lived assets, which include property and equipment, operating lease right-of-use assets, and identifiable intangible assets with finite useful lives (subject to amortization), in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment (“ASC 360”), which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset to the expected undiscounted future net cash flows generated by the asset. If it is determined that the asset may not be recoverable, and if the carrying amount of an asset exceeds its estimated fair value, an impairment charge is recognized to the extent of the difference.
The Company assesses the impairment of identifiable definite-lived intangibles and long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the Company determined that the carrying value of definite-lived intangibles and long-lived assets may not be recoverable based upon the existence of one or more indicators of impairment, it would record an impairment equal to the excess of the carrying amount of the asset over its estimated fair value.
Business Combinations and Valuation of Goodwill and Intangible Assets
Business Combinations and Valuation of Goodwill and Intangible Assets
The Company applies the acquisition method of accounting for business combinations in accordance with GAAP and uses estimates and judgments to allocate the purchase price paid for acquisitions to the fair value of the assets, including identifiable intangible assets and liabilities acquired. Such estimates may be based on significant unobservable inputs and assumptions such as, but not limited to, future revenue growth rates, gross and operating margins, customer attrition rates, royalty rates, discount rates, and terminal growth rate assumptions. The Company uses established valuation techniques and may engage reputable valuation specialists to assist with the valuations. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings.
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The Company tests goodwill for impairment annually on October 1st at the reporting unit level, or more frequently if indicators of impairment exist, or if a decision is made to dispose of a business.
The Company evaluates its goodwill and indefinite-lived intangible assets for impairment pursuant to ASC Topic 350, Intangibles— Goodwill and Other (“ASC 350”), which provides that goodwill and other intangible assets with indefinite lives are not amortized but tested annually for impairment or more frequently if the Company believes indicators of impairment exist. In connection with the annual impairment test for goodwill, the Company has the option to perform a qualitative assessment in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it was more likely than not that the fair value of the reporting unit is less than its carrying amount, it then performs an impairment test of goodwill. The impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. The Company generally determines the fair value of its reporting units using a mix of an income approach and a market approach. If the carrying value of a reporting unit exceeds the reporting unit’s fair value, an impairment loss is recognized for the difference. During the years ended December 31, 2025, 2024, and 2023, the Company recorded goodwill impairments of $17.6 million, $85.3 million, and $56.9 million, respectively. Refer to Note 8 — Goodwill and Intangible Assets for additional details.
The Company did not have intangible assets with indefinite lives during years ended December 31, 2025, 2024, and 2023.
Intangible assets resulting from the acquisitions of entities accounted for using the acquisition method of accounting are recorded at the estimated fair value of the assets acquired. Identifiable intangible assets are comprised of purchased customer relationships, trademarks, trade names, and other intangible assets, including developed technologies. The fair values of these identified intangible assets are based upon expected future cash flows or income, which take into consideration certain assumptions such as customer turnover, trade names, and patent lives. These determinations are primarily based upon the Company’s historical experience and expected benefit of each intangible asset. If it is determined that such assumptions are not accurate, then the resulting change will impact the fair value of the intangible asset. Trade names and trademarks are generally amortized on a straight-line basis with an estimated useful life ranging from two to twenty years. The Company amortizes customer relationship assets in a pattern that best reflects the pace at which the asset’s benefits are consumed with useful lives ranging from three to sixteen years. This pattern results in more amortization expense being recognized earlier in the useful life. Other purchased intangible assets subject to amortization are amortized over the period of estimated economic benefit ranging from one to ten years. Amortization expense of definite-lived intangibles assets is included in depreciation and amortization in the Consolidated Statements of Operations.
Accounts Payable and Accrued Expenses Settlement payables, net represent amounts owed to our customers related to services provided in the facilitation of gift card processing and program management whereby, as part of our services we collect from third-parties and pass through payment to our customers, net of a fee earned by the Company.
Contingent Consideration
Contingent Consideration
Certain of the Company’s acquisition agreements include contingent earn-out arrangements, which are generally based on the achievement of future income thresholds or other metrics. The contingent earn-out arrangements are based upon the Company’s valuations of the acquired companies and reduce the risk of overpaying for acquisitions if the projected financial results are not achieved.
The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, the Company estimates the fair value of contingent earn-out payments as part of the initial purchase price and records the estimated fair value of contingent consideration as a liability on the Consolidated Balance Sheets. The Company reviews and re-assesses the estimated fair value of contingent consideration on a quarterly basis, and the updated fair value could be materially different from the initial estimates or prior amounts. Changes in the estimated fair value of its contingent earn-out liabilities and adjustments to the estimated fair value related to changes in all other unobservable inputs are reported in ‘General, administrative, and other related costs’ in the Consolidated Statements of Operations.
Debt Issuance Costs and Debt Discount
Debt Issuance Costs and Debt Discount
The Company capitalizes costs incurred with borrowing and issuance of debt securities and records debt issuance costs and discounts as a reduction to the debt amount. These costs and discounts are amortized and included in interest expense over the life of the borrowing using the effective interest method.
Revenue Recognition
Revenue Recognition
The Company recognizes revenue when the Company satisfies its obligation by transferring control of the goods or services to its customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Refer to Note 3 — Revenues for additional details.
The following describes the nature of the Company’s primary types of revenues.
Advertising and Performance Marketing
Advertising and performance marketing revenues are earned primarily from the delivery of advertising services and from marketing, performance marketing, and production services. Revenues from the delivery of advertising services are earned on websites and applications that are owned and operated by the Company and on those websites and applications that are part of the Company’s advertising network. Revenues are primarily earned by generating traffic to the Company’s websites, apps, and third-party platforms on which brands of the Company have a presence and monetize this traffic. The value provided to the customer is primarily derived from the provision of traffic the Company generates from its specific content within each vertical, as well as data obtained by the website or app traffic. Such revenues are generally recognized over the period in which the products or services are delivered.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the Company’s advertising and performance marketing revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC Topic 606, Revenue from Contracts with Customer (“ASC 606”). Revenues recognized on a gross basis are generated (i) by the Company serving online display and video advertising across its owned and operated web properties, on third-party sites, or on unaffiliated advertising networks; and (ii) through the Company’s lead-generation business. The Company records revenues on a net basis with respect to revenues paid to the Company by certain third-party advertising networks who serve online display and video advertising across the Company’s owned-and-operated web properties and certain third-party platforms. The Company also records revenues on a net basis with respect to the transfer of functional intellectual property through third-party gaming platforms and with respect to revenues earned from servicing client gift card programs.

Subscription and Licensing
Revenues from subscriptions are earned through (i) the granting of access to, or delivery of, data products or services to customers; (ii) usage-based fees, and (iii) reselling various third-party solutions, primarily through the Company’s email security line of business. Subscriptions cover video games and related content, health information, data, and other copyrighted material. Revenues are also earned from listing fees, subscriptions to online publications, and from other sources. Third-party solutions, along with the Company’s proprietary products, allow the Company to offer customers a variety of solutions to better meet the customer’s needs. Subscription revenues are primarily recognized over the contract term. Revenues related to the provision of access to historical data for certain services are recorded at the time of delivery. In instances where usage-based fees are charged, a significant portion of which are paid in advance, the Company defers the portions of monthly, quarterly, semi-annual, and annual fees collected in advance of the satisfaction of performance obligations and recognizes them in the period earned.
Licensing revenues are earned through the license of certain assets to clients. Assets are licensed for clients’ use in their own promotional materials or otherwise and may include logos, editorial reviews, or other copyrighted material that represent symbolic intellectual property, as defined in ASC 606. Revenues under such license agreements are generally recognized over the contract term. In instances when technology assets in the form of functional intellectual property are licensed to the Company’s clients, revenues from the license of these assets are recognized at a point in time.
Licensing revenues also include revenues from transactions involving the sale of perpetual software licenses, related software support, and maintenance. Revenue will be recognized when the obligations are met, either over time or at a point in time, depending on the nature of the obligation.
•Revenues from software license performance obligations are generally recognized upfront at the point in time that the software is made available to the customer for download and use.
•Revenues from related software support and maintenance are generally recognized ratably over the contractual period, because technical support, unspecified software product upgrades, maintenance releases, and patches are provided to customers on an as needed basis and they are available during the term of the support period.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the subscription and licensing revenues is recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenues on a gross basis with respect to revenues generated from the resale of various third-party solutions, primarily through its email security line of business, because the Company has control of the specified good or service prior to transferring control to the customer.
Other
Other revenues primarily include those from the sale of hardware used in conjunction with software described above, online course revenues, game publishing revenues, and revenues from a customer acquisition platform for subscription services companies. Hardware product and related software performance obligations, such as those relating to an operating system or firmware, are highly interdependent and interrelated and are accounted for as a bundled performance obligation. The revenues for this bundled performance obligation are generally recognized at the point in time that the hardware and software products are delivered and ownership is transferred to the customer.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The majority of the Company’s other revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenues on a net basis with respect to games sold on third-party platforms.
Performance Obligations
The Company may be a party to multiple concurrent contracts with the same customers, or a party or parties related to those customers. Some of these situations may require an evaluation to determine if those arrangements should be accounted for as a single contract. The Company’s contracts with customers may include multiple performance obligations, including contracts when advertising and licensing services are sold together.
The Company determines the transaction price based on the amount to which the Company expects to be entitled in exchange for services provided. The Company includes any fixed consideration within its contracts as part of the total transaction price. The Company’s contracts occasionally contain variable consideration, such as commissions that are recognized in the period of the commissionable event. Payment terms vary by type and location of customers and the services
offered. The time between invoicing and when payment is due is generally not significant. Due to the nature of the services provided, there are no obligations for returns.
Advertising and performance marketing revenues consist primarily of performance obligations that are satisfied over time, where the customer simultaneously receives and consumes the benefit of the services provided. In certain instances, the Company provides content to its advertising partners and receives a revenue share based on the terms of the agreement. Revenues are recognized based on delivery of services over the contract period for advertising. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on individual contracts with customers, revenues from advertising and performance marketing revenues are recognized over time as distinct performance obligations are satisfied, including when:
•Online display and video advertising in form of impressions, video views and other means is placed for viewing on the Company’s owned-and-operated properties and on third-party sites.
•Commissions are earned upon the sale of an advertised product.
•Qualified sales leads are delivered.
•Visitor “clicks through” an advertisement.
Subscription and licensing revenues are earned from (i) subscription services with performance obligations that are satisfied over time; and (ii) licensing arrangements that have standalone functionality with performance obligations satisfied at a point in time, where the customer simultaneously receives and consumes the benefit of the services provided regardless of whether the customer uses the services. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on the individual contracts with the customer, revenues for subscription and licensing services are recognized over the contract period as distinct performance obligations are satisfied, including when:
•Voice, email marketing, and search engine optimization as services are delivered.
•Consumer privacy services and data backup capabilities are provided.
•Security solutions, including email and endpoint, are provided.
•Access is granted to data products and services.
•Continuing access to the content on our websites and apps is provided.
The Company has concluded the best measure of progress toward the complete satisfaction of the performance obligation delivered over the time is a time-based measure. The Company recognizes revenues on a straight-line basis throughout the subscription period, or as usage occurs, or when functional intellectual property is delivered for services outside of the subscription.
Other revenues consist primarily of performance obligations that are satisfied at a point in time at which control for goods and services is transferred to a customer. The Company believes that the methods described are a faithful depiction of the transfer of goods and services.
Sales Taxes
The Company has made an accounting policy election to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are (i) both imposed on and concurrent with a specific revenue-producing transaction and (ii) collected by the Company from a customer.
Costs to Obtain a Contract
The Company’s revenues are primarily generated from customer contracts that are for one year or less. Costs primarily consist of incentive compensation paid to employees based on the achievements of sales targets in a given period for related revenue streams and are recognized in the month when the revenue is earned. Incentive compensation is paid on the issuance or renewal of the customer contract. The Company also partners with various affiliates in order to generate a portion of its revenues for certain lines of business. The commissions earned by the Company’s affiliates are incentive based and are paid on the acquisition of new customers in a given period. As a practical expedient, for employee and affiliate commissions, amortization periods of which are determined to be one year or less, the Company expenses any incremental costs of obtaining the contract with a customer when incurred. For those customers with amortization periods determined to be greater than one year, the Company capitalizes and amortizes the expenses over the period of benefit.
As of December 31, 2025 and 2024, the Company capitalized approximately $14.6 million and $14.2 million, respectively, related to affiliate commissions and they are included in ‘Prepaid expenses and other current assets’ and ‘Other assets’ in the Consolidated Balance Sheets.
In addition, the Company pays fees to app stores for the distribution of its paid mobile apps. The Company defers and amortizes mobile app store fees related to subscriptions over the term of the applicable subscription. As of December 31, 2025 and 2024, the Company deferred approximately $4.4 million and $6.0 million, respectively, related to app store fees and are included in ‘Prepaid expenses and other current assets’ in the Consolidated Balance Sheets.
During the years ended December 31, 2025, 2024, and 2023, the Company recognized expense of $26.5 million, $26.2 million, and $21.7 million respectively, related to the amortization of capitalized costs to obtain a contract with a customer.
Practical Expedients
Existence of a Significant Financing Component in a Contract
If at contract inception, the Company expects that the period between payment by the customer and the transfer of promised goods or services by the Company to the customer will be one year or less, the Company does not assess whether a contract has a significant financing component. In addition, the Company has determined that the payment terms that the Company provides to its customers are structured primarily for reasons other than the provision of finance to the customer. The Company typically charges a single upfront amount for services because other payment terms would affect the nature of the risk assumed by the Company to provide service given the costs of the customer acquisition and the highly competitive and commoditized nature of the business it operates, which allows customers to easily move from one provider to another. This additional risk may make it uneconomical to provide the service.
Share-Based Compensation
Share-Based Compensation
The Company accounts for share-based awards to employees and non-employees in accordance with the provisions of ASC Topic 718, Compensation — Stock Compensation (“ASC 718”), which requires compensation cost, measured at the grant date fair value, to be recognized over the employee’s requisite service period using the straight-line method. The measurement of share-based compensation expense is based on several criteria, including but not limited to the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate, and award cancellation rate. Certain of these inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining share-based compensation expense and the actual factors, which become known over time, the Company may change the input factors used in determining future share-based compensation expense. Any such changes could materially impact the Company’s results of operations in the period in which the changes are made and in periods thereafter. The amount of share-based compensation expense recognized in the Consolidated Statements of Operations is net of estimated forfeitures. The forfeiture rate is estimated at the grant date based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from the estimated rate. The expense ultimately recorded is for the awards that vest.
Direct Costs
Direct Costs
Direct costs represent the Company’s costs of revenue and primarily include costs associated with compensation for personnel directly involved in revenue generation, content fees, production costs, royalty fees, hosting and licensing costs, and processing fees. Direct costs exclude depreciation and amortization expenses for all periods presented.
Research, Development, and Engineering
Research, Development, and Engineering
Research, development, and engineering costs are costs associated with software design and development and primarily consist of compensation for personnel. Costs incurred during the preliminary project stage are expensed as incurred. Costs for software development incurred during the application development stage are capitalized and amortized over their estimated useful lives. We do not capitalize any costs once the software is ready for its intended use.
Advertising Costs
Advertising Costs
The Company incurs external advertising costs to promote its brands. These costs primarily consist of expenses related to digital advertising on websites and apps of third parties, creative services, trade shows and similar events, marketing expenses, and marketing intelligence expenses.
Foreign Currency
Foreign Currency
Most of the Company’s foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities are translated at exchange rates prevailing at the balance sheet dates. Revenues and expenses are translated into U.S. Dollars at average exchange rates for the period. Gains and losses resulting from translation are recorded as a component of accumulated other comprehensive income (loss). Net translation income (loss) was $27.5 million, $(12.4) million, and $13.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. Realized gains and losses from foreign currency transactions are recognized within ‘Other income (loss), net’ in the Consolidated Statements of Operations.
Income Taxes
Income Taxes
The Company’s income is subject to taxation in both the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves for tax contingencies are established when the Company believes that certain positions might be challenged despite the Company’s belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of a tax audit or lapse of a statute of limitations. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate.
The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires deferred tax assets and liabilities to be recognized using enacted tax rates for the effect of temporary differences between the book and tax basis of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the net deferred tax assets will not be realized. Valuation allowances are reviewed quarterly based upon the facts and circumstances known at the time. In assessing valuation allowances, the Company reviews historical and future expected operating results and other factors, including its recent cumulative earnings experience, expectations of future taxable income by taxing jurisdiction and the carryforward periods available for tax reporting purposes, to determine whether it is more likely than not that deferred tax assets are realizable.
ASC 740 provides guidance on the minimum threshold that an uncertain income tax benefit is required to meet before it can be recognized in the financial statements and applies to all income tax positions taken by a company. ASC 740 contains a two-step approach to recognizing and measuring uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. If it is not more likely than not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain income tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. The Company recognizes accrued interest and penalties related to uncertain income tax positions in income tax expense in its Consolidated Statements of Operations.
Earnings Per Common Share (“EPS”)
Earnings Per Common Share (“EPS”)
EPS is calculated pursuant to the two-class method as defined in ASC Topic 260, Earnings per Share (“ASC 260”), which specifies that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends or dividend equivalents are considered participating securities and should be included in the computation of EPS pursuant to the two-class method.
Basic EPS is calculated by dividing net distributed and undistributed earnings allocated to common shareholders, excluding participating securities, by the weighted-average number of common shares outstanding. The Company’s participating securities consist of its unvested share-based payment awards that contain rights to non-forfeitable dividends or dividend equivalents.
The Company applies the if-converted method for the diluted net income per share calculation of convertible debt instruments.
Share Repurchases
Share Repurchases
The Company accounts for share repurchases on a trade date basis by allocating cost in excess of par value between retained earnings and additional paid-in capital. The repurchased shares are constructively retired and returned to an authorized but unissued status. The Company accrues a mandatory 1.0% excise tax on all completed share repurchases.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently issued applicable accounting pronouncements adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than 5% of the amount computed by multiplying pretax income by statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5% of total income taxes paid. The amendments eliminate some of the previously required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within twelve months. The amendments in this update are effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. We adopted this update for the annual period ended December 31, 2025 and the amendments have been applied prospectively.
Recently issued applicable accounting pronouncements not yet adopted
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update are intended to enhance clarity and consistency in interim reporting disclosures. The update improves the navigability of interim reporting guidance, provides a comprehensive list of required disclosures, and includes a new disclosure principle for reporting material events occurring after the most recent annual period. The guidance is effective
for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is currently evaluating the effect of adoption of this update on our consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update eliminates accounting considerations for software project development stages and replaces it with the requirement to commence software capitalization when (1) management has authorized and committed to funding the project and (2) it is probable that the project will be completed and will be used to perform its intended function. This update further provides the guidance about “probable-to-complete” recognition threshold. Specifically, such threshold is not considered being met when there is a significant uncertainty associated with the development activities of the software, This update is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the effect of adoption of this update on our consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides all entities with the practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC Topic 606, Revenues from Contracts with Customers (“ASC 606”). This update permits all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. This update is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted for financial statements that have not been issued or made available for issuance. The Company is currently evaluating the effect of adoption of this update on our consolidated financial statements.
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For entities subject to the SEC's existing disclosure requirements and entities required to file/furnish financial statements with or to the SEC in preparation for the sale of or for the purpose of issuing securities that are not subject to contractual restrictions on transfer, the effective date for which each amendment will be the date on the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, amendments will be effective two years later. We do not anticipate that adoption of this update will have a material impact on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expenses Disaggregation Disclosure (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public business entities. The amendments in this update do not change the expense captions an entity presents on the face of the income statement; rather, they require disaggregation of certain expense captions into specified categories, including but not limited to purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statements - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
Fair Value Measurements
The Company complies with the provisions of ASC 820, which defines fair value, provides a framework for measuring fair value, and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value.
§Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
§Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
§Level 3 – Unobservable inputs which are supported by little or no market activity.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Recurring Fair Value Measurements
The Company’s money market funds are classified within Level 1. The Company values these Level 1 investments using quoted market prices.
The fair value of the Company’s investment in Consensus common stock was determined using quoted market prices, which is Level 1 input. During the year ended December 31, 2024, the Company sold its remaining investments in Consensus common stock (see Note 5 — Investments).
The Company has an investment in a corporate debt security that does not have a readily determinable fair value because the acquired security is privately held, not traded on any public exchanges and not an investment in a mutual fund or similar investment. The investment is classified as available-for-sale and is initially measured at its transaction price. The fair value of the corporate debt security is determined primarily based on estimates and assumptions, including Level 3 inputs. During the years ended December 31, 2025, the Company determined that the fair value of the Company’s investment in this corporate debt security fell to zero based on the latest available financial and certain other information related to the issuing entity. Refer to Note 5 — Investments for further information. As of December 31, 2024, the fair value was determined based upon various probability-weighted scenarios which included discount rate assumptions between 9% and 10%, depending on the probability scenario. In addition, the determination of fair value included a conversion timeframe of approximately six months to two years, depending on the probability scenario, as of December 31, 2024.
The Company classifies its contingent consideration liability in connection with acquisitions within Level 3 because factors used to develop the estimated fair value are unobservable inputs, such as volatility and market risks, and are not supported by market activity. The valuation approaches used to value Level 3 investments considers unobservable inputs in the market such as time to liquidity, volatility, risk-free rates, dividend yield, and breakpoints. The Company also estimates the fair value of certain contingent consideration arrangements based upon its current expectation of achievement of the targets underlying the contingent consideration. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net consisted of the following (in thousands):
December 31,
20252024
Settlement receivables, net$313,413 $296,553 
Trade receivables, net346,848 349,120 
Other receivables6,955 14,550 
Accounts receivable, net$667,216 $660,223 
Schedule of Allowance for Credit Losses
The rollforward of allowance for credit losses on Accounts receivable, net is as follows (in thousands):
Years ended December 31,
202520242023
Beginning balance$8,148 $6,871 $6,868 
Current period provision for credit losses
4,027 2,898 2,809 
Write-offs charged against the allowance, net of recoveries collected (1)
(2,959)(1,621)(2,806)
Ending balance$9,216 $8,148 $6,871 
(1)Amounts of recoveries were immaterial for periods presented.
Schedule of Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):
December 31,
20252024
Accounts payable$151,287 $164,352 
Settlement payables, net469,134 408,747 
Accrued employee related costs35,980 55,800 
Other accrued liabilities53,033 41,870 
Accounts payable and accrued expenses$709,434 $670,769 
v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenues from external customers classified by revenue source are as follows (in thousands).
Years ended December 31,
Technology & Shopping
2025 (1)
2024 (1)
2023 (1)
Advertising and performance marketing$350,985 $345,655 $310,733 
Subscription and licensing10,438 7,158 8,256 
Other(4,827)9,069 11,568 
Total Technology & Shopping revenues$356,596 $361,882 $330,557 
Gaming & Entertainment
Advertising and performance marketing$124,212 $120,788 $114,074 
Subscription and licensing59,323 59,468 54,747 
Other23 20 — 
Total Gaming & Entertainment revenues$183,558 $180,276 $168,821 
Health & Wellness
Advertising and performance marketing$335,746 $299,474 $309,182 
Subscription and licensing53,727 49,538 41,185 
Other12,880 13,396 11,556 
Total Health & Wellness revenues$402,353 $362,408 $361,923 
Connectivity
Advertising and performance marketing$12,642 $11,926 $13,112 
Subscription and licensing202,065 185,994 179,286 
Other16,026 15,700 19,120 
Total Connectivity revenues$230,733 $213,620 $211,518 
Cybersecurity & Martech
Subscription and licensing$273,115 $283,502 $291,209 
Other4,913 — — 
Total Cybersecurity & Martech revenues$278,028 $283,502 $291,209 
Total Revenues$1,451,268 $1,401,688 $1,364,028 
(1)Amounts presented are net of inter-segment revenues.
v3.25.4
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Preliminary Purchase Consideration
The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed for our 2024 acquisitions (in thousands):
Valuation
Assets and LiabilitiesTDS
CNET (2)
Cash$142,957 $— 
Accounts receivable and other current assets (1)
171,290 17,236 
Intangible assets108,340 100,500 
Goodwill (2)
81,248 36,316 
Deferred tax asset, noncurrent (3)
— 11,412 
Other assets203 1,480 
Accounts payable and other current liabilities(290,161)(11,827)
Deferred tax liability, noncurrent(25,442)(169)
Deferred revenue, noncurrent— — 
Other noncurrent liabilities(847)(700)
Total$187,588 $154,248 
(1)The fair value of the assets acquired includes accounts receivable of $170.7 million (including Settlement receivables, net of $166.8 million) related to TDS and $16.5 million related to CNET.
(2)During the year ended December 31, 2025, we recorded a measurement period adjustment of $(1.2) million to Customer relationships, $0.7 million to Other purchased intangibles assets, $0.9 million to Accounts receivable and other current assets, $0.8 million to Other assets, $(0.7) million to Other noncurrent liabilities, and $(0.2) million to Deferred tax liability, noncurrent with corresponding adjustments to Goodwill.
(3)Deferred tax asset balance for CNET is presented within ‘Deferred income taxes’ in the Consolidated Balance Sheets.
Schedule of Supplementary Information on Unaudited Pro Forma Financial Basis
The following unaudited pro forma information reflects the combined results from these 2024 acquisitions had they occurred on January 1, 2023. This information is not necessarily indicative of the Company’s consolidated results of operations in future periods or the results that actually would have been realized had the Company and the acquired businesses been combined companies during the periods presented. These pro forma results are estimates and exclude any savings or synergies that would have resulted from these business acquisitions had they occurred on January 1, 2023. This unaudited pro forma supplemental information includes incremental intangible asset amortization and other charges as a result of the acquisitions, net of the related tax effects.
Years ended December 31,
(in thousands, except per share data)
20242023
(unaudited)
Revenues$1,470,182 $1,521,064 
Net income$49,433 $22,206 
Income per common share from continuing operations - Basic
$1.11 $0.48 
Income per common share from continuing operations - Diluted
$1.11 $0.48 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Financial Instruments Measured On Recurring Basis
The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):
December 31, 2025Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
   Money market and other funds$86,657 $— $— $86,657 $86,657 
Total assets measured at fair value$86,657 $— $— $86,657 $86,657 
Liabilities:
Contingent consideration$— $— $6,837 $6,837 $6,837 
Total liabilities measured at fair value$— $— $6,837 $6,837 $6,837 
December 31, 2024Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
   Money market and other funds$85,833 $— $— $85,833 $85,833 
Long-term investments:
Investment in corporate debt securities— — 17,788 17,788 17,788 
Total assets measured at fair value$85,833 $— $17,788 $103,621 $103,621 
Liabilities:
Contingent consideration$— $— $2,834 $2,834 $2,834 
Total liabilities measured at fair value$— $— $2,834 $2,834 $2,834 
Schedule of Reconciliation of Level 3 Financial Assets Measured on Recurring Basis
The following table presents a reconciliation of the Company’s Level 3 financial assets related to our contingent consideration arrangements and investment in corporate debt security that are measured at fair value on a recurring basis (in thousands):
Years ended December 31,
20252024
Contingent Consideration ArrangementsCorporate Debt SecuritiesContingent Consideration ArrangementsCorporate Debt Securities
Balance as of January 1$2,834 $17,788 $2,834 $15,699 
Fair value at date of acquisition6,865 — — — 
Fair value adjustments (1)
(2,784)(17,788)— 2,089 
Foreign currency translation adjustment
(78)— — — 
Balance as of December 31
$6,837 $— $2,834 $17,788 
(1)During the years ended December 31, 2025, the fair value adjustments to the contingent consideration arrangements in the table above were recorded within ‘General, administrative, and other related costs’ in the Consolidated Statements of Operations and relate to changes in the expected payout against financial targets. During the years ended December 31, 2025 and 2024, the fair value adjustments to the corporate debt security in the table above were recorded in ‘Change in fair value on available-for-sale investments, net’ in the Consolidated Statements of Comprehensive Income for the portion of the change that does not relate to change in credit conditions and in the ‘Provision for credit losses on investments’ in the Consolidated Statements of Operations for the portion of the change that relates to change in credit conditions.
Schedule of Carrying Values and Fair Values of Financial Instruments
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes (in thousands)
December 31,
20252024
Carrying ValueFair ValueCarrying ValueFair Value
4.625% Senior Notes
$457,645 $434,736 $457,211 $420,935 
1.75% Convertible Notes
$148,685 $145,381 $148,186 $139,976 
3.625% Convertible Notes
$260,170 $256,568 $258,885 $259,200 
v3.25.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Property and equipment, stated at cost, consists of the following (in thousands):
December 31,
20252024
Computer hardware, software, and related equipment
$662,630 $546,777 
Furniture and equipment5,211 4,820 
Leasehold improvements8,987 7,328 
676,828 558,925 
Less: Accumulated depreciation and amortization(463,649)(361,710)
 Total property and equipment, net$213,179 $197,216 
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes In Carrying Amounts Of Goodwill
The changes in carrying amounts of goodwill for the years ended December 31, 2025 and 2024 are as follows (in thousands):
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechConsolidated
Balance as of January 1, 2024
$293,652 $61,485 $403,257 $258,486 $529,185 $1,546,065 
Goodwill acquired (Note 4)
117,855 6,811 — — 4,532 129,190 
Goodwill removed due to sale of businesses (1)
(3,983)— — — — (3,983)
Goodwill impairment(85,273)— — — — (85,273)
Foreign exchange translation(194)5 (201)(1,544)(3,815)(5,741)
Balance as of December 31, 2024
$322,057 $68,301 $403,056 $256,942 $529,902 $1,580,258 
Goodwill acquired (Note 4)
— 11,552 508 401 18,160 30,621 
Purchase accounting adjustments (2)
(291)48 — — 123 (120)
Goodwill impairment— — — — (17,579)(17,579)
Foreign exchange translation36 625 1,034 3,230 9,432 14,357 
Balance as of December 31, 2025
$321,802 $80,526 $404,598 $260,573 $540,038 $1,607,537 
(1)During the year ended December 31, 2024, in a cash transaction, the Company sold an international business at the Technology & Shopping reportable segment, which resulted in $4.0 million of goodwill being removed in connection with this sale.
(2)Purchase accounting adjustments relate to measurement period adjustments to goodwill in connection with prior business acquisitions (see Note 4 — Acquisitions and Dispositions).
Schedule of Intangible Assets Subject to Amortization
As of December 31, 2025, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks
$372,715 $243,326 $129,389 
Customer relationships
823,406 646,876 176,530 
Other purchased intangibles410,351 372,058 38,293 
Total$1,606,472 $1,262,260 $344,212 
As of December 31, 2024, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks
$375,449 $222,430 $153,019 
Customer relationships
836,254 620,926 215,328 
Other purchased intangibles
421,128 363,726 57,402 
Total$1,632,831 $1,207,082 $425,749 
Schedule of Expected Amortization Expenses for Intangible Assets Subject To Amortization
Expected amortization expenses for intangible assets subject to amortization at December 31, 2025 are as follows (in thousands):
Fiscal Year:
2026$100,740 
202775,587 
202847,608 
202937,650 
2030
28,674 
Thereafter53,953 
Total expected amortization expense$344,212 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consists of the following (in thousands):
December 31,
20252024
4.625% Senior Notes
$460,038 $460,038 
1.75% Convertible Notes
149,109 149,109 
3.625% Convertible Notes
263,147 263,147 
Total Notes872,294 872,294 
Credit Agreement— — 
Less: Unamortized discount(4,283)(5,676)
Deferred issuance costs (1)
(1,511)(2,336)
Total long-term debt$866,500 $864,282 
Less: current portion(148,685)— 
Total long-term debt, less current portion$717,815 $864,282 
(1)Includes $0.6 million and $0.7 million of carrying amount of deferred issuance costs on the 4.625% Senior Notes as of December 31, 2025 and December 31, 2024, respectively, $0.4 million and $0.9 million of carrying amount of deferred issuance costs on the 1.75% Convertible Notes as of December 31, 2025 and December 31, 2024, respectively, and $0.5 million and $0.7 million of carrying amount of deferred issuance costs on the 3.625% Convertible Notes as of December 31, 2025 and December 31, 2024, respectively.
Schedule of Future Principal Payments for Debt
At December 31, 2025, future principal and interest payments for debt are as follows (in thousands):
PrincipalInterest
2026$149,109 $33,426 
2027— 30,816 
2028263,147 26,047 
2029— 21,277 
2030460,038 21,276 
Thereafter— — 
Total
$872,294 $132,842 
Schedule of Debt
The following table provides additional information on the 4.625% Senior Notes (in thousands):
December 31,
20252024
Principal amount of 4.625% Senior Notes
$460,038 $460,038 
Less: Unamortized discount
(1,818)(2,148)
Less: Deferred issuance costs
(575)(679)
Net carrying amount of 4.625% Senior Notes
$457,645 $457,211 
The following table provides the components of interest expense related to 4.625% Senior Notes (in thousands):
Years ended December 31,
202520242023
Coupon interest expense$21,277 $21,269 $21,159 
Amortization of discount and deferred issuance costs
434 415 396 
Total interest expense related to 4.625% Senior Notes
$21,711 $21,684 $21,555 
Schedule of Additional Information Related to Convertible Notes
The following table provides additional information related to the 1.75% Convertible Notes (in thousands):
December 31,
20252024
Principal amount of 1.75% Convertible Notes
$149,109 $149,109 
Less: Deferred issuance costs
(424)(923)
Net carrying amount of 1.75% Convertible Notes
$148,685 $148,186 
The following table provides additional information related to the 3.625% Convertible Notes (in thousands):
December 31,
20252024
Principal amount of 3.625% Convertible Notes
$263,147 $263,147 
Less: Unamortized discount
(2,465)(3,528)
Less: Deferred issuance costs
(512)(734)
Net carrying amount of 3.625% Convertible Notes
$260,170 $258,885 
Schedule of Components of Interest Expense Related to Convertible Notes
The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):
Years ended December 31,
202520242023
Coupon interest expense$2,609 $6,429 $17,369 
Amortization of deferred issuance costs
499 1,251 1,863 
Total interest expense related to 1.75% Convertible Notes
$3,108 $7,680 $19,232 
The following table provides the components of interest expense related to the 3.625% Convertible Notes (in thousands):
Years ended December 31,
20252024
Coupon interest expense$9,539 $4,372 
Amortization of discount and deferred issuance costs
1,285 571 
Total interest expense related to 3.625% Convertible Notes
$10,824 $4,943 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Balance Sheet and Other Supplemental Operating Lease Information
Operating right-of-use assets are included in ‘Other assets’ on the Consolidated Balance Sheets. Operating lease liabilities are included in ‘Other current liabilities’ and ‘Other noncurrent liabilities’, respectively, on the Consolidated Balance Sheets as follows (in thousands):
December 31,
20252024
Operating lease right-of-use assets$22,324 $26,249 
Operating lease liabilities, current$7,416 $8,666 
Operating lease liabilities, noncurrent17,793 21,797 
Total operating lease liabilities$25,209 $30,463 
Other supplemental operating lease information consists of the following:
December 31,
20252024
Operating leases:
Weighted average remaining lease term4.0 years3.9 years
Weighted average discount rate4.58 %4.28 %
Schedule of Components of Lease Expense
The components of lease expense are as follows (in thousands):
Years ended December 31,
20252024
Operating lease cost$9,463 $10,760 
Short-term lease cost (1)
85 519 
Total lease cost$9,548 $11,279 
(1)The Company made an election to account for a short-term lease payments on a straight-line basis over the term of the lease.
Schedule of Maturities of Operating Lease Liabilities
As of December 31, 2025, maturities of operating lease liabilities were as follows (in thousands):
2026$8,246 
20276,502 
20284,824 
20294,311 
20303,723 
Thereafter1,444 
Total lease payments$29,050 
Less: Imputed interest3,841 
Present value of operating lease liabilities$25,209 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax (Expense) Benefit
The income tax (expense) benefit consisted of the following (in thousands):
 
Years ended December 31,
 20252024 2023
Current:
Federal$736 $(33,333)$(29,040)
State(3,407)(8,625)(8,179)
Foreign(18,815)(18,234)(16,940)
Total current(21,486)(60,192)(54,159)
 
Deferred:
Federal(5,003)14,684 20,817 
State2,550 2,144 7,177 
Foreign(1,508)1,994 2,023 
Total deferred(3,961)18,822 30,017 
Income tax expense
$(25,447)$(41,370)$(24,142)
Schedule of Before Operations Before Income Taxes
Income before income taxes for the years ended December 31, 2025, 2024, and 2023, respectively is as follows (in thousands):
Years ended December 31,
202520242023
Income from domestic operations
$20,888 $25,117 $25,762 
Income from foreign operations
59,859 68,077 49,212 
Income before income tax
$80,747 $93,194 $74,974 
Schedule of Reconciliation of Statutory Federal Income Tax Rate with Effective Income Tax Rate
A reconciliation of the statutory federal income tax rate with the Company’s effective income tax rate for the year ended December 31, 2025 is as follows (amounts in thousands):
Year ended December 31, 2025
Amount
Percentage
Income before income tax expense$80,747 
U.S. Federal statutory rate
16,986 21.0 %
State and local income taxes, net of federal tax effect (1)
864 1.1 %
Foreign tax effect
Canada
Provincial taxes
1,269 1.6 %
Changes in valuation allowances
3,292 4.1 %
Goodwill impairment
885 1.1 %
Other
425 0.5 %
Finland
Return to Provision adjustments
(1,162)(1.5)%
Other
(245)(0.3)%
United Kingdom
1,773 2.2 %
Other foreign jurisdiction
4,237 5.2 %
Effect of cross-border tax laws
Global intangible low-taxed income (“GILTI”)
3,102 3.8 %
Foreign derived intangible income (“FDII”)
(2,120)(2.6)%
Subpart F inclusion
756 0.9 %
Tax credits
Research and development(3,259)(4.0)%
Foreign tax credits(6,257)(7.7)%
Changes in valuation allowances
417 0.5 %
Nontaxable or nondeductible items
Goodwill impairment
2,079 2.6 %
Share-based payments awards
6,033 7.5 %
Domestic-Foreign Intercompany Offset
(1,852)(2.3)%
Other
419 0.5 %
Changes in unrecognized tax benefits
(1,883)(2.3)%
Other adjustments
(312)(0.4)%
Effective tax rate
$25,447 31.5 %
(1)In year 2025, state and local income taxes in California, Maryland, and Missouri comprise the majority of the domestic, state, and local income taxes, net of federal effect category.
A reconciliation of the statutory federal income tax rate with the Company’s effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:
 Years Ended December 31,
 20242023
Statutory tax rate21.0 %21.0 %
State income taxes, net5.9 6.5 
Foreign rate differential4.3 3.1 
Foreign income inclusion3.1 6.0 
Foreign tax credit(3.1)(4.7)
Reserve for uncertain tax positions(6.1)(5.9)
Valuation allowance6.3 — 
Impact on deferred taxes of enacted tax law and rate changes— 0.6 
Tax credits and incentives(6.5)(8.4)
Impairment of goodwill
19.2 16.0 
Return to provision adjustments
(2.3)(5.1)
Executive compensation3.2 2.4 
Other(0.6)0.7 
Effective tax rates44.4 %32.2 %
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities result from differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Temporary differences and carryforwards which give rise to deferred tax assets and liabilities from continuing operations are as follows (in thousands):
 
Years ended December 31,
 2025 2024
Deferred tax assets:
Net operating loss and other carryforwards$19,776 $14,923 
Tax credit carryforwards3,780 3,727 
Accrued expenses12,416 12,019 
Allowance for bad debt1,924 2,514 
Share-based compensation expense10,266 8,634 
Operating lease liabilities4,941 5,717 
Basis difference in fixed assets30,559 39,242 
Deferred revenue5,654 3,413 
Convertible debt
2,062 2,952 
State taxes699 2,526 
Other3,398 1,675 
 95,475 97,342 
Less: valuation allowance(10,379)(7,669)
Total deferred tax assets$85,096 $89,673 
  
Deferred tax liabilities: 
Operating lease right-of-use assets(4,753)(5,040)
Basis difference in intangible assets(104,458)(103,676)
Unrealized gains on investments(2,949)(13,364)
Prepaid insurance(3,357)(2,111)
Other(5,706)(4,014)
Total deferred tax liabilities(121,223)(128,205)
Net deferred tax liabilities$(36,127)$(38,532)
Summary of Valuation Allowance on Deferred Tax Assets From Continuing Operations
The rollforward of the valuation allowance on the deferred tax assets from continuing operations is as follows (in thousands):
Years ended December 31,
202520242023
Beginning balance$7,669 $1,720 $1,699 
Charges to costs and expenses
3,809 5,949 21 
Write-offs and recoveries(1,099)— — 
Ending balance$10,379 $7,669 $1,720 
Schedule of Unrecognized Tax Benefits
The aggregate changes in the balance of unrecognized tax benefits, which excludes interest and penalties, for the years ended December 31, 2025, 2024, and 2023, is as follows (in thousands):
Years ended December 31,
202520242023
Beginning balance $22,617 $29,158 $34,208 
Increases related to tax positions during a prior year379 275 218 
Decreases related to tax positions taken during a prior year(166)(540)(1,023)
Increases related to tax positions taken in the current year422 635 744 
Decreases related to expiration of statute of limitations(4,846)(6,911)(4,989)
Ending balance$18,406 $22,617 $29,158 
Schedule of Income Taxes Paid, Net
Income taxes paid, net of refunds during the year ended December 31, 2025 were as follows (in thousands):
Year ended
December 31, 2025
U. S. Federal
$25,375 
State
5,016 
Foreign
Canada
3,737 
United Kingdom
8,616 
Other foreign jurisdictions
5,865 
Income taxes paid, net of refunds
$48,609 
Income taxes paid, net of refunds during the years ended December 31, 2024 and 2023 were as follows (in thousands):
Years ended December 31,
20242023
Income taxes paid, net of refunds$68,731 $64,594 
Supplemental data (in thousands):
Years ended December 31,
202520242023
Interest paid$34,618 $28,856 $38,653 
v3.25.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Effects of Share-based Compensation Expense in Condensed Consolidated Statements of Operations
The following table presents the effects of share-based compensation expense in the Consolidated Statements of Operations during the periods presented (in thousands):
Years ended December 31,
202520242023
Direct costs
$276 $248 $262 
Sales and marketing4,957 3,756 2,686 
Research, development, and engineering3,593 3,665 3,245 
General, administrative, and other related costs (1)
36,101 33,246 25,727 
Total share-based compensation expense$44,927 $40,915 $31,920 
(1)Includes expense of $0.2 million related to liability classified awards issued to non-employees of the Company for the year ended December 31, 2025.
Schedule of Stock Options Activity
Stock option activity for the years ended December 31, 2025, 2024, and 2023 is summarized as follows:
Number of Shares
Weighted-Average
Exercise Price
Weighted-Average Remaining Contractual Life (In Years)
  Aggregate Intrinsic Value
Options outstanding at January 1, 2023
435,135 $68.97 
      Granted— $— 
      Exercised— $— 
      Canceled— $— 
Options outstanding at December 31, 2023
435,135 $68.97 
      Granted— $— 
      Exercised— $— 
      Canceled— $— 
Options outstanding at December 31, 2024
435,135 $68.97 
      Granted— $— 
      Exercised— $— 
      Canceled— $— 
Options outstanding at December 31, 2025
435,135 $68.97 2.0$0 
Exercisable at December 31, 2025
380,743 $68.97 2.0$0 
Vested and expected to vest at December 31, 2025
54,373 $68.97 2.0$0 
Schedule of Valuation Assumptions of Weighted-Average Fair values of PSUs Granted
The assumptions used in determining the weighted-average fair values of PSUs granted during the periods presented are as follows:
Years ended December 31,
202520242023
Underlying stock price at valuation date$38.19 $66.88 $77.80 
Expected volatility34.5 %32.9 %32.0 %
Risk-free interest rate3.9 %4.3 %4.1 %
Schedule of Restricted Stock Award (“RSA”) PSA and Restricted Stock Unit Activity Restricted stock award (“RSA”) and PSA activity for the years ended December 31, 2025, 2024 and 2023 is set forth below:
RSAs
PSAs
Number of Shares
Weighted Average
Grant Date
Fair Value
Number of Shares
Weighted Average
Grant Date
Fair Value
Nonvested at January 1, 2023
148,100 $70.93 163,181 $36.27 
Granted— — — — 
Vested(52,060)72.29 — — 
Forfeited
(322)77.75 — — 
Nonvested at December 31, 2023
95,718 $70.17 163,181 $36.27 
Granted— — — — 
Vested(40,735)71.73 — — 
Forfeited
(154)77.75 — — 
Nonvested at December 31, 2024
54,829 $68.97 163,181 $36.27 
Granted— — — — 
Vested(27,632)68.97 — — 
Forfeited
— — — — 
Nonvested at December 31, 2025
27,197 $68.97 163,181 $36.27 
RSU and PSU activity for the years ended December 31, 2025, 2024 and 2023 is set forth below:
RSUs
PSUs
Number of Shares
Weighted Average
Grant Date
Fair Value
Number of Shares (1)
Weighted Average
Grant Date
Fair Value
Outstanding at January 1, 2023
343,955 $102.53 120,399 $87.04 
Granted305,549 76.80 167,606 70.06 
Vested(111,185)101.41 — — 
Forfeited
(31,894)83.82 (17,233)77.98 
Outstanding at December 31, 2023
506,425 $88.36 270,772 $77.09 
Granted413,053 64.60 308,970 87.17 
Vested(175,564)90.68 — — 
Forfeited
(91,687)74.44 (58,756)79.88 
Outstanding at December 31, 2024
652,227 $74.59 520,986 $82.73 
Granted757,292 37.20 598,676 38.80 
Vested(296,605)79.13 (23,477)78.73 
Forfeited
(61,459)58.53 (81,091)68.39 
Outstanding at December 31, 2025
1,051,455 $47.32 1,015,094 $57.74 
Vested and expected to vest at December 31, 2025
970,428 $47.73 920,505 $59.28 
(1)Represents the number of shares at 100% achievement.
Schedule of Valuation Assumptions of Stock Options Granted
The share-based compensation expense related to the Purchase Plan has been estimated utilizing the following weighted average assumptions:
December 31,
202520242023
Risk-free interest rate4.3%5.3%3.4%
Expected term (in years)0.50.50.5
Expected volatility44.6%31.4%38.3%
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Components of Basic and Diluted Earnings Per Share The components of basic and diluted earnings per share from continuing operations are as follows (in thousands, except share and per share data):
 
Years ended December 31,
 202520242023
Numerator for basic and diluted net income per common share:   
Net income from continuing operations$47,354 $63,047 $41,503 
Less: Net income available to participating securities (1)
— — (2)
Plus: Convertible Notes interest expense (after-tax)
— — — 
Net income available to the Company’s common shareholders from continuing operations$47,354 $63,047 $41,501 
Denominator:  
Basic weighted-average outstanding shares of common stock40,977,183 44,457,071 46,400,941 
Diluted effect of: 
Equity incentive plans
121,331 62,622 63,320 
Convertible debt
— — — 
Diluted weighted-average outstanding shares of common stock41,098,514 44,519,693 46,464,261 
Net income per share:
  
Basic$1.16 $1.42 $0.89 
Diluted$1.15 $1.42 $0.89 
Weighted-average shares excluded from diluted weighted-average shares outstanding:
Anti-dilutive stock options and restricted stock796,753 1,069,443 629,807 
Anti-dilutive convertible debt4,029,861 4,892,773 5,158,071 
(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Information on Reportable Segments Revenues
Information on reportable segments revenues is as follows (in thousands):
 Years Ended December 31,
 202520242023
Revenue by reportable segment:
Technology & Shopping$356,596 $361,882 $330,557 
Gaming & Entertainment183,558 180,276 168,821 
Health & Wellness402,353 362,408 361,923 
Connectivity230,733 213,620 211,518 
Cybersecurity & Martech278,028 283,502 291,209 
Total segment revenues
1,451,268 1,401,688 1,364,028 
Corporate
— — — 
Total revenues
$1,451,268 $1,401,688 $1,364,028 
The descriptions of significant reportable segment expenses shown in the following tables are as follows:
•Salaries, benefits, and other employee expenses include employee compensation expenses for salaries, bonuses, benefits, payroll taxes, commissions, share-based compensation, severance costs, other related employee costs.
•Cloud computing, software, and other related expenses include costs associated with cloud computing, software purchases, web hosting, database hosting, and other computer related costs.
•Advertising and related marketing expenses include advertising relationships with an array of online service providers, marketing expenses, and other audience extension costs.
•Partner payments include expense associated with revenue sharing arrangements, content fees, and royalties.
•Professional and other-third party services include expenses for outside providers including freelancers, consultants, legal costs, and other professional services.
Significant reportable segment expenses are set forth in the tables below (in thousands):
Year ended December 31, 2025
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$134,453 $42,377 $115,691 $58,030 $68,518 $419,069 
Cloud computing, software, and other related expenses26,588 8,280 17,011 17,936 42,482 112,297 
Advertising and marketing related expenses52,197 13,368 41,460 3,436 18,196 128,657 
Partner payments2,244 30,738 45,765 712 23,636 103,095 
Professional and other third-party services23,574 5,537 9,631 20,491 19,530 78,763 
Goodwill impairment— — — — 17,579 17,579 
Depreciation and amortization90,880 11,740 54,472 29,028 42,151 228,271 
Other17,358 (1)18,483 (2)28,939 (3)24,987 (4)17,339 (5)107,106 
Total segment operating costs and expenses347,294 130,523 312,969 154,620 249,431 1,194,837 
Corporate (6)
73,345 
Total operating costs and expenses$1,268,182 
Year ended December 31, 2024
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$139,293 $45,294 $115,509 $53,172 $77,518 $430,786 
Cloud computing, software, and other related expenses28,086 5,630 13,903 14,849 40,009 102,477 
Advertising and marketing related expenses51,418 12,226 39,199 2,898 21,799 127,540 
Partner payments7,063 27,262 38,736 932 21,063 95,056 
Professional and other third-party services20,455 5,908 8,730 14,356 17,228 66,677 
Goodwill impairment85,273 — — — — 85,273 
Depreciation and amortization83,424 10,733 52,766 31,882 33,025 211,830 
Other17,942 (1)19,222 (2)26,358 (3)16,157 (4)17,899 (5)97,578 
Total segment operating costs and expenses432,954 126,275 295,201 134,246 228,541 1,217,217 
Corporate (6)
70,823 
Total operating costs and expenses$1,288,040 
Year ended December 31, 2023
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$121,721 $43,224 $109,401 $55,492 $75,340 $405,178 
Cloud computing, software, and other related expenses23,580 3,974 11,599 9,865 37,402 86,420 
Advertising and marketing related expenses55,185 9,468 42,477 3,296 24,189 134,615 
Partner payments7,721 26,637 33,842 730 19,120 88,050 
Professional and other third-party services15,025 3,629 10,604 13,199 18,211 60,668 
Goodwill impairment56,850 — — — — 56,850 
Depreciation and amortization83,271 10,368 59,870 31,793 52,618 237,920 
Other17,702 (1)14,222 (2)30,555 (3)26,552 (4)21,119 (5)110,150 
Total segment operating costs and expenses381,055 111,522 298,348 140,927 247,999 1,179,851 
Corporate (6)
51,566 
Total operating costs and expenses$1,231,417 
(1)Other Technology & Shopping operating costs and expenses consist primarily of credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(2)Other Gaming & Entertainment operating costs and expenses consist primarily of credit card processing fees, inventory-related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(3)Other Health & Wellness operating costs and expenses consist primarily of app-store fees, credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(4)Other Connectivity operating costs and expenses consist primarily of inventory-related costs, credit card processing fees, inventory related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(5)Other Cybersecurity & Martech operating costs and expenses consist primarily of credit card processing fees, telecommunication backbone costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(6)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributed to any particular segment.
Information on income from operations is set forth in the table below (in thousands).
Years ended December 31,
202520242023
Income (loss) from operations by reportable segment:
Technology & Shopping$9,302 $(71,072)$(50,498)
Gaming & Entertainment53,035 54,001 57,299 
Health & Wellness89,384 67,207 63,575 
Connectivity76,113 79,374 70,591 
Cybersecurity & Martech28,597 54,961 43,210 
Total segment income from operations
256,431 184,471 184,177 
Corporate (1)
(73,345)(70,823)(51,566)
Income from operations$183,086 $113,648 $132,611 
(1)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributable to any particular segment.
Schedule of Capital Expenditures
Information on capital expenditures is set forth in the table below (in thousands).
Years ended December 31,
202520242023
Capital expenditures:
Technology & Shopping$15,899 $13,609 $17,778 
Gaming & Entertainment8,975 5,298 5,891 
Health & Wellness40,991 36,553 35,070 
Connectivity28,037 24,742 25,182 
Cybersecurity & Martech24,518 25,062 24,712 
Total from reportable segments118,420 105,264 108,633 
Corporate778 1,371 96 
Total capital expenditures$119,198 $106,635 $108,729 
Schedule of Revenues and Long-lived Assets by Geographic Information Such information attributes revenues based on jurisdictions where revenues are reported (in thousands).
 
Years ended December 31,
 202520242023
Revenues:  
United States$1,219,221 $1,165,571 $1,137,857 
All other countries232,047 236,117 226,171 
Total$1,451,268 $1,401,688 $1,364,028 
Long-lived assets, excluding goodwill and other intangible assets are as follows (in thousands):
December 31,
20252024
Long-lived assets:  
United States$186,869 $178,732 
All other countries48,634 44,733 
Total$235,503 $223,465 
v3.25.4
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Non-cash Investing and Financing Activities
Non-cash investing and financing activities were as follows (in thousands):
Years ended December 31,
202520242023
Non-cash investing activity:
Property and equipment, accrued but unpaid$— $— $55 
Right-of-use assets acquired in exchange for operating lease obligations$782 $13,372 $1,597 
Purchase of equity investments with common stock
$— $— $13,500 
Sale of equity investments for common stock (1)
$4,488 $— $— 
Non-cash financing activity:
Increase in fair value of conversion feature on 3.625% Convertible Notes
$— $4,001 $— 
Excise tax on share repurchases
$1,584 $1,099 $— 
(1)Includes 143,161 shares received in connection with sale of our minority equity ownership interest in OpenEvidence during the year ended December 31, 2025.
Schedule of Supplemental Data
Income taxes paid, net of refunds during the year ended December 31, 2025 were as follows (in thousands):
Year ended
December 31, 2025
U. S. Federal
$25,375 
State
5,016 
Foreign
Canada
3,737 
United Kingdom
8,616 
Other foreign jurisdictions
5,865 
Income taxes paid, net of refunds
$48,609 
Income taxes paid, net of refunds during the years ended December 31, 2024 and 2023 were as follows (in thousands):
Years ended December 31,
20242023
Income taxes paid, net of refunds$68,731 $64,594 
Supplemental data (in thousands):
Years ended December 31,
202520242023
Interest paid$34,618 $28,856 $38,653 
Schedule of Operating Cash Outflows Related to Lease Liabilities Operating cash outflows related to lease liabilities were as follows (in thousands):
Years ended December 31,
202520242023
Operating cash outflows related to lease liabilities$9,081 $17,167 $23,230 
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Changes in Accumulated Balances of Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of tax, for the years ended December 31, 2025, 2024, and 2023 (in thousands):
Unrealized Gains (Losses) on InvestmentsForeign Currency TranslationTotal
Balance as of January 1, 2023
$441 $(85,814)(85,373)
Other comprehensive income before reclassifications
96 13,657 13,753 
Consensus separation— — — 
Balance as of December 31, 2023
$537 $(72,157)$(71,620)
Other comprehensive income (loss) before reclassifications
1,575 (12,426)(10,851)
Balance as of December 31, 2024
$2,112 $(84,583)$(82,471)
Other comprehensive income before reclassifications
540 27,509 28,049 
Amounts reclassified from accumulated other comprehensive loss
(2,652)— (2,652)
Balance as of December 31, 2025
$— $(57,074)$(57,074)
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Number of operating segments | segment 5    
Number of reportable segments | segment 5    
Goodwill impairment $ 17,579 $ 85,273 $ 56,850
Direct costs 206,598 200,323 185,650
Research, development, and engineering 61,962 67,373 68,860
Advertising costs incurred 119,400 114,800 120,800
Foreign currency translation adjustment 27,509 (12,426) 13,657
Foreign exchange realized gains (losses) $ (5,600) $ (1,000) $ (3,900)
Minimum | Trade names and trademarks      
Useful life 2 years    
Minimum | Customer Relationships      
Useful life 3 years    
Minimum | Other Intangible Assets      
Useful life 1 year    
Maximum | Trade names and trademarks      
Useful life 20 years    
Maximum | Customer Relationships      
Useful life 16 years    
Maximum | Other Intangible Assets      
Useful life 10 years    
Equipment | Minimum      
Estimated useful lives of property and equipment 1 year    
Equipment | Maximum      
Estimated useful lives of property and equipment 10 years    
Software and Software Development Costs      
Estimated useful lives of property and equipment 3 years    
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Settlement receivables, net $ 313,413 $ 296,553
Trade receivables, net 346,848 349,120
Other receivables 6,955 14,550
Accounts receivable, net $ 667,216 $ 660,223
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses on Accounts Receivable (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 8,148 $ 6,871 $ 6,868
Current period provision for credit losses 4,027 2,898 2,809
Write-offs charged against the allowance, net of recoveries collected (2,959) (1,621) (2,806)
Ending balance $ 9,216 $ 8,148 $ 6,871
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Accounts payable $ 151,287 $ 164,352
Settlement payables, net 469,134 408,747
Accrued employee related costs 35,980 55,800
Other accrued liabilities 53,033 41,870
Accounts payable and accrued expenses $ 709,434 $ 670,769
v3.25.4
Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenues $ 1,451,268 $ 1,401,688 $ 1,364,028
Reportable segments      
Disaggregation of Revenue [Line Items]      
Total revenues 1,451,268 1,401,688 1,364,028
Reportable segments | Technology & Shopping      
Disaggregation of Revenue [Line Items]      
Total revenues 356,596 361,882 330,557
Reportable segments | Technology & Shopping | Advertising and performance marketing      
Disaggregation of Revenue [Line Items]      
Total revenues 350,985 345,655 310,733
Reportable segments | Technology & Shopping | Subscription and licensing      
Disaggregation of Revenue [Line Items]      
Total revenues 10,438 7,158 8,256
Reportable segments | Technology & Shopping | Other      
Disaggregation of Revenue [Line Items]      
Total revenues (4,827) 9,069 11,568
Reportable segments | Gaming & Entertainment      
Disaggregation of Revenue [Line Items]      
Total revenues 183,558 180,276 168,821
Reportable segments | Gaming & Entertainment | Advertising and performance marketing      
Disaggregation of Revenue [Line Items]      
Total revenues 124,212 120,788 114,074
Reportable segments | Gaming & Entertainment | Subscription and licensing      
Disaggregation of Revenue [Line Items]      
Total revenues 59,323 59,468 54,747
Reportable segments | Gaming & Entertainment | Other      
Disaggregation of Revenue [Line Items]      
Total revenues 23 20 0
Reportable segments | Health & Wellness      
Disaggregation of Revenue [Line Items]      
Total revenues 402,353 362,408 361,923
Reportable segments | Health & Wellness | Advertising and performance marketing      
Disaggregation of Revenue [Line Items]      
Total revenues 335,746 299,474 309,182
Reportable segments | Health & Wellness | Subscription and licensing      
Disaggregation of Revenue [Line Items]      
Total revenues 53,727 49,538 41,185
Reportable segments | Health & Wellness | Other      
Disaggregation of Revenue [Line Items]      
Total revenues 12,880 13,396 11,556
Reportable segments | Connectivity      
Disaggregation of Revenue [Line Items]      
Total revenues 230,733 213,620 211,518
Reportable segments | Connectivity | Advertising and performance marketing      
Disaggregation of Revenue [Line Items]      
Total revenues 12,642 11,926 13,112
Reportable segments | Connectivity | Subscription and licensing      
Disaggregation of Revenue [Line Items]      
Total revenues 202,065 185,994 179,286
Reportable segments | Connectivity | Other      
Disaggregation of Revenue [Line Items]      
Total revenues 16,026 15,700 19,120
Reportable segments | Cybersecurity & Martech      
Disaggregation of Revenue [Line Items]      
Total revenues 278,028 283,502 291,209
Reportable segments | Cybersecurity & Martech | Subscription and licensing      
Disaggregation of Revenue [Line Items]      
Total revenues 273,115 283,502 291,209
Reportable segments | Cybersecurity & Martech | Other      
Disaggregation of Revenue [Line Items]      
Total revenues $ 4,913 $ 0 $ 0
v3.25.4
Revenues - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Contract liability, revenue recognized $ 188.9 $ 181.7  
Revenue, remaining performance obligation, amount 68.1    
Capitalized costs 14.6 14.2  
Deferred cost 4.4 6.0  
Amortization of capitalized costs expense $ 26.5 $ 26.2 $ 21.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01      
Disaggregation of Revenue [Line Items]      
Revenue, remaining performance obligation, percentage 62.00%    
Performance obligation, expected duration 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01      
Disaggregation of Revenue [Line Items]      
Revenue, remaining performance obligation, percentage 38.00%    
Performance obligation, expected duration    
v3.25.4
Acquisitions and Dispositions - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
acquisition
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
acquisition
Sep. 12, 2024
Feb. 05, 2024
Business Combination [Line Items]            
Number of businesses acquired | acquisition   6        
Number of asset acquisitions | acquisition   1        
Acquisition of businesses, net of cash received   $ 67,340 $ 217,570 $ 9,492    
Goodwill $ 1,607,537 1,607,537 1,580,258 1,546,065    
Total revenues   1,451,268 1,401,688 1,364,028    
Increase (decrease) in goodwill from adjustment under purchase accounting   (120)        
Loss on sale of businesses   $ 57,988 3,780 $ 0    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Video Game Publishing Business            
Business Combination [Line Items]            
Dispositions, consideration received period (in years) 5 years          
Loss on sale of businesses $ 58,000          
Business Combination, Series of Individually Immaterial Business Combinations            
Business Combination [Line Items]            
Number of businesses acquired | acquisition   7   2    
Fiscal 2025 Acquisition            
Business Combination [Line Items]            
Enterprise value 81,900 $ 81,900        
Acquisition of businesses, net of cash received   76,700        
Goodwill 30,600 30,600        
Expected income tax deductible amount $ 21,000 21,000        
Definite-lived intangibles in connection with acquisition   40,200        
Fiscal 2025 Acquisition | Customer Relationships            
Business Combination [Line Items]            
Definite-lived intangibles in connection with acquisition   25,100        
Fiscal 2025 Acquisition | Trade names and trademarks            
Business Combination [Line Items]            
Definite-lived intangibles in connection with acquisition   7,000        
Fiscal 2025 Acquisition | Other Intangible Assets            
Business Combination [Line Items]            
Definite-lived intangibles in connection with acquisition   $ 8,100        
TDS Gift Cards            
Business Combination [Line Items]            
Enterprise value     187,588      
Goodwill     81,248      
Equity interest acquired (percentage)           100.00%
CNET Media, Inc            
Business Combination [Line Items]            
Enterprise value     154,248      
Goodwill     36,316      
Equity interest acquired (percentage)         100.00%  
Fiscal 2024 Acquisitions            
Business Combination [Line Items]            
Enterprise value     365,100      
Acquisition of businesses, net of cash received     219,200      
Total revenues     $ 83,200      
Fiscal 2023 Acquisitions            
Business Combination [Line Items]            
Goodwill       $ 6,500    
Definite-lived intangibles in connection with acquisition       7,200    
Increase (decrease) in goodwill from adjustment under purchase accounting       $ (100)    
v3.25.4
Acquisitions and Dispositions - Schedule of Preliminary Purchase Consideration (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]      
Goodwill $ 1,607,537 $ 1,580,258 $ 1,546,065
TDS Gift Cards      
Business Combination [Line Items]      
Cash   142,957  
Accounts receivable and other current assets   171,290  
Intangible assets   108,340  
Goodwill   81,248  
Deferred tax asset, noncurrent   0  
Other assets   203  
Accounts payable and other current liabilities   (290,161)  
Deferred tax liability, noncurrent   (25,442)  
Deferred revenue, noncurrent   0  
Other noncurrent liabilities   (847)  
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill, Total   187,588  
Business Combination, Recognized Asset Acquired, Receivable, Current   170,700  
Settlement receivables, net   166,800  
CNET Media, Inc      
Business Combination [Line Items]      
Cash   0  
Accounts receivable and other current assets   17,236  
Intangible assets   100,500  
Goodwill   36,316  
Deferred tax asset, noncurrent   11,412  
Other assets   1,480  
Accounts payable and other current liabilities   (11,827)  
Deferred tax liability, noncurrent   (169)  
Deferred revenue, noncurrent   0  
Other noncurrent liabilities   (700)  
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill, Total   154,248  
Business Combination, Recognized Asset Acquired, Receivable, Current   16,500  
Fiscal 2024 Acquisitions      
Business Combination [Line Items]      
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill, Total   $ 365,100  
Accounts receivable and other current assets adjustment 900    
Other assets adjustment 800    
Other noncurrent liabilities adjustment (700)    
Deferred tax liability, noncurrent adjustment (200)    
Fiscal 2024 Acquisitions | Customer Relationships      
Business Combination [Line Items]      
Measurement period adjustment (1,200)    
Fiscal 2024 Acquisitions | Other Intangible Assets      
Business Combination [Line Items]      
Measurement period adjustment $ 700    
v3.25.4
Acquisitions and Dispositions - Schedule of Supplementary Information on Unaudited Pro Forma Financial Basis (Details) - Fiscal 2024 Acquisitions - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Business Combination, Pro Forma Information [Line Items]    
Revenues $ 1,470,182 $ 1,521,064
Net income $ 49,433 $ 22,206
Income per common share from continuing operations - Basic (in dollars per share) $ 1.11 $ 0.48
Income per common share from continuing operations - Diluted (in dollars per share) $ 1.11 $ 0.48
v3.25.4
Investments - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 24, 2025
Jul. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 19, 2023
Apr. 12, 2022
Debt Securities, Available-for-Sale [Line Items]              
Gain (loss) on investments, net     $ 5,018 $ (7,654) $ (28,138)    
Shares of common stock sold (in shares)     143,161        
Investment in corporate debt securities     $ 0        
Provision for credit losses on investments     17,566 0 0    
Other comprehensive loss reclassifications, before tax     3,500 0      
Cumulative gross unrealized gains on investment in corporate debt securities     0 2,800      
(Loss) income from equity method investment, net of tax     (7,946) 11,223 $ (9,329)    
Other-than-temporary impairment on equity method investment     21,200        
Equity method investments     93,200 115,000      
Corporate Debt Securities              
Debt Securities, Available-for-Sale [Line Items]              
Available for sale, debt securities, coupon rate           6.00% 4.00%
Investment in corporate debt securities             $ 15,000
Accrued interest receivable     0 2,100      
Debt securities, available-for-sale, accrued interest, allowance for credit loss     2,600 0      
Debt securities available for sale, amortized cost     0 $ 17,800      
Maximum exposure     $ 15,000        
Corporate Debt Securities | Minimum              
Debt Securities, Available-for-Sale [Line Items]              
Debt securities, term     1 year 1 year      
Corporate Debt Securities | Maximum              
Debt Securities, Available-for-Sale [Line Items]              
Debt securities, term       5 years      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | OpenEvidence              
Debt Securities, Available-for-Sale [Line Items]              
Minority interest sold $ 29,700            
Proceeds from divestiture of businesses $ 25,200            
Shares of common stock sold (in shares) 143,161            
Consensus              
Debt Securities, Available-for-Sale [Line Items]              
Shares sold (in shares)       1,034,295 52,393    
Consensus common stock         $ 27,100    
Gain (loss) on investments, net     $ 0 $ (7,700) $ (28,100)    
OpenEvidence              
Debt Securities, Available-for-Sale [Line Items]              
Equity securities without readily determinable fair value       $ 25,300      
OCV Fund              
Debt Securities, Available-for-Sale [Line Items]              
Equity method investment distribution     $ 10,800        
OpenEvidence              
Debt Securities, Available-for-Sale [Line Items]              
Payments to acquire equity securities without readily determinable fair value   $ 25,000          
v3.25.4
Fair Value Measurements - Narrative (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
factor
Oct. 07, 2020
Nov. 15, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Investment in corporate debt securities $ 0      
Contingent consideration 6,800 $ 2,800    
Company Acquisitions        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Minimum of contingent consideration may be payable 0 0    
Maximum of contingent consideration may be payable $ 9,200 $ 2,800    
4.625% Senior Notes | Senior Notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Stated interest rate 4.625%   4.625%  
3.625% Convertible Notes | Convertible Debt        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Stated interest rate 3.625%      
1.75% Convertible Notes | Convertible Debt        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Stated interest rate 1.75%     1.75%
Measurement Input, Discount Rate | Minimum        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Measurement input   0.09    
Measurement Input, Discount Rate | Maximum        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Measurement input   0.10    
Measurement Input, Conversion Term | Minimum        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt securities, term   6 months    
Measurement Input, Conversion Term | Maximum        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Debt securities, term   2 years    
Measurement Input, Payout Probability Rate        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Contingent consideration, measurement input | factor   1    
v3.25.4
Fair Value Measurements - Schedule of Fair Values of Financial Instruments Measured On Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities $ 0  
Contingent consideration 6,800 $ 2,800
Fair Value, Recurring | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities   17,788
Total assets measured at fair value 86,657 103,621
Contingent consideration 6,837 2,834
Total liabilities measured at fair value 6,837 2,834
Fair Value, Recurring | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities   17,788
Total assets measured at fair value 86,657 103,621
Contingent consideration 6,837 2,834
Total liabilities measured at fair value 6,837 2,834
Fair Value, Recurring | Money market and other funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 86,657 85,833
Fair Value, Recurring | Money market and other funds | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 86,657 85,833
Fair Value, Recurring | Level 1 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities   0
Total assets measured at fair value 86,657 85,833
Contingent consideration 0 0
Total liabilities measured at fair value 0 0
Fair Value, Recurring | Level 1 | Money market and other funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 86,657 85,833
Fair Value, Recurring | Level 2 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities   0
Total assets measured at fair value 0 0
Contingent consideration 0 0
Total liabilities measured at fair value 0 0
Fair Value, Recurring | Level 2 | Money market and other funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 0 0
Fair Value, Recurring | Level 3 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment in corporate debt securities   17,788
Total assets measured at fair value 0 17,788
Contingent consideration 6,837 2,834
Total liabilities measured at fair value 6,837 2,834
Fair Value, Recurring | Level 3 | Money market and other funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds $ 0 $ 0
v3.25.4
Fair Value Measurements - Schedule of Reconciliation of Level 3 Financial Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Contingent Consideration Arrangements    
Contingent Consideration Arrangements    
Balance as of January 1 $ 2,834 $ 2,834
Fair value at date of acquisition 6,865 0
Fair value adjustments (2,784) 0
Foreign currency translation adjustment (78) 0
Balance as of December 31 6,837 2,834
Corporate Debt Securities    
Corporate Debt Securities    
Balance as of January 1 17,788 15,699
Fair value at date of acquisition 0 0
Fair value adjustments (17,788) 2,089
Foreign currency translation adjustment 0 0
Balance as of December 31 $ 0 $ 17,788
v3.25.4
Fair Value Measurements - Schedule of Carrying Values and Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Oct. 07, 2020
Nov. 15, 2019
4.625% Senior Notes | Senior Notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Stated interest rate 4.625%   4.625%  
4.625% Senior Notes | Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Fair value of debt instruments   $ 457,211    
4.625% Senior Notes | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Fair value of debt instruments $ 434,736 420,935    
1.75% Convertible Notes | Convertible Debt        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Stated interest rate 1.75%     1.75%
1.75% Convertible Notes | Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Fair value of debt instruments   148,186    
1.75% Convertible Notes | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Fair value of debt instruments $ 145,381 139,976    
3.625% Convertible Notes | Convertible Debt        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Stated interest rate 3.625%      
3.625% Convertible Notes | Carrying Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Fair value of debt instruments   258,885    
3.625% Convertible Notes | Fair Value        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Fair value of debt instruments $ 256,568 $ 259,200    
v3.25.4
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 676,828 $ 558,925
Less: Accumulated depreciation and amortization (463,649) (361,710)
 Total property and equipment, net 213,179 197,216
Computer hardware, software, and related equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 662,630 546,777
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 5,211 4,820
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 8,987 $ 7,328
v3.25.4
Property and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 106.9 $ 94.4 $ 92.1
v3.25.4
Goodwill and Intangible Assets - Schedule of Changes in Carrying Amounts of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]      
Beginning balance $ 1,580,258 $ 1,546,065  
Goodwill acquired (Note 4) 30,621 129,190  
Goodwill removed due to sale of a business   (3,983)  
Purchase accounting adjustments (120)    
Goodwill impairment (17,579) (85,273) $ (56,850)
Foreign exchange translation 14,357 (5,741)  
Ending balance 1,607,537 1,580,258 1,546,065
Technology & Shopping      
Goodwill [Roll Forward]      
Beginning balance 322,057 293,652  
Goodwill acquired (Note 4) 0 117,855  
Goodwill removed due to sale of a business   (3,983)  
Purchase accounting adjustments (291)    
Goodwill impairment 0 (85,273)  
Foreign exchange translation 36 (194)  
Ending balance 321,802 322,057 293,652
Gaming & Entertainment      
Goodwill [Roll Forward]      
Beginning balance 68,301 61,485  
Goodwill acquired (Note 4) 11,552 6,811  
Goodwill removed due to sale of a business   0  
Purchase accounting adjustments 48    
Goodwill impairment 0 0  
Foreign exchange translation 625 5  
Ending balance 80,526 68,301 61,485
Health & Wellness      
Goodwill [Roll Forward]      
Beginning balance 403,056 403,257  
Goodwill acquired (Note 4) 508 0  
Goodwill removed due to sale of a business   0  
Purchase accounting adjustments 0    
Goodwill impairment 0 0  
Foreign exchange translation 1,034 (201)  
Ending balance 404,598 403,056 403,257
Connectivity      
Goodwill [Roll Forward]      
Beginning balance 256,942 258,486  
Goodwill acquired (Note 4) 401 0  
Goodwill removed due to sale of a business   0  
Purchase accounting adjustments 0    
Goodwill impairment 0 0  
Foreign exchange translation 3,230 (1,544)  
Ending balance 260,573 256,942 258,486
Cybersecurity & Martech      
Goodwill [Roll Forward]      
Beginning balance 529,902 529,185  
Goodwill acquired (Note 4) 18,160 4,532  
Goodwill removed due to sale of a business   0  
Purchase accounting adjustments 123    
Goodwill impairment (17,579) 0  
Foreign exchange translation 9,432 (3,815)  
Ending balance $ 540,038 $ 529,902 $ 529,185
v3.25.4
Goodwill and Intangible Assets - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
reporting_unit
Dec. 31, 2023
USD ($)
Finite-Lived Intangible Assets [Line Items]      
Goodwill impairment $ 17,579 $ 85,273 $ 56,850
Amortization expense 121,700 117,500 $ 144,900
Technology & Shopping      
Finite-Lived Intangible Assets [Line Items]      
Goodwill impairment 0 $ 85,273  
Number of reporting units | reporting_unit   2  
Accumulated impairment losses 169,500 $ 169,500  
Cybersecurity & Martech      
Finite-Lived Intangible Assets [Line Items]      
Goodwill impairment 17,579 $ 0  
Accumulated impairment losses $ (17,600)    
v3.25.4
Goodwill and Intangible Assets - Schedule of Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Historical Cost $ 1,606,472 $ 1,632,831
Accumulated Amortization 1,262,260 1,207,082
Net 344,212 425,749
Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Historical Cost 372,715 375,449
Accumulated Amortization 243,326 222,430
Net 129,389 153,019
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Historical Cost 823,406 836,254
Accumulated Amortization 646,876 620,926
Net 176,530 215,328
Other purchased intangibles    
Finite-Lived Intangible Assets [Line Items]    
Historical Cost 410,351 421,128
Accumulated Amortization 372,058 363,726
Net $ 38,293 $ 57,402
v3.25.4
Goodwill And Intangible Assets - Schedule of Expected Amortization Expenses for Intangible Assets Subject To Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 100,740  
2027 75,587  
2028 47,608  
2029 37,650  
2030 28,674  
Thereafter 53,953  
Net $ 344,212 $ 425,749
v3.25.4
Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Oct. 07, 2020
Nov. 15, 2019
Debt Instrument [Line Items]        
Less: Unamortized discount $ (4,283) $ (5,676)    
Less: Deferred issuance costs (1,511) (2,336)    
Total long-term debt 866,500 864,282    
Less: current portion (148,685) 0    
Total long-term debt, less current portion 717,815 864,282    
Revolving Credit Facility        
Debt Instrument [Line Items]        
Long-term debt, gross $ 0 0    
Senior Notes | 4.625% Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 4.625%   4.625%  
Long-term debt, gross $ 460,038 460,038    
Less: Unamortized discount (1,818) (2,148)    
Less: Deferred issuance costs (575) (679)    
Total long-term debt 457,645 457,211    
Convertible Debt        
Debt Instrument [Line Items]        
Long-term debt, gross $ 872,294 872,294    
Convertible Debt | 1.75% Convertible Notes        
Debt Instrument [Line Items]        
Stated interest rate 1.75%     1.75%
Long-term debt, gross $ 149,109 149,109    
Less: Deferred issuance costs (424) (923)    
Total long-term debt $ 148,685 148,186    
Convertible Debt | 3.625% Convertible Notes        
Debt Instrument [Line Items]        
Stated interest rate 3.625%      
Long-term debt, gross $ 263,147 263,147    
Less: Unamortized discount (2,465) (3,528)    
Less: Deferred issuance costs (512) (734)    
Total long-term debt $ 260,170 $ 258,885    
v3.25.4
Debt - Schedule of Future Principal Payments for Debt (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Principal  
2026 $ 149,109
2027 0
2028 263,147
2029 0
2030 460,038
Thereafter 0
Total principal 872,294
Interest  
2026 33,426
2027 30,816
2028 26,047
2029 21,277
2030 21,276
Thereafter 0
Total interest $ 132,842
v3.25.4
Debt - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
Jul. 16, 2024
USD ($)
tradingDay
$ / shares
Jun. 18, 2024
USD ($)
Nov. 01, 2023
USD ($)
Oct. 07, 2021
Apr. 07, 2021
USD ($)
Oct. 07, 2020
USD ($)
fiscalQuarterPeriod
Nov. 15, 2019
USD ($)
tradingDay
$ / shares
Aug. 31, 2023
USD ($)
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
May 01, 2021
Debt Instrument [Line Items]                          
Interest expense                   $ 37,600 $ 35,300 $ 41,600  
Common stock, par value (in usd per share) | $ / shares $ 0.01             $ 0.01   $ 0.01 $ 0.01    
Increase in fair value of conversion feature on 3.625% Convertible Notes                   $ 0 $ 4,001 0  
Tax effect                     1,000    
Debt instrument, basis spread on variable rate     0.10%                    
Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Line of credit facility, maximum borrowing capacity $ 348,800         $ 100,000       348,800 348,900    
Increase in limit     $ 250,000     250,000              
Higher borrowing capacity option     $ 350,000     $ 350,000              
3.625% Convertible Notes                          
Debt Instrument [Line Items]                          
Increase in fair value of conversion feature on 3.625% Convertible Notes   $ 4,000                      
Bridge Loan | SOFR Rate | Minimum                          
Debt Instrument [Line Items]                          
Debt instrument, basis spread on variable rate           1.50%              
Bridge Loan | SOFR Rate | Maximum                          
Debt Instrument [Line Items]                          
Debt instrument, basis spread on variable rate           2.25%              
Bridge Loan | Base Rate | Minimum                          
Debt Instrument [Line Items]                          
Debt instrument, basis spread on variable rate           0.50%              
Bridge Loan | Base Rate | Maximum                          
Debt Instrument [Line Items]                          
Debt instrument, basis spread on variable rate           1.25%              
Senior Notes | 4.625% Senior Notes                          
Debt Instrument [Line Items]                          
Interest expense                   $ 21,711 21,684 21,555  
Stated interest rate 4.625%           4.625%     4.625%      
Face amount             $ 750,000            
Proceeds from debt, net of issuance costs             $ 742,700            
Effective interest rate             4.70%            
Covenant, leverage ratio, minimum             3.5            
Covenant restricted payment threshold             $ 250,000            
Covenant, EBITDA minimum             50.00%            
Covenant, EBITDA minimum, fiscal quarter period | fiscalQuarterPeriod             4            
Extinguishment of debt, principal amount                   $ 290,000      
Senior Notes | 4.625% Senior Notes | Debt Instrument, Redemption, Period Two                          
Debt Instrument [Line Items]                          
Redemption price, percentage             100.00%            
Senior Notes | 6.0% Senior Notes                          
Debt Instrument [Line Items]                          
Stated interest rate             6.00%            
Convertible Debt | 1.75% Convertible Notes                          
Debt Instrument [Line Items]                          
Interest expense                   $ 3,108 7,680 19,232  
Stated interest rate 1.75%             1.75%   1.75%      
Face amount               $ 550,000     149,100    
Proceeds from debt, net of issuance costs               $ 537,100          
Effective interest rate   4.20%                      
Additional interest, percentage                         0.50%
Interest expense       $ 700               $ 7,700  
Interest expense paid                 $ 7,000        
Aggregate principal including cash payment   $ 400,900                      
Interest payable                     1,500    
Convertible debt conversion ratio         0.0093783                
Debt conversion, converted instrument, shares issued | shares                   1,398,391      
Convertible debt conversion price (in usd per share) | $ / shares $ 106.63                 $ 106.63      
Repayments of convertible debt   135,000                      
Convertible Debt | 1.75% Convertible Notes | Debt Instrument, Redemption, Period One                          
Debt Instrument [Line Items]                          
Convertible debt threshold trading days | tradingDay               20          
Convertible debt threshold consecutive trading days | tradingDay               30          
Convertible debt conversion ratio               1.30          
Convertible Debt | 1.75% Convertible Notes | Debt Instrument, Redemption, Period Two                          
Debt Instrument [Line Items]                          
Convertible debt threshold trading days | tradingDay               5          
Convertible debt threshold consecutive trading days | tradingDay               10          
Convertible debt conversion ratio               0.98          
Convertible Debt | 3.625% Convertible Notes                          
Debt Instrument [Line Items]                          
Interest expense                   $ 10,824 $ 4,943    
Stated interest rate 3.625%                 3.625%      
Face amount   $ 263,100                      
Convertible debt conversion ratio 0.01                        
Debt conversion, converted instrument, shares issued | shares                   2,631,470      
Convertible debt conversion price (in usd per share) | $ / shares $ 100 $ 100               $ 100      
Convertible Debt | 3.625% Convertible Notes | Debt Instrument, Redemption, Period One                          
Debt Instrument [Line Items]                          
Convertible debt threshold trading days | tradingDay   20                      
Convertible debt threshold consecutive trading days | tradingDay   30                      
Convertible debt conversion ratio   1.30                      
Convertible Debt | 3.625% Convertible Notes | Debt Instrument, Redemption, Period Two                          
Debt Instrument [Line Items]                          
Convertible debt threshold trading days | tradingDay   5                      
Convertible debt threshold consecutive trading days | tradingDay   10                      
Convertible debt conversion ratio   0.98                      
Bridge Loan | Bridge Loan | Fed Funds Effective Rate Overnight Index Swap Rate                          
Debt Instrument [Line Items]                          
Debt instrument, basis spread on variable rate           0.50%              
Bridge Loan | Bridge Loan | SOFR Rate                          
Debt Instrument [Line Items]                          
Derivative variable rate           1.00%              
Line of Credit | Credit Agreement                          
Debt Instrument [Line Items]                          
Debt instrument, leverage ratio, maximum           4.00              
Debt instrument, interest coverage ratio, minimum           3.00              
v3.25.4
Debt - Schedule of Additional Information Related to Senior Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Less: Unamortized discount $ (4,283) $ (5,676)
Less: Deferred issuance costs (1,511) (2,336)
Total long-term debt 866,500 864,282
4.625% Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Principal amount of 4.625% Senior Notes 460,038 460,038
Less: Unamortized discount (1,818) (2,148)
Less: Deferred issuance costs (575) (679)
Total long-term debt $ 457,645 $ 457,211
v3.25.4
Debt - Schedule of Components of Interest Expense for Senior Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Oct. 07, 2020
Debt Instrument [Line Items]        
Total interest expense $ 37,600 $ 35,300 $ 41,600  
4.625% Senior Notes | Senior Notes        
Debt Instrument [Line Items]        
Stated interest rate 4.625%     4.625%
Coupon interest expense $ 21,277 21,269 21,159  
Amortization of discount and deferred issuance costs 434 415 396  
Total interest expense $ 21,711 $ 21,684 $ 21,555  
v3.25.4
Debt - Schedule of Additional Information Related to Convertible Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Nov. 15, 2019
Debt Instrument [Line Items]      
Less: Unamortized discount $ (4,283) $ (5,676)  
Less: Deferred issuance costs (1,511) (2,336)  
Net carrying amount of convertible notes 866,500 864,282  
Convertible Debt      
Debt Instrument [Line Items]      
Principal amount of convertible notes $ 872,294 872,294  
1.75% Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Stated interest rate 1.75%   1.75%
Principal amount of convertible notes $ 149,109 149,109  
Less: Deferred issuance costs (424) (923)  
Net carrying amount of convertible notes $ 148,685 148,186  
3.625% Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Stated interest rate 3.625%    
Principal amount of convertible notes $ 263,147 263,147  
Less: Unamortized discount (2,465) (3,528)  
Less: Deferred issuance costs (512) (734)  
Net carrying amount of convertible notes $ 260,170 $ 258,885  
v3.25.4
Debt - Schedule of Components of Interest Expense Related to Convertible Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Total interest expense $ 37,600 $ 35,300 $ 41,600
1.75% Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Coupon interest expense 2,609 6,429 17,369
Amortization of discount and deferred issuance costs 499 1,251 1,863
Total interest expense 3,108 7,680 $ 19,232
3.625% Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Coupon interest expense 9,539 4,372  
Amortization of discount and deferred issuance costs 1,285 571  
Total interest expense $ 10,824 $ 4,943  
v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Operating lease, option to terminate term 1 year    
Operating lease, impairment loss $ 1.3 $ 0.9 $ 2.2
Sublease income 1.7 $ 5.3 $ 6.0
Future minimum payments due $ 1.5    
Minimum      
Lessee, Lease, Description [Line Items]      
Operating lease terms 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Operating lease terms 5 years    
v3.25.4
Leases - Schedule of Balance Sheet and Other Supplemental Operating Lease Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease right-of-use assets $ 22,324 $ 26,249
Operating lease liabilities, current 7,416 8,666
Operating lease liabilities, noncurrent 17,793 21,797
Total operating lease liabilities $ 25,209 $ 30,463
Weighted average remaining lease term 4 years 3 years 10 months 24 days
Weighted average discount rate 4.58% 4.28%
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
v3.25.4
Leases - Schedule of Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease cost $ 9,463 $ 10,760
Short-term lease cost 85 519
Total lease cost $ 9,548 $ 11,279
v3.25.4
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 8,246  
2027 6,502  
2028 4,824  
2029 4,311  
2030 3,723  
Thereafter 1,444  
Total lease payments 29,050  
Less: Imputed interest 3,841  
Present value of operating lease liabilities $ 25,209 $ 30,463
v3.25.4
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Estimate of possible loss $ 22.3 $ 25.2
v3.25.4
Income Taxes - Schedule of Income Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 736 $ (33,333) $ (29,040)
State (3,407) (8,625) (8,179)
Foreign (18,815) (18,234) (16,940)
Total current (21,486) (60,192) (54,159)
Deferred:      
Federal (5,003) 14,684 20,817
State 2,550 2,144 7,177
Foreign (1,508) 1,994 2,023
Total deferred (3,961) 18,822 30,017
Income tax expense $ (25,447) $ (41,370) $ (24,142)
v3.25.4
Income Taxes - Schedule of Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Income from domestic operations $ 20,888 $ 25,117 $ 25,762
Income from foreign operations 59,859 68,077 49,212
Income before income tax expense and (loss) income from equity method investment $ 80,747 $ 93,194 $ 74,974
v3.25.4
Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate with Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Income before income tax expense $ 80,747 $ 93,194 $ 74,974
U.S. Federal statutory rate 16,986    
State and local income taxes, net of federal tax effect 864    
Effect of cross-border tax laws      
Global intangible low-taxed income (“GILTI”) 3,102    
Foreign derived intangible income (“FDII”) (2,120)    
Subpart F inclusion 756    
Tax credits      
Research and development (3,259)    
Foreign tax credits (6,257)    
Nontaxable or nondeductible items      
Share-based payments awards 6,033    
Domestic-Foreign Intercompany Offset (1,852)    
Other 419    
Changes in unrecognized tax benefits (1,883)    
Income tax expense $ 25,447 $ 41,370 $ 24,142
Percentage      
U.S. Federal statutory rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal tax effect 1.10% 5.90% 6.50%
Changes in valuation allowances   6.30% 0.00%
Goodwill impairment   19.20% 16.00%
Return to Provision adjustments   (2.30%) (5.10%)
Other adjustments   (0.60%) 0.70%
Foreign tax effect   4.30% 3.10%
Effect of cross-border tax laws      
Global intangible low-taxed income (“GILTI”) 3.80%    
Foreign derived intangible income (“FDII”) (2.60%)    
Subpart F inclusion 0.90% 3.10% 6.00%
Tax credits      
Research and development (4.00%)    
Foreign tax credits (7.70%) (3.10%) (4.70%)
Nontaxable or nondeductible items      
Share-based payments awards 7.50%    
Domestic-Foreign Intercompany Offset (2.30%)    
Other 0.50%    
Changes in unrecognized tax benefits (2.30%)    
Reserve for uncertain tax positions   (6.10%) (5.90%)
Effect of changes in tax laws or rates enacted in the current period   0.00% 0.60%
Tax credits and incentives   (6.50%) (8.40%)
Executive compensation   3.20% 2.40%
Effective tax rates 31.50% 44.40% 32.20%
Canada      
Amount      
Provincial taxes $ 1,269    
Changes in valuation allowances 3,292    
Goodwill impairment 885    
Other adjustments $ 425    
Percentage      
Provincial taxes 0.016    
Changes in valuation allowances 4.10%    
Goodwill impairment 1.10%    
Other adjustments 0.50%    
Finland      
Amount      
Other adjustments $ (245)    
Return to Provision adjustments $ (1,162)    
Percentage      
Return to Provision adjustments (1.50%)    
Other adjustments (0.30%)    
United Kingdom      
Amount      
Foreign tax effect $ 1,773    
Percentage      
Foreign tax effect 2.20%    
Other foreign jurisdictions      
Amount      
Foreign tax effect $ 4,237    
Percentage      
Foreign tax effect 5.20%    
United States      
Amount      
Changes in valuation allowances $ 417    
Goodwill impairment 2,079    
Other adjustments $ (312)    
Percentage      
Changes in valuation allowances 0.50%    
Goodwill impairment 2.60%    
Other adjustments (0.40%)    
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:        
Net operating loss and other carryforwards $ 19,776 $ 14,923    
Tax credit carryforwards 3,780 3,727    
Accrued expenses 12,416 12,019    
Allowance for bad debt 1,924 2,514    
Share-based compensation expense 10,266 8,634    
Operating lease liabilities 4,941 5,717    
Basis difference in fixed assets 30,559 39,242    
Deferred revenue 5,654 3,413    
Convertible debt 2,062 2,952    
State taxes 699 2,526    
Other 3,398 1,675    
Deferred tax assets, gross 95,475 97,342    
Less: valuation allowance (10,379) (7,669) $ (1,720) $ (1,699)
Total deferred tax assets 85,096 89,673    
Deferred tax liabilities:        
Operating lease right-of-use assets (4,753) (5,040)    
Basis difference in intangible assets (104,458) (103,676)    
Unrealized gains on investments (2,949) (13,364)    
Prepaid insurance (3,357) (2,111)    
Other (5,706) (4,014)    
Total deferred tax liabilities (121,223) (128,205)    
Net deferred tax liabilities $ (36,127) $ (38,532)    
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]        
Total deferred tax assets $ 85,096,000 $ 89,673,000    
Valuation allowance 10,379,000 7,669,000 $ 1,720,000 $ 1,699,000
Deferred tax asset, interest carryforward 10,300,000      
Undistributed earnings from foreign subsidiaries 173,500,000      
Prepaid tax payments 26,200,000 6,400,000    
Liability for uncertain tax positions 9,100,000      
Unrecognized tax benefits 18,406,000 22,617,000 29,158,000 $ 34,208,000
Unrecognized tax benefits, if recognized, would affect the Company’s effective tax rate 17,000,000.0 21,200,000 27,400,000  
Unrecognized tax benefits, interest and penalties accrued 10,200,000 7,400,000 7,100,000  
Unrecognized tax benefits, interest and penalty expense (benefit) 2,800,000 $ 300,000 $ 700,000  
State and Local Jurisdiction        
Income Taxes [Line Items]        
Net operating loss carryforwards (“NOLs”) 5,500,000      
State and Local Jurisdiction | Research Tax Credit Carryforward        
Income Taxes [Line Items]        
Tax credit carryforward, amount 3,200,000      
Foreign Tax Authority        
Income Taxes [Line Items]        
Net operating loss carryforwards (“NOLs”) 1,700,000      
Tax credit carryforward, amount 0      
Domestic Tax Authority        
Income Taxes [Line Items]        
Net operating loss carryforwards (“NOLs”) 27,100,000      
NOLs subject to expiration $ 2,000,000.0      
v3.25.4
Income Taxes - Summary of Valuation Allowance on Deferred Tax Assets From Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Beginning balance $ 7,669 $ 1,720 $ 1,699
Charges to costs and expenses 3,809 5,949 21
Write-offs and recoveries (1,099) 0 0
Ending balance $ 10,379 $ 7,669 $ 1,720
v3.25.4
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balance $ 22,617 $ 29,158 $ 34,208
Increases related to tax positions during a prior year 379 275 218
Decreases related to tax positions taken during a prior year (166) (540) (1,023)
Increases related to tax positions taken in the current year 422 635 744
Decreases related to expiration of statute of limitations (4,846) (6,911) (4,989)
Ending balance $ 18,406 $ 22,617 $ 29,158
v3.25.4
Income Taxes - Schedule of Income Taxes Paid, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
U. S. Federal $ 25,375    
State 5,016    
Income taxes paid, net of refunds 48,609 $ 68,731 $ 64,594
Canada      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign 3,737    
United Kingdom      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign 8,616    
Other foreign jurisdictions      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign $ 5,865    
v3.25.4
Stockholders' Equity (Details) - USD ($)
$ in Millions
 12 Months Ended 65 Months Ended
Apr. 24, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Feb. 22, 2026
Aug. 02, 2024
Aug. 06, 2020
Equity, Class of Treasury Stock [Line Items]                
Shares repurchased under the program (in shares) 143,161              
Value of shares repurchased $ 4.5              
Number of shares purchased from plan participants (in shares)   132,291 80,241 69,622        
Decrease for tax withholding obligation   $ 5.2 $ 4.1 $ 4.6        
2020 Repurchase Program                
Equity, Class of Treasury Stock [Line Items]                
Maximum number of shares authorized to be repurchased (in shares)             15,000,000 10,000,000
Increase in number of shares authorized to be repurchased (in shares)             5,000,000  
Shares repurchased under the program (in shares)   4,758,281 3,500,000 1,585,846 13,516,973      
Repurchases of shares of stock   $ 171.7 $ 181.8 $ 104.9        
Value of shares repurchased         $ 755.3      
Number of remaining shares available for purchase (in shares)   1,483,027     1,483,027      
2020 Repurchase Program | Subsequent Event                
Equity, Class of Treasury Stock [Line Items]                
Maximum number of shares authorized to be repurchased (in shares)           25,000,000    
Increase in number of shares authorized to be repurchased (in shares)           10,000,000    
Number of remaining shares available for purchase (in shares)           10,741,308    
v3.25.4
Share-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
tradingDay
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of options outstanding (in shares) 435,135 435,135 435,135 435,135
Options exercisable (in shares) 380,743 326,351 271,959  
Options exercisable (in dollars per share) | $ / shares $ 68.97 $ 68.97 $ 68.97  
Exercise of stock options (in shares) 0 0 0  
Total fair value of options vested | $ $ 1,000 $ 1,000 $ 1,000  
Issuance of common stock under employee stock purchase plan | $ $ 6,542 $ 8,371 $ 8,727  
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number 1,051,455 652,227 506,425 343,955
Unrecognized compensation expense | $ $ 32,500      
Unrecognized compensation expense, period for recognition 1 year 9 months 18 days      
Restricted stock and restricted units granted (in shares) 757,292 413,053 305,549  
Aggregate intrinsic value, outstanding | $ $ 34,100      
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expiration period 10 years      
Expected term (in years) 6 months 6 months 6 months  
Stock Options | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 5 years      
Stock Options | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 8 years      
Restricted Stock and Restricted Stock Unit        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock and restricted units granted (in shares) 757,292 413,053 305,549  
Restricted Stock and Restricted Stock Unit | Board of Directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 1 year      
Restricted Stock and Restricted Stock Unit | Chief Executive Officer        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 8 years      
Restricted Stock and Restricted Stock Unit | Minimum | Senior Staff        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 3 years      
Restricted Stock and Restricted Stock Unit | Maximum | Senior Staff        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 4 years      
PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number 1,015,094 520,986 270,772 120,399
Unrecognized compensation expense | $ $ 21,200      
Unrecognized compensation expense, period for recognition 1 year 9 months 18 days      
Restricted stock and restricted units granted (in shares) 598,676 308,970 167,606  
Trading days | tradingDay 20      
Lookback period | tradingDay 30      
Aggregate intrinsic value, outstanding | $ $ 32,400      
PSUs | Share-Based Payment Arrangement, Tranche One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods   1 year    
PSUs | Share-Based Payment Arrangement, Tranche Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods   2 years    
PSUs | Share-Based Payment Arrangement, Tranche Three        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods   3 years    
PSUs | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 2 years      
Award vesting target percentage 0.00%      
Weighted-average grant-date fair values of restricted stock awards granted (in dollars per share) | $ / shares     $ 83.61  
PSUs | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 3 years      
Award vesting target percentage 200.00%      
Weighted-average grant-date fair values of restricted stock awards granted (in dollars per share) | $ / shares     $ 103.76  
PSAs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock and restricted units granted (in shares) 0 0 0  
Weighted-average grant-date fair values of restricted stock awards granted (in dollars per share) | $ / shares $ 38.80 $ 87.17 $ 70.06  
Aggregate intrinsic value, nonvested | $ $ 35,700      
RSAs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock and restricted units granted (in shares) 0 0 0  
Aggregate intrinsic value, nonvested | $ $ 37,000      
Restricted Stock and Restricted Stock Unit, Market-based Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total fair value of instruments vested | $ 25,300 $ 15,900 $ 11,300  
Tax benefit realized for the tax deductions from option exercises | $ $ 2,000 $ 2,300 $ 1,900  
2024 Stock Option Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum issuance of common stock (in shares) 3,500,000      
Additional shares available for grant (in shares) 2,019,694      
2015 Stock Option Plan | RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number 2,066,549      
Employee Stock Purchase Plan | Common stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum issuance of common stock (in shares) 2,000,000      
Additional shares available for grant (in shares) 577,334      
Maximum employee subscription rate 15.00%      
Expected term (in years) 6 months      
Market value of common stock on the date of grant for incentive stock options 85.00%      
Issuance of shares under employee stock purchase plan (in shares) 242,171 174,706 74,390  
Estimated forfeiture rates 12.00% 12.10% 12.50%  
Employee Stock Purchase Plan | Employee Stock | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Purchase price under the Purchase Plan (in usd per share) | $ / shares $ 25.80      
Employee Stock Purchase Plan | Employee Stock | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Purchase price under the Purchase Plan (in usd per share) | $ / shares $ 28.00      
v3.25.4
Share-Based Compensation - Schedule of Effects of Share-based Compensation expense in the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 44,927 $ 40,915 $ 31,920
Direct costs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 276 248 262
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 4,957 3,756 2,686
Research, development, and engineering      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 3,593 3,665 3,245
General, administrative, and other related costs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 36,101 $ 33,246 $ 25,727
General, administrative, and other related costs | Liability Classified Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 200    
v3.25.4
Share-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Shares      
Beginning balance (in shares) 435,135 435,135 435,135
Granted (in shares) 0 0 0
Exercised (in shares) 0 0 0
Canceled (in shares) 0 0 0
Ending balance (in shares) 435,135 435,135 435,135
Options exercisable (in shares) 380,743 326,351 271,959
Vested and expected to vest (in shares) 54,373    
Weighted-Average Exercise Price      
Beginning balance (in dollars per share) $ 68.97 $ 68.97 $ 68.97
Granted (in dollars per share) 0 0 0
Exercised (in dollars per share) 0 0 0
Canceled (in dollars per share) 0 0 0
Ending balance (in dollars per share) 68.97 68.97 68.97
Options exercisable (in dollars per share) 68.97 $ 68.97 $ 68.97
Vested and expected to vest (in dollars per share) $ 68.97    
Weighted-Average Remaining Contractual Life (In Years)      
Options outstanding at December 31, 2025 2 years    
Exercisable at December 31, 2025 2 years    
Vested and expected to vest at December 31, 2025 2 years    
  Aggregate Intrinsic Value      
Options outstanding at December 31, 2025 $ 0    
Exercisable at December 31, 2025 0    
Vested and expected to vest at December 31, 2025 $ 0    
v3.25.4
Share-Based Compensation - Schedule of Valuation Assumptions of Weighted-Average Fair values of PSUs Granted (Details) - PSAs - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Underlying stock price at valuation date (in dollars per share) $ 38.19 $ 66.88 $ 77.80
Expected volatility 34.50% 32.90% 32.00%
Risk-free interest rate 3.90% 4.30% 4.10%
v3.25.4
Share-Based Compensation - Schedule of Restricted Stock Award (“RSA”), PSA and Restricted Stock Unit Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Shares      
Vested and expected to vest (in dollars per share) $ 68.97    
RSAs      
Number of Shares      
Beginning balance (in shares) 54,829 95,718 148,100
Granted (in shares) 0 0 0
Vested (in shares) (27,632) (40,735) (52,060)
Forfeited (in shares) 0 (154) (322)
Ending balance (in shares) 27,197 54,829 95,718
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 68.97 $ 70.17 $ 70.93
Granted (in dollars per share) 0 0 0
Vested (in dollars per share) 68.97 71.73 72.29
Forfeited (in dollars per share) 0 77.75 77.75
Ending balance (in dollars per share) $ 68.97 $ 68.97 $ 70.17
Number of Shares      
Granted (in shares) 0 0 0
Vested (in shares) (27,632) (40,735) (52,060)
Forfeited (in shares) 0 (154) (322)
PSAs      
Number of Shares      
Beginning balance (in shares) 163,181 163,181 163,181
Granted (in shares) 0 0 0
Vested (in shares) 0 0 0
Forfeited (in shares) 0 0 0
Ending balance (in shares) 163,181 163,181 163,181
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 36.27 $ 36.27 $ 36.27
Granted (in dollars per share) 0 0 0
Vested (in dollars per share) 0 0 0
Forfeited (in dollars per share) 0 0 0
Ending balance (in dollars per share) $ 36.27 $ 36.27 $ 36.27
Number of Shares      
Granted (in shares) 0 0 0
Vested (in shares) 0 0 0
Forfeited (in shares) 0 0 0
RSUs      
Number of Shares      
Granted (in shares) 757,292 413,053 305,549
Vested (in shares) (296,605) (175,564) (111,185)
Forfeited (in shares) (61,459) (91,687) (31,894)
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 74.59 $ 88.36 $ 102.53
Granted (in dollars per share) 37.20 64.60 76.80
Vested (in dollars per share) 79.13 90.68 101.41
Forfeited (in dollars per share) 58.53 74.44 83.82
Ending balance (in dollars per share) $ 47.32 $ 74.59 $ 88.36
Number of Shares      
Beginning balance (in shares) 652,227 506,425 343,955
Granted (in shares) 757,292 413,053 305,549
Vested (in shares) (296,605) (175,564) (111,185)
Forfeited (in shares) (61,459) (91,687) (31,894)
Ending balance (in shares) 1,051,455 652,227 506,425
Vested and expected to vest (in shares) 970,428    
Vested and expected to vest (in dollars per share) $ 47.73    
PSUs      
Number of Shares      
Granted (in shares) 598,676 308,970 167,606
Vested (in shares) (23,477) 0 0
Forfeited (in shares) (81,091) (58,756) (17,233)
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 82.73 $ 77.09 $ 87.04
Granted (in dollars per share) 38.80 87.17 70.06
Vested (in dollars per share) 78.73 0 0
Forfeited (in dollars per share) 68.39 79.88 77.98
Ending balance (in dollars per share) $ 57.74 $ 82.73 $ 77.09
Number of Shares      
Beginning balance (in shares) 520,986 270,772 120,399
Granted (in shares) 598,676 308,970 167,606
Vested (in shares) (23,477) 0 0
Forfeited (in shares) (81,091) (58,756) (17,233)
Ending balance (in shares) 1,015,094 520,986 270,772
Vested and expected to vest (in shares) 920,505    
Vested and expected to vest (in dollars per share) $ 59.28    
v3.25.4
Share-Based Compensation - Schedule of Valuation Assumptions of Stock Options Granted (Details) - Stock Options
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.30% 5.30% 3.40%
Expected term (in years) 6 months 6 months 6 months
Expected volatility 44.60% 31.40% 38.30%
v3.25.4
Defined Contribution 401(k) Savings Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Expenses incurred for contributions $ 6.8 $ 4.9 $ 5.2
v3.25.4
Earnings Per Share - Schedule of Components of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator for basic and diluted net income per common share:      
Net income from continuing operations $ 47,354 $ 63,047 $ 41,503
Net income available to participating securities 0 0 (2)
Plus: Convertible Notes interest expense (after-tax) 0 0 0
Net income available to the Company's common shareholders from continuing operations, basic 47,354 63,047 41,501
Net income available to the Company's common shareholders from continuing operations, diluted $ 47,354 $ 63,047 $ 41,501
Denominator:      
Basic weighted-average outstanding shares of common stock 40,977,183 44,457,071 46,400,941
Diluted effect of:      
Equity incentive plans (in shares) 121,331 62,622 63,320
Convertible debt (in shares) 0 0 0
Diluted weighted-average outstanding shares of common stock (in shares) 41,098,514 44,519,693 46,464,261
Net income per share:      
Basic (in dollars per share) $ 1.16 $ 1.42 $ 0.89
Diluted (in dollars per share) $ 1.15 $ 1.42 $ 0.89
Stock Options and Restricted Stock      
Net income per share:      
Antidilutive securities excluded from computation of earnings per share (in shares) 796,753 1,069,443 629,807
Convertible Debt Securities      
Net income per share:      
Antidilutive securities excluded from computation of earnings per share (in shares) 4,029,861 4,892,773 5,158,071
v3.25.4
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 5
Number of reportable segments 5
v3.25.4
Segment Information - Schedule of Information on Reportable Segments Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total revenues $ 1,451,268 $ 1,401,688 $ 1,364,028
Operating Costs and Expenses [Abstract]      
Goodwill impairment 17,579 85,273 56,850
Depreciation and amortization 228,691 211,916 236,966
Total operating costs and expenses 1,268,182 1,288,040 1,231,417
Income from operations 183,086 113,648 132,611
Reportable segments      
Segment Reporting Information [Line Items]      
Total revenues 1,451,268 1,401,688 1,364,028
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 419,069 430,786 405,178
Cloud computing, software, and other related expenses 112,297 102,477 86,420
Advertising and marketing related expenses 128,657 127,540 134,615
Partner payments 103,095 95,056 88,050
Professional and other third-party services 78,763 66,677 60,668
Goodwill impairment 17,579 85,273 56,850
Depreciation and amortization 228,271 211,830 237,920
Other 107,106 97,578 110,150
Total operating costs and expenses 1,194,837 1,217,217 1,179,851
Income from operations 256,431 184,471 184,177
Corporate      
Segment Reporting Information [Line Items]      
Total revenues 0 0 0
Operating Costs and Expenses [Abstract]      
Total operating costs and expenses 73,345 70,823 51,566
Income from operations (73,345) (70,823) (51,566)
Technology & Shopping      
Operating Costs and Expenses [Abstract]      
Goodwill impairment 0 85,273  
Technology & Shopping | Reportable segments      
Segment Reporting Information [Line Items]      
Total revenues 356,596 361,882 330,557
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 134,453 139,293 121,721
Cloud computing, software, and other related expenses 26,588 28,086 23,580
Advertising and marketing related expenses 52,197 51,418 55,185
Partner payments 2,244 7,063 7,721
Professional and other third-party services 23,574 20,455 15,025
Goodwill impairment 0 85,273 56,850
Depreciation and amortization 90,880 83,424 83,271
Other 17,358 17,942 17,702
Total operating costs and expenses 347,294 432,954 381,055
Income from operations 9,302 (71,072) (50,498)
Gaming & Entertainment      
Operating Costs and Expenses [Abstract]      
Goodwill impairment 0 0  
Gaming & Entertainment | Reportable segments      
Segment Reporting Information [Line Items]      
Total revenues 183,558 180,276 168,821
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 42,377 45,294 43,224
Cloud computing, software, and other related expenses 8,280 5,630 3,974
Advertising and marketing related expenses 13,368 12,226 9,468
Partner payments 30,738 27,262 26,637
Professional and other third-party services 5,537 5,908 3,629
Goodwill impairment 0 0 0
Depreciation and amortization 11,740 10,733 10,368
Other 18,483 19,222 14,222
Total operating costs and expenses 130,523 126,275 111,522
Income from operations 53,035 54,001 57,299
Health & Wellness      
Operating Costs and Expenses [Abstract]      
Goodwill impairment 0 0  
Health & Wellness | Reportable segments      
Segment Reporting Information [Line Items]      
Total revenues 402,353 362,408 361,923
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 115,691 115,509 109,401
Cloud computing, software, and other related expenses 17,011 13,903 11,599
Advertising and marketing related expenses 41,460 39,199 42,477
Partner payments 45,765 38,736 33,842
Professional and other third-party services 9,631 8,730 10,604
Goodwill impairment 0 0 0
Depreciation and amortization 54,472 52,766 59,870
Other 28,939 26,358 30,555
Total operating costs and expenses 312,969 295,201 298,348
Income from operations 89,384 67,207 63,575
Connectivity      
Operating Costs and Expenses [Abstract]      
Goodwill impairment 0 0  
Connectivity | Reportable segments      
Segment Reporting Information [Line Items]      
Total revenues 230,733 213,620 211,518
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 58,030 53,172 55,492
Cloud computing, software, and other related expenses 17,936 14,849 9,865
Advertising and marketing related expenses 3,436 2,898 3,296
Partner payments 712 932 730
Professional and other third-party services 20,491 14,356 13,199
Goodwill impairment 0 0 0
Depreciation and amortization 29,028 31,882 31,793
Other 24,987 16,157 26,552
Total operating costs and expenses 154,620 134,246 140,927
Income from operations 76,113 79,374 70,591
Cybersecurity & Martech      
Operating Costs and Expenses [Abstract]      
Goodwill impairment 17,579 0  
Cybersecurity & Martech | Reportable segments      
Segment Reporting Information [Line Items]      
Total revenues 278,028 283,502 291,209
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 68,518 77,518 75,340
Cloud computing, software, and other related expenses 42,482 40,009 37,402
Advertising and marketing related expenses 18,196 21,799 24,189
Partner payments 23,636 21,063 19,120
Professional and other third-party services 19,530 17,228 18,211
Goodwill impairment 17,579 0 0
Depreciation and amortization 42,151 33,025 52,618
Other 17,339 17,899 21,119
Total operating costs and expenses 249,431 228,541 247,999
Income from operations $ 28,597 $ 54,961 $ 43,210
v3.25.4
Segment Information - Schedule of Capital Expenditures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures $ 119,198 $ 106,635 $ 108,729
Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 118,420 105,264 108,633
Corporate      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 778 1,371 96
Technology & Shopping | Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 15,899 13,609 17,778
Gaming & Entertainment | Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 8,975 5,298 5,891
Health & Wellness | Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 40,991 36,553 35,070
Connectivity | Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 28,037 24,742 25,182
Cybersecurity & Martech | Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures $ 24,518 $ 25,062 $ 24,712
v3.25.4
Segment Information - Schedule of Revenues and Long-lived Assets by Geographic Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues $ 1,451,268 $ 1,401,688 $ 1,364,028
Long-lived assets 235,503 223,465  
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 1,219,221 1,165,571 1,137,857
Long-lived assets 186,869 178,732  
All other countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 232,047 236,117 $ 226,171
Long-lived assets $ 48,634 $ 44,733  
v3.25.4
Supplemental Cash Flow Information - Schedule of Non-cash Investing and Financing Activities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 16, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Non-cash investing activity:        
Property and equipment, accrued but unpaid   $ 0 $ 0 $ 55
Right-of-use assets acquired in exchange for operating lease obligations   782 13,372 1,597
Purchase of equity investments with common stock   0 0 13,500
Sale of equity investments for common stock   4,488 0 0
Non-cash financing activity:        
Increase in fair value of conversion feature on 3.625% Convertible Notes   0 4,001 0
Excise tax on share repurchases   $ 1,584 $ 1,099 $ 0
Shares of common stock sold (in shares)   143,161    
3.625% Convertible Notes        
Non-cash financing activity:        
Increase in fair value of conversion feature on 3.625% Convertible Notes $ 4,000      
3.625% Convertible Notes | Convertible Debt        
Non-cash financing activity:        
Stated interest rate   3.625%    
v3.25.4
Supplemental Cash Flow Information - Schedule of Supplemental Data (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]      
Interest paid $ 34,618 $ 28,856 $ 38,653
v3.25.4
Supplemental Cash Flow Information - Schedule of Operating Cash Outflows Related to Lease Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]      
Operating cash outflows related to lease liabilities $ 9,081 $ 17,167 $ 23,230
v3.25.4
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Balances of Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 1,810,882 $ 1,892,998 $ 1,892,611
Other comprehensive income (loss) before reclassifications 28,049 (10,851) 13,753
Consensus separation     0
Amounts reclassified from accumulated other comprehensive loss (2,652)    
Ending balance 1,753,575 1,810,882 1,892,998
Accumulated other comprehensive income (loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (82,471) (71,620) (85,373)
Ending balance (57,074) (82,471) (71,620)
Unrealized Gains (Losses) on Investments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 2,112 537 441
Other comprehensive income (loss) before reclassifications 540 1,575 96
Consensus separation     0
Amounts reclassified from accumulated other comprehensive loss (2,652)    
Ending balance 0 2,112 537
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (84,583) (72,157) (85,814)
Other comprehensive income (loss) before reclassifications 27,509 (12,426) 13,657
Consensus separation     0
Amounts reclassified from accumulated other comprehensive loss 0    
Ending balance $ (57,074) $ (84,583) $ (72,157)
v3.25.4
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]      
Other comprehensive loss reclassifications $ 2.7 $ 0.0 $ 0.0
v3.25.4
Related Party Transactions (Details) - Related Party - OCV Fund
$ in Millions
Sep. 25, 2017
USD ($)
Related Party Transaction [Line Items]  
Variable interest entity, amount committed to invest $ 200.0
Variable interest entity, ownership percentage 76.60%
Entitled carried interest percentage 20.00%
Fund investment period 6 years
v3.25.4
Subsequent Event (Details) - 2020 Repurchase Program - shares
Feb. 22, 2026
Dec. 31, 2025
Aug. 02, 2024
Aug. 06, 2020
Subsequent Event [Line Items]        
Increase in number of shares authorized to be repurchased (in shares)     5,000,000  
Maximum number of shares authorized to be repurchased (in shares)     15,000,000 10,000,000
Number of remaining shares available for purchase (in shares)   1,483,027    
Subsequent Event        
Subsequent Event [Line Items]        
Increase in number of shares authorized to be repurchased (in shares) 10,000,000      
Maximum number of shares authorized to be repurchased (in shares) 25,000,000      
Number of remaining shares available for purchase (in shares) 10,741,308