| Groupon, Inc. | ||||||||||||||
| (Exact name of registrant as specified in its charter) | ||||||||||||||
| Delaware | 27-0903295 | |||||||||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
35 West Wacker Drive | 60601 | |||||||||||||
25th Floor | (Zip Code) | |||||||||||||
| Chicago | ||||||||||||||
| Illinois | (773) | 945-6801 | ||||||||||||
| (Address of principal executive offices) | (Registrant's telephone number, including area code) | |||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.0001 per share | GRPN | NASDAQ Global Select Market | ||||||||||||
Page | |||||
| PART I. Financial Information | |||||
| PART II. Other Information | |||||
| Abbreviation | Description | ||||
| 2011 Plan | The Company’s 2011 Incentive Stock Plan, as amended | ||||
| 2020 Restructuring Plan | April 2020 Board approved multi-phase restructuring plan | ||||
| 2022 Restructuring Plan | August 2022 Board approved restructuring plan | ||||
2024 Executive PSUs | Awards granted for our executive team under the 2024 PSU Program, which are earned based on the performance of our stock price and a service condition | ||||
2025 PSUs | Awards granted for our executive and upper management team under the 2025 PSU Program, which are earned based on the performance of our stock price and a service condition | ||||
2026 Capped Calls | Privately negotiated capped call options related to the 2026 Notes | ||||
| 2026 Notes | The Company’s 1.125% convertible senior notes due March 2026 | ||||
| 2026 PSUs | Awards granted for our executive and upper management team under the 2026 PSU Program, which are earned based on Groupon's relative total shareholder return (rTSR) percentile ranking versus the Russell 2000 Index and a service condition. | ||||
2026 Restructuring Plan | May 2026 Board approved restructuring plan | ||||
| 2027 Notes | The Company’s 6.250% convertible senior secured notes due March 2027 | ||||
2027 Notes Excess Shares | Shares of Common Stock that will result in any holder thereof to exceed the 2027 Notes Exchange Cap | ||||
| 2027 Notes Exchange Cap | The limit on ownership percentage defined in the 2027 Notes Indenture | ||||
2027 Notes Indenture | Indenture agreement governing the 2027 Notes | ||||
2027 Notes Offering Participants | Institutional “accredited investors” and/or “qualified institutional buyers” involved in the 2027 Notes | ||||
2030 Notes | The Company’s 4.875% convertible senior notes due June 2030. Referred to as the "New Notes" in the Company's Current Report on Form 8-K filed on June 18, 2025 | ||||
2030 Notes Excess Shares | Shares of Common Stock that will result in any holder thereof to exceed the 2030 Notes Exchange Cap | ||||
2030 Notes Exchange Cap | The limit on ownership percentage defined in the 2030 Notes Indenture | ||||
2030 Notes Indenture | Indenture agreement governing the 2030 Notes | ||||
2030 Notes Offering Participants | Institutional “accredited investors” and/or “qualified institutional buyers” involved in the 2030 Notes | ||||
AI | Artificial Intelligence | ||||
ASC | Accounting Standards Codification | ||||
| ASU | Accounting Standards Update | ||||
Attribution Parties | Parties defined in the 2030 Notes Indenture | ||||
| Bank Secrecy Act | Bank Secrecy Act of 1970 | ||||
| Board | The Company’s Board of Directors | ||||
| CARD Act | Credit Card Accountability Responsibility and Disclosure Act of 2009 | ||||
Cash Collateral Agreement | Agreement dated March 2, 2023 with JPMorgan Chase Bank, N.A. | ||||
| CEO | Chief Executive Officer | ||||
CFO | Chief Financial Officer | ||||
COO | Chief Operating Officer | ||||
| CODM | Chief Operating Decision Maker | ||||
Common Stock | Company common stock, par value $0.0001 per share | ||||
| Compensation Committee | Compensation Committee of the Board | ||||
| CPRA | California Privacy Rights Act | ||||
| Credit Agreement | Second amended and restated credit agreement with JPMorgan Chase Bank, N.A., dated May 14, 2019, as amended from time to time and terminated as of February 12, 2024 | ||||
| EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortization | ||||
| ESPP | The Company’s 2012 Employee Stock Purchase Plan | ||||
| Exchange Act | Securities Exchange Act of 1934, as amended | ||||
| FASB | Financial Accounting Standards Board | ||||
GAAP | U.S. Generally Accepted Accounting Principles | ||||
| GDPR | General Data Protection Regulation | ||||
Giftcloud | Giftcloud Ltd. | ||||
Italy Restructuring Plan | July 2024 Board approved exit of the local business in Italy and the related restructuring actions associated with the exit | ||||
Major Rocket | Major Rocket LLC | ||||
Major Rocket Agreement | Incentive marketing agreement with Major Rocket entered into on March 11, 2025 | ||||
Notes | 2026 Notes, 2027 Notes, and 2030 Notes, collectively | ||||
| Payoff Amount | Payment of $43.1 million to terminate all commitments to extend further credit under the Credit Agreement | ||||
| Performance Period | The three-year performance measurement period for the 2026 PSUs, commencing on the grant date and ending May 1, 2029 | ||||
PSU | Performance Share Units | ||||
RSU | Restricted Stock Units | ||||
| rTSR | relative Total Shareholder Return | ||||
| SEC | Securities and Exchange Commission | ||||
| Securities Act | Securities Act of 1933, as amended | ||||
| SG&A | Selling, general and administrative | ||||
| SMS | Short message service | ||||
| SumUp | SumUp Holdings S.a.r.l, a privately-held mobile payments company | ||||
| TCPA | Telephone Consumer Protection Act of 1991 | ||||
| TTM | Trailing twelve months | ||||
VAT | Value added tax | ||||
| VWAP | Volume-weighted average price | ||||
| YEPR | Year end performance review | ||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 226,250 | $ | 296,080 | |||||||
| Accounts receivable, net | 23,733 | 25,792 | |||||||||
| Prepaid expenses and other current assets | 57,889 | 52,548 | |||||||||
| Total current assets | 307,872 | 374,420 | |||||||||
| Property, equipment and software, net | 15,394 | 16,120 | |||||||||
| Right-of-use assets - operating leases, net | 4,807 | 6,316 | |||||||||
| Goodwill | 178,685 | 178,685 | |||||||||
| Intangible assets, net | 2,563 | 3,224 | |||||||||
| Investments | 74,823 | 74,823 | |||||||||
| Deferred income taxes | 8,870 | 9,648 | |||||||||
| Other non-current assets | 6,662 | 7,170 | |||||||||
| Total assets | $ | 599,676 | $ | 670,406 | |||||||
Liabilities and equity (deficit) | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of convertible senior notes, net | $ | 45,932 | $ | 33,691 | |||||||
| Accounts payable | 21,193 | 8,688 | |||||||||
| Accrued merchant and supplier payables | 200,734 | 235,473 | |||||||||
| Accrued expenses and other current liabilities | 122,251 | 106,057 | |||||||||
| Total current liabilities | 390,110 | 383,909 | |||||||||
Convertible senior notes, net | 261,388 | 309,155 | |||||||||
| Operating lease obligations | 1,873 | 3,206 | |||||||||
| Other non-current liabilities | 18,374 | 16,526 | |||||||||
| Total liabilities | 671,745 | 712,796 | |||||||||
Commitments and contingencies (see Note 7) | |||||||||||
| Stockholders' equity (deficit) | |||||||||||
Common Stock, par value $0.0001 per share, 100,500,000 shares authorized; 53,651,908 shares issued and 40,553,312 shares outstanding at June 30, 2026; 51,026,430 shares issued and 40,732,313 shares outstanding at December 31, 2025 | 5 | 5 | |||||||||
| Additional paid-in capital | 2,491,059 | 2,478,038 | |||||||||
Treasury stock, at cost, 13,098,596 shares at June 30, 2026 and 10,294,117 shares at December 31, 2025 | (954,099) | (922,666) | |||||||||
| Accumulated deficit | (1,607,056) | (1,592,434) | |||||||||
| Accumulated other comprehensive income (loss) | (2,092) | (5,505) | |||||||||
| Total Groupon, Inc. stockholders' equity (deficit) | (72,183) | (42,562) | |||||||||
| Noncontrolling interests | 114 | 172 | |||||||||
| Total equity (deficit) | (72,069) | (42,390) | |||||||||
| Total liabilities and equity (deficit) | $ | 599,676 | $ | 670,406 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 124,675 | $ | 125,702 | $ | 241,875 | $ | 242,889 | |||||||||||||||
| Cost of revenue | 11,283 | 11,276 | 22,434 | 22,165 | |||||||||||||||||||
| Gross profit | 113,392 | 114,426 | 219,441 | 220,724 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Marketing | 43,265 | 41,399 | 79,598 | 75,836 | |||||||||||||||||||
| Selling, general and administrative | 67,683 | 70,669 | 140,711 | 140,509 | |||||||||||||||||||
| Restructuring and related charges (credits) | 3,161 | (46) | 3,168 | 91 | |||||||||||||||||||
| Gain on sale of business | — | (10,650) | — | (10,650) | |||||||||||||||||||
| Total operating expenses | 114,109 | 101,372 | 223,477 | 205,786 | |||||||||||||||||||
| Income (loss) from operations | (717) | 13,054 | (4,036) | 14,938 | |||||||||||||||||||
| Other income (expense), net | (3,275) | 18,466 | (7,646) | 26,037 | |||||||||||||||||||
| Income (loss) from continuing operations before provision (benefit) for income taxes | (3,992) | 31,520 | (11,682) | 40,975 | |||||||||||||||||||
| Provision (benefit) for income taxes | (2,536) | 10,927 | 2,363 | 12,355 | |||||||||||||||||||
| Income (loss) from continuing operations | (1,456) | 20,593 | (14,045) | 28,620 | |||||||||||||||||||
| Income (loss) from discontinued operations, net of tax | (16) | — | (46) | (471) | |||||||||||||||||||
| Net income (loss) | (1,472) | 20,593 | (14,091) | 28,149 | |||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | (291) | (256) | (531) | (637) | |||||||||||||||||||
| Net income (loss) attributable to Groupon, Inc. | $ | (1,763) | $ | 20,337 | $ | (14,622) | $ | 27,512 | |||||||||||||||
| Basic net income (loss) per share: | |||||||||||||||||||||||
| Continuing operations | $ | (0.04) | $ | 0.51 | $ | (0.37) | $ | 0.70 | |||||||||||||||
| Discontinued operations | — | — | — | (0.01) | |||||||||||||||||||
| Basic net income (loss) per share | $ | (0.04) | $ | 0.51 | $ | (0.37) | $ | 0.69 | |||||||||||||||
| Diluted net income (loss) per share: | |||||||||||||||||||||||
| Continuing operations | $ | (0.04) | $ | 0.46 | $ | (0.37) | $ | 0.65 | |||||||||||||||
| Discontinued operations | — | — | — | (0.01) | |||||||||||||||||||
| Diluted net income (loss) per share | $ | (0.04) | $ | 0.46 | $ | (0.37) | $ | 0.64 | |||||||||||||||
| Weighted average number of shares outstanding: | |||||||||||||||||||||||
| Basic | 38,961,948 | 40,034,041 | 39,742,972 | 39,922,318 | |||||||||||||||||||
| Diluted | 38,961,948 | 50,780,325 | 39,742,972 | 43,357,429 | |||||||||||||||||||
| Comprehensive income (loss): | |||||||||||||||||||||||
| Net income (loss) | $ | (1,472) | $ | 20,593 | $ | (14,091) | $ | 28,149 | |||||||||||||||
| Other comprehensive income (loss) | |||||||||||||||||||||||
| Net change in unrealized gain (loss) on foreign currency translation adjustments | 1,108 | (22,698) | 3,413 | (33,069) | |||||||||||||||||||
| Other comprehensive income (loss) | 1,108 | (22,698) | 3,413 | (33,069) | |||||||||||||||||||
| Comprehensive income (loss) | (364) | (2,105) | (10,678) | (4,920) | |||||||||||||||||||
| Comprehensive income attributable to noncontrolling interests | (291) | (256) | (531) | (637) | |||||||||||||||||||
| Comprehensive income (loss) attributable to Groupon, Inc. | $ | (655) | $ | (2,361) | $ | (11,209) | $ | (5,557) | |||||||||||||||
| Groupon, Inc. Stockholders' Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Groupon, Inc. Stockholders' Equity (Deficit) | Non-controlling Interests | Total Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2025 | 51,026,430 | $ | 5 | $ | 2,478,038 | (10,294,117) | $ | (922,666) | $ | (1,592,434) | $ | (5,505) | $ | (42,562) | $ | 172 | $ | (42,390) | |||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss) | — | — | — | — | — | (12,859) | 2,305 | (10,554) | 240 | (10,314) | |||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of RSUs and PSUs | 55,000 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under ESPP | 5,797 | — | 87 | — | — | — | — | 87 | — | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Tax withholdings related to net share settlements of stock-based compensation awards | (6,991) | — | (276) | — | — | — | — | (276) | — | (276) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchases of treasury stock | — | — | — | (1,944,619) | (21,290) | — | — | (21,290) | — | (21,290) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation on equity-classified awards | — | — | 12,004 | — | — | — | — | 12,004 | — | 12,004 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interest holders | — | — | — | — | — | — | — | — | (294) | (294) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2026 | 51,080,236 | $ | 5 | $ | 2,489,853 | (12,238,736) | $ | (943,956) | $ | (1,605,293) | $ | (3,200) | $ | (62,591) | $ | 118 | $ | (62,473) | |||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss) | — | — | — | — | — | (1,763) | 1,108 | (655) | 291 | (364) | |||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of RSUs and PSUs | 1,073,392 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options, net of shares withheld for employee taxes and net share settlement of exercise price | 1,715,315 | — | (3,906) | — | — | — | — | (3,906) | — | (3,906) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Tax withholdings related to net share settlements of stock-based compensation awards, excluding stock options | (217,035) | — | (3,377) | — | — | — | — | (3,377) | — | (3,377) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchases of treasury stock | — | — | — | (859,860) | (10,143) | — | — | (10,143) | — | (10,143) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation on equity-classified awards | — | — | 8,489 | — | — | — | — | 8,489 | — | 8,489 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interest holders | — | — | — | — | — | — | — | — | (295) | (295) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2026 | 53,651,908 | $ | 5 | $ | 2,491,059 | (13,098,596) | $ | (954,099) | $ | (1,607,056) | $ | (2,092) | $ | (72,183) | $ | 114 | $ | (72,069) | |||||||||||||||||||||||||||||||||||||||||
| Groupon, Inc. Stockholders' Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Groupon, Inc. Stockholders' Equity (Deficit) | Non-controlling Interests | Total Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | 50,090,026 | $ | 5 | $ | 2,441,656 | (10,294,117) | $ | (922,666) | $ | (1,508,914) | $ | 30,734 | $ | 40,815 | $ | 236 | $ | 41,051 | |||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss) | — | — | — | — | — | 7,175 | (10,371) | (3,196) | 381 | (2,815) | |||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of RSUs | 19,805 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under ESPP | 6,509 | — | 67 | — | — | — | — | 67 | — | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Tax withholdings related to net share settlements of stock-based compensation awards | (9,417) | — | 44 | — | — | — | — | 44 | — | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation on equity-classified awards | — | — | 7,749 | — | — | — | — | 7,749 | — | 7,749 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interest holders | — | — | — | — | — | — | — | — | (439) | (439) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2025 | 50,106,923 | $ | 5 | $ | 2,449,516 | (10,294,117) | $ | (922,666) | $ | (1,501,739) | $ | 20,363 | $ | 45,479 | $ | 178 | $ | 45,657 | |||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss) | — | — | — | — | — | 20,337 | (22,698) | (2,361) | 256 | (2,105) | |||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of RSUs and PSUs | 782,062 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Tax withholdings related to net share settlements of stock-based compensation awards | (170,724) | — | (5,772) | — | — | — | — | (5,772) | — | (5,772) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation on equity-classified awards | — | — | 11,055 | — | — | — | — | 11,055 | — | 11,055 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interest holders | — | — | — | — | — | — | — | — | (309) | (309) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Unwind of capped call transactions | — | — | 2,795 | — | — | — | — | 2,795 | 2,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | 50,718,261 | $ | 5 | $ | 2,457,594 | (10,294,117) | $ | (922,666) | $ | (1,481,402) | $ | (2,335) | $ | 51,196 | $ | 125 | $ | 51,321 | |||||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities | |||||||||||
| Net income (loss) | $ | (14,091) | $ | 28,149 | |||||||
| Less: Income (loss) from discontinued operations, net of tax | (46) | (471) | |||||||||
| Income (loss) from continuing operations | (14,045) | 28,620 | |||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization of property, equipment and software | 7,589 | 9,273 | |||||||||
| Amortization of acquired intangible assets | 662 | 761 | |||||||||
| Stock-based compensation | 20,241 | 16,476 | |||||||||
| Amortization of debt discount (premium) on convertible senior notes | (1,786) | 890 | |||||||||
| Deferred income taxes | 3,459 | 562 | |||||||||
| Foreign currency (gains) losses, net | 3,022 | (19,973) | |||||||||
| Gain on sale of business | — | (10,650) | |||||||||
| Change in assets and liabilities: | |||||||||||
| Accounts receivable | 1,888 | 4,369 | |||||||||
| Prepaid expenses and other current assets | (5,400) | (2,969) | |||||||||
| Right-of-use assets - operating leases | 1,914 | 1,508 | |||||||||
| Accounts payable | 12,749 | (872) | |||||||||
| Accrued merchant and supplier payables | (33,312) | 1,108 | |||||||||
| Accrued expenses and other current liabilities | 13,737 | 11,306 | |||||||||
| Operating lease obligations | (2,167) | (1,856) | |||||||||
| Other, net | (382) | (10,156) | |||||||||
| Net cash provided by (used in) operating activities from continuing operations | 8,169 | 28,397 | |||||||||
| Net cash provided by (used in) operating activities from discontinued operations | — | — | |||||||||
| Net cash provided by (used in) operating activities | 8,169 | 28,397 | |||||||||
| Investing activities | |||||||||||
| Purchases of property and equipment and capitalized software | (6,664) | (6,967) | |||||||||
| Proceeds from sale of business, net | — | 13,991 | |||||||||
| Net cash provided by (used in) investing activities from continuing operations | (6,664) | 7,024 | |||||||||
| Net cash provided by (used in) investing activities from discontinued operations | — | — | |||||||||
| Net cash provided by (used in) investing activities | (6,664) | 7,024 | |||||||||
| Financing activities | |||||||||||
Repayment of Notes | (33,740) | — | |||||||||
Payments for purchases of treasury stock | (31,433) | — | |||||||||
| Taxes paid related to net share settlements of stock-based compensation awards | (3,821) | (2,457) | |||||||||
| Other financing activities | (502) | (681) | |||||||||
| Net cash provided by (used in) financing activities | (69,496) | (3,138) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,598) | 1,842 | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (69,589) | 34,125 | |||||||||
| Less: Net increase (decrease) in cash classified within current assets of discontinued operations | — | — | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (69,589) | 34,125 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period (1) | 325,612 | 262,569 | |||||||||
Cash, cash equivalents and restricted cash, end of period (1) | $ | 256,023 | $ | 296,694 | |||||||
| June 30, 2026 | December 31, 2025 | June 30, 2025 | December 31, 2024 | ||||||||||||||||||||
| Cash and cash equivalents | $ | 226,250 | $ | 296,080 | $ | 262,575 | $ | 228,843 | |||||||||||||||
| Restricted cash included in prepaid expenses and other current assets | 29,773 | 29,532 | 34,119 | 33,726 | |||||||||||||||||||
| Cash, cash equivalents and restricted cash | $ | 256,023 | $ | 325,612 | $ | 296,694 | $ | 262,569 | |||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Supplemental disclosure of cash flow information from continuing operations | |||||||||||
| Cash activity: | |||||||||||
| Cash paid for interest | $ | 7,616 | $ | 4,275 | |||||||
| Income tax payments | 5,128 | 11,796 | |||||||||
| Cash paid for amounts included in the measurement of operating lease liabilities | 1,972 | (199) | |||||||||
| Non-cash investing activity from continuing operations: | |||||||||||
| Right-of-use assets obtained in exchange for operating lease liabilities | $ | 516 | $ | 2,779 | |||||||
| Increase in liabilities related to purchases of property and equipment and capitalized software | 34 | $ | 72 | ||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||||||||||||
| Merchant relationships | $ | 16,810 | $ | 16,810 | $ | — | $ | 17,067 | $ | 17,067 | $ | — | |||||||||||||||||||||||
| Trade names | 9,158 | 9,158 | — | 9,190 | 9,100 | 90 | |||||||||||||||||||||||||||||
Patents | 1,250 | 1,205 | 45 | 1,250 | 1,160 | 90 | |||||||||||||||||||||||||||||
| Other intangible assets | 10,511 | 7,993 | 2,518 | 10,519 | 7,475 | 3,044 | |||||||||||||||||||||||||||||
| Total | $ | 37,729 | $ | 35,166 | $ | 2,563 | $ | 38,026 | $ | 34,802 | $ | 3,224 | |||||||||||||||||||||||
| Remaining amounts in 2026 | $ | 557 | |||
| 2027 | 1,068 | ||||
| 2028 | 853 | ||||
| 2029 | 85 | ||||
| Thereafter | — | ||||
| Total | $ | 2,563 | |||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Prepaid expenses | $ | 11,249 | $ | 8,614 | |||||||
| Income taxes receivable | 11,880 | 8,640 | |||||||||
Restricted cash (1) | 29,773 | 29,532 | |||||||||
| Other | 4,987 | 5,762 | |||||||||
| Total prepaid expenses and other current assets | $ | 57,889 | $ | 52,548 | |||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
Deferred contract acquisition costs, net | $ | 3,267 | $ | 3,908 | |||||||
Security deposits | 2,965 | 3,031 | |||||||||
| Other | 430 | 231 | |||||||||
| Total other non-current assets | $ | 6,662 | $ | 7,170 | |||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Customer credits | $ | 33,345 | $ | 25,942 | |||||||
| Accrued marketing | 14,701 | 19,696 | |||||||||
| Compensation and benefits | 19,942 | 11,502 | |||||||||
Foreign VAT assessments (1) | 9,311 | 9,724 | |||||||||
| Accrued tax withholdings related to net share settlements of stock-based compensation awards | 3,909 | 789 | |||||||||
Accrued consulting and professional fees | 3,000 | 2,158 | |||||||||
Refunds reserve | 4,880 | 4,091 | |||||||||
Deferred revenue | 1,876 | 1,793 | |||||||||
| 3,112 | 3,547 | ||||||||||
Income taxes payable | 5,030 | 7,525 | |||||||||
Accrued interest | 895 | 1,005 | |||||||||
Accrued VAT and related liabilities | 3,553 | 4,328 | |||||||||
| Restructuring-related liabilities | 1,897 | 54 | |||||||||
| Other | 16,800 | 13,903 | |||||||||
| Total accrued expenses and other current liabilities | $ | 122,251 | $ | 106,057 | |||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Contingent income tax liabilities | $ | 12,798 | $ | 13,520 | |||||||
| Deferred income taxes | 4,857 | 2,065 | |||||||||
| Other | 719 | 941 | |||||||||
| Total other non-current liabilities | $ | 18,374 | $ | 16,526 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Interest income | $ | 2,018 | $ | 1,442 | $ | 4,484 | $ | 2,807 | |||||||||||||||
| Interest expense | (3,719) | (3,875) | (7,710) | (7,846) | |||||||||||||||||||
Foreign currency gains (losses), net (1) | (1,574) | 20,899 | (4,420) | 31,076 | |||||||||||||||||||
| Other income (expense), net | $ | (3,275) | $ | 18,466 | $ | (7,646) | $ | 26,037 | |||||||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||
| Instrument / Description | Contractual Interest Rate | Principal amount | Unamortized debt issuance costs and discounts | Unamortized debt premium | Carrying amount | Principal amount | Unamortized debt issuance costs and discounts | Unamortized debt premium | Carrying amount | |||||||||||||||||||||||
| 2026 Notes, due March 15, 2026 | 1.125% | $ | — | $ | — | $ | — | $ | — | $ | 33,740 | $ | (49) | $ | — | $ | 33,691 | |||||||||||||||
2027 Notes, due March 15, 2027 (1) | 6.250% | 46,210 | (278) | — | 45,932 | 46,210 | (466) | — | 45,744 | |||||||||||||||||||||||
| 2030 Notes, due June 30, 2030 | 4.875% | 244,071 | (1,837) | 19,154 | 261,388 | 244,071 | (2,066) | 21,406 | 263,411 | |||||||||||||||||||||||
| Total convertible senior notes | $ | 290,281 | $ | (2,115) | $ | 19,154 | $ | 307,320 | $ | 324,021 | $ | (2,581) | $ | 21,406 | $ | 342,846 | ||||||||||||||||
| Less: Current portion of convertible senior notes, net | (45,932) | (33,691) | ||||||||||||||||||||||||||||||
| Convertible senior notes, net | $ | 261,388 | $ | 309,155 | ||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2026 | ||||||||||||||
Contractual interest | $ | 2,974 | $ | 5,949 | ||||||||||
Amortization of debt premium and debt issuance costs, net | (1,015) | (2,023) | ||||||||||||
| Total | $ | 1,959 | $ | 3,926 | ||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Contractual interest | $ | 739 | $ | 3,082 | $ | 1,477 | $ | 6,164 | |||||||||||||||
Amortization of debt discount | 95 | 379 | 188 | 751 | |||||||||||||||||||
| Total | $ | 834 | $ | 3,461 | $ | 1,665 | $ | 6,915 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Contractual interest | $ | — | $ | 151 | $ | 79 | $ | 302 | |||||||||||||||
| Amortization of debt discount | — | 94 | 49 | 187 | |||||||||||||||||||
| Total | $ | — | $ | 245 | $ | 128 | $ | 489 | |||||||||||||||
| Remaining in 2026 | $ | 1,067 | |||
| 2027 | 11,800 | ||||
| 2028 | 10,600 | ||||
| 2029 | 10,000 | ||||
| 2030 | — | ||||
| Thereafter | — | ||||
| Total | $ | 33,467 | |||
RSUs | Weighted-Average Grant Date Fair Value (per unit) | ||||||||||
| Unvested at December 31, 2025 | 555,564 | $ | 17.36 | ||||||||
Granted (1) | 732,737 | 16.34 | |||||||||
| Vested | (267,028) | 19.42 | |||||||||
| Forfeited | (52,862) | 14.80 | |||||||||
| Unvested at June 30, 2026 | 968,411 | $ | 16.16 | ||||||||
| Dividend yield | 0.0 | % | |||
| Risk-free interest rate | 4.1 | % | |||
| Expected term (in years) | 2.00 | ||||
| Expected volatility | 78.2 | % | |||
| Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
| Outstanding at December 31, 2025 | 3,062,500 | $ | 6.00 | 0.25 | $ | 35,556 | |||||||||||||||||
| Exercised | (3,062,500) | 6.00 | — | 32,616 | |||||||||||||||||||
| Outstanding at June 30, 2026 | — | — | — | — | |||||||||||||||||||
| Exercisable at June 30, 2026 | — | $ | — | — | $ | — | |||||||||||||||||
2024 Executive PSUs | 2025 PSUs | |||||||||||||
Stock price hurdles | $14.86; $20.14; $31.01; $68.82 | $19.75; $26.76; $31.01; $68.82 | ||||||||||||
Service conditions | Incremental 33% of award met after May 1, 2025, May 1, 2026, and May 1, 2027 | Incremental 33% of award met after May 1, 2026, May 1, 2027, and May 1, 2028 | ||||||||||||
| 2024 Executive PSUs | 2025 PSUs (1) | 2026 PSUs (2) | |||||||||||||||||||||||||||||||||
| Units | Wtd. Avg. Grant Date Fair Value | Units | Wtd. Avg. Grant Date Fair Value | Units | Wtd. Avg. Grant Date Fair Value | ||||||||||||||||||||||||||||||
Unvested at December 31, 2025 | 2,590,355 | 14.00 | 1,730,068 | 24.14 | — | — | |||||||||||||||||||||||||||||
Granted | — | — | 457,354 | 9.91 | 318,567 | 37.43 | |||||||||||||||||||||||||||||
Vested | (837,643) | 13.89 | (23,721) | 30.75 | — | — | |||||||||||||||||||||||||||||
Forfeited | — | — | (50,897) | 22.77 | — | — | |||||||||||||||||||||||||||||
| Unvested at June 30, 2026 | 1,752,712 | 14.05 | 2,112,804 | 21.02 | 318,567 | 37.43 | |||||||||||||||||||||||||||||
| Customer Credits | |||||
| Balance as of December 31, 2025 | $ | 25,942 | |||
| Credits issued | 64,257 | ||||
Credits redeemed (1) | (53,869) | ||||
| Breakage revenue recognized | (2,892) | ||||
| Foreign currency translation | (93) | ||||
| Balance as of June 30, 2026 | $ | 33,345 | |||
| Allowance for Expected Credit Losses | |||||
Balance at December 31, 2025 | $ | 2,647 | |||
| Change in provision | (274) | ||||
| Write-offs | (38) | ||||
| Foreign currency translation | (15) | ||||
| Balance as of June 30, 2026 | $ | 2,320 | |||
| Three and Six Months Ended June 30, 2026 | ||||||||||||||||||||
Employee Severance and Benefit Costs (1) | Legal and Advisory Costs | Total Restructuring Charges | ||||||||||||||||||
| North America | 1,489 | 8 | 1,497 | |||||||||||||||||
| International | 1,652 | 12 | 1,664 | |||||||||||||||||
| Consolidated | $ | 3,141 | $ | 20 | $ | 3,161 | ||||||||||||||
| Employee Severance and Benefit Costs | Legal and Advisory Costs | Total | |||||||||||||||
| Balance as of December 31, 2025 | — | — | $ | — | |||||||||||||
| Charges payable in cash | 3,141 | 20 | 3,161 | ||||||||||||||
| Cash payments | (1,313) | — | (1,313) | ||||||||||||||
| Foreign currency translation | (9) | — | (9) | ||||||||||||||
| Balance as of June 30, 2026 | $ | 1,819 | $ | 20 | $ | 1,839 | |||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Provision (benefit) for income taxes | $ | (2,536) | $ | 10,927 | $ | 2,363 | $ | 12,355 | |||||||||||||||
| Income (loss) from continuing operations before provision (benefit) for income taxes | $ | (3,992) | $ | 31,520 | $ | (11,682) | $ | 40,975 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Basic and diluted net income (loss) per share: | |||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||
| Income (loss) - continuing operations | $ | (1,456) | $ | 20,593 | $ | (14,045) | $ | 28,620 | |||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | 291 | 256 | 531 | 637 | |||||||||||||||||||
| Net income (loss) attributable to common stockholders - continuing operations | (1,747) | 20,337 | (14,576) | 27,983 | |||||||||||||||||||
| Net income (loss) attributable to common stockholders - discontinued operations | (16) | — | (46) | (471) | |||||||||||||||||||
| Basic net income (loss) attributable to common stockholders | $ | (1,763) | $ | 20,337 | $ | (14,622) | $ | 27,512 | |||||||||||||||
Diluted net income (loss) attributable to common stockholders - continuing operations | $ | (1,747) | $ | 20,337 | $ | (14,576) | $ | 27,983 | |||||||||||||||
Plus: Interest expense from assumed conversion of convertible senior notes | — | 2,779 | — | 367 | |||||||||||||||||||
Net income (loss) attributable to common stockholders plus assumed conversions - continuing operations | $ | (1,747) | $ | 23,116 | $ | (14,576) | $ | 28,350 | |||||||||||||||
| Denominator | |||||||||||||||||||||||
Shares used in computation of basic net income (loss) per share | 38,961,948 | 40,034,041 | 39,742,972 | 39,922,318 | |||||||||||||||||||
Weighted-average effect of diluted securities: | |||||||||||||||||||||||
Stock options | — | 2,094,112 | — | 1,844,547 | |||||||||||||||||||
RSUs | — | 417,920 | — | 366,045 | |||||||||||||||||||
PSUs | — | 863,728 | — | 431,864 | |||||||||||||||||||
ESPP Shares | — | 6,353 | — | 3,752 | |||||||||||||||||||
Convertible senior notes due 2026 | — | 788,903 | — | 788,903 | |||||||||||||||||||
Convertible senior notes due 2027 | — | 6,575,268 | — | — | |||||||||||||||||||
Shares used in computation of diluted net income (loss) per share | 38,961,948 | 50,780,325 | 39,742,972 | 43,357,429 | |||||||||||||||||||
| Basic net income (loss) per share: | |||||||||||||||||||||||
| Continuing operations | $ | (0.04) | $ | 0.51 | $ | (0.37) | $ | 0.70 | |||||||||||||||
| Discontinued operations | — | — | — | (0.01) | |||||||||||||||||||
| Basic net income (loss) per share | $ | (0.04) | $ | 0.51 | $ | (0.37) | $ | 0.69 | |||||||||||||||
| Diluted net income (loss) per share: | |||||||||||||||||||||||
| Continuing operations | $ | (0.04) | $ | 0.46 | $ | (0.37) | $ | 0.65 | |||||||||||||||
| Discontinued operations | — | — | — | (0.01) | |||||||||||||||||||
| Diluted net income (loss) per share | $ | (0.04) | $ | 0.46 | $ | (0.37) | $ | 0.64 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Capped call transactions (1) | — | 788,903 | 203,625 | 788,903 | |||||||||||||||||||
Convertible Senior notes due 2026 (2) | — | — | 203,625 | — | |||||||||||||||||||
Convertible Senior notes due 2027 (2) | 1,575,318 | — | 1,575,318 | 6,575,268 | |||||||||||||||||||
Convertible Senior notes due 2030 (2) | 4,516,070 | — | 4,516,070 | — | |||||||||||||||||||
| Stock options | 2,423,077 | — | 2,742,788 | — | |||||||||||||||||||
| RSUs | 890,174 | 5,072 | 728,872 | 6,908 | |||||||||||||||||||
| PSUs | 1,148,392 | — | 1,424,538 | — | |||||||||||||||||||
| ESPP | 6,265 | — | 9,211 | — | |||||||||||||||||||
| Total | 10,559,296 | 793,975 | 11,404,047 | 7,371,079 | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
North America | |||||||||||||||||||||||
| Local | $ | 92,888 | $ | 94,486 | $ | 178,425 | $ | 180,428 | |||||||||||||||
| Goods | 863 | 1,168 | 1,757 | 2,680 | |||||||||||||||||||
| Travel | 4,463 | 4,342 | 7,945 | 8,001 | |||||||||||||||||||
Total North America revenue | $ | 98,214 | $ | 99,996 | $ | 188,127 | $ | 191,109 | |||||||||||||||
International | |||||||||||||||||||||||
| Local | $ | 23,980 | $ | 22,195 | $ | 48,577 | $ | 44,614 | |||||||||||||||
| Goods | 1,437 | 2,262 | 3,021 | 4,525 | |||||||||||||||||||
| Travel | 1,044 | 1,249 | 2,150 | 2,641 | |||||||||||||||||||
Total International revenue | $ | 26,461 | $ | 25,706 | $ | 53,748 | $ | 51,780 | |||||||||||||||
Total revenue | $ | 124,675 | $ | 125,702 | $ | 241,875 | $ | 242,889 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| North America | |||||||||||||||||||||||
| Revenue | $ | 98,214 | $ | 99,996 | $ | 188,127 | $ | 191,109 | |||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
Payment processor fees | 7,234 | 6,903 | 13,628 | 13,258 | |||||||||||||||||||
Other segment items (cost of revenue) (1) | 2,213 | 1,661 | 3,809 | 3,547 | |||||||||||||||||||
Total cost of revenue | 9,447 | 8,564 | 17,437 | 16,805 | |||||||||||||||||||
| Marketing | |||||||||||||||||||||||
Online marketing | 31,516 | 31,933 | 56,898 | 57,860 | |||||||||||||||||||
Other segment items (marketing) (2) | 2,312 | 1,227 | 3,851 | 1,775 | |||||||||||||||||||
Total marketing | 33,828 | 33,160 | 60,749 | 59,635 | |||||||||||||||||||
Segment contribution profit | $ | 54,939 | $ | 58,272 | $ | 109,941 | $ | 114,669 | |||||||||||||||
| International | |||||||||||||||||||||||
| Revenue | $ | 26,461 | $ | 25,706 | $ | 53,748 | $ | 51,780 | |||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
Payment processor fees | 1,417 | 1,408 | 2,864 | 2,814 | |||||||||||||||||||
Other segment items (cost of revenue) (1) | 419 | 1,304 | 2,133 | 2,546 | |||||||||||||||||||
| Total cost of revenue | 1,836 | 2,712 | 4,997 | 5,360 | |||||||||||||||||||
| Marketing | |||||||||||||||||||||||
| Online marketing | 8,492 | 7,434 | 16,336 | 14,535 | |||||||||||||||||||
Other segment items (marketing) (2) | 945 | 805 | 2,513 | 1,666 | |||||||||||||||||||
| Total marketing | 9,437 | 8,239 | 18,849 | 16,201 | |||||||||||||||||||
Segment contribution profit | $ | 15,188 | $ | 14,755 | $ | 29,902 | $ | 30,219 | |||||||||||||||
Total | |||||||||||||||||||||||
Total contribution profit for the reportable segments | $ | 70,127 | $ | 73,027 | $ | 139,843 | $ | 144,888 | |||||||||||||||
Selling, general and administrative | 67,683 | 70,669 | 140,711 | 140,509 | |||||||||||||||||||
Restructuring and related charges (credits) | 3,161 | (46) | 3,168 | 91 | |||||||||||||||||||
(Gain) on sale of business | — | (10,650) | — | (10,650) | |||||||||||||||||||
Income (loss) from operations | (717) | 13,054 | (4,036) | 14,938 | |||||||||||||||||||
Other income (expense), net | (3,275) | 18,466 | (7,646) | 26,037 | |||||||||||||||||||
| Income (loss) from continuing operations before provision (benefit) for income taxes | $ | (3,992) | $ | 31,520 | $ | (11,682) | $ | 40,975 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Gross billings | $ | 413,749 | $ | 416,697 | $ | 796,295 | $ | 803,173 | |||||||||||||||
| Units | 8,508 | 9,117 | 16,656 | 17,655 | |||||||||||||||||||
| TTM Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
TTM active customers | 16,103 | 15,829 | |||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 124,675 | $ | 125,702 | $ | 241,875 | $ | 242,889 | |||||||||||||||
| Gross profit | 113,392 | 114,426 | 219,441 | 220,724 | |||||||||||||||||||
| Contribution profit | 70,127 | 73,027 | 139,843 | 144,888 | |||||||||||||||||||
| Adjusted EBITDA | 14,834 | 15,563 | 27,624 | 30,889 | |||||||||||||||||||
| Free cash flow | 15,022 | 25,189 | 1,505 | 21,430 | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Gross billings | |||||||||||||||||||||||||||||||||||
| Local | $ | 290,649 | $ | 292,381 | (0.6) | % | $ | 551,292 | $ | 548,037 | 0.6 | % | |||||||||||||||||||||||
| Goods | 5,147 | 8,380 | (38.6) | 10,138 | 17,001 | (40.4) | |||||||||||||||||||||||||||||
| Travel | 27,738 | 23,997 | 15.6 | 48,132 | 46,239 | 4.1 | |||||||||||||||||||||||||||||
| Total gross billings | $ | 323,534 | $ | 324,758 | (0.4) | $ | 609,562 | $ | 611,277 | (0.3) | |||||||||||||||||||||||||
| Units | |||||||||||||||||||||||||||||||||||
| Local | 5,656 | 6,018 | (6.0) | % | 10,788 | 11,385 | (5.2) | % | |||||||||||||||||||||||||||
| Goods | 128 | 238 | (46.2) | 265 | 497 | (46.7) | |||||||||||||||||||||||||||||
| Travel | 105 | 89 | 18.0 | 181 | 178 | 1.7 | |||||||||||||||||||||||||||||
| Total units | 5,889 | 6,345 | (7.2) | 11,234 | 12,060 | (6.8) | |||||||||||||||||||||||||||||
| Trailing Twelve Months Ended June 30, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
| TTM active customers | 10,864 | 10,782 | 0.8 | % | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| Local | $ | 92,888 | $ | 94,486 | (1.7) | % | $ | 178,425 | $ | 180,428 | (1.1) | % | |||||||||||||||||||||||
| Goods | 863 | 1,168 | (26.1) | 1,757 | 2,680 | (34.4) | |||||||||||||||||||||||||||||
| Travel | 4,463 | 4,342 | 2.8 | 7,945 | 8,001 | (0.7) | |||||||||||||||||||||||||||||
| Total revenue | $ | 98,214 | $ | 99,996 | (1.8) | $ | 188,127 | $ | 191,109 | (1.6) | |||||||||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||||||||||||||
| Local | $ | 8,717 | $ | 7,919 | 10.1 | % | $ | 16,164 | $ | 15,397 | 5.0 | % | |||||||||||||||||||||||
| Goods | 107 | 159 | (32.7) | 205 | 357 | (42.6) | |||||||||||||||||||||||||||||
| Travel | 623 | 486 | 28.2 | 1,068 | 1,051 | 1.6 | |||||||||||||||||||||||||||||
| Total cost of revenue | $ | 9,447 | $ | 8,564 | 10.3 | $ | 17,437 | $ | 16,805 | 3.8 | |||||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||||||||||||||
| Local | $ | 84,171 | $ | 86,567 | (2.8) | % | $ | 162,261 | $ | 165,031 | (1.7) | % | |||||||||||||||||||||||
| Goods | 756 | 1,009 | (25.1) | 1,552 | 2,323 | (33.2) | |||||||||||||||||||||||||||||
| Travel | 3,840 | 3,856 | (0.4) | 6,877 | 6,950 | (1.1) | |||||||||||||||||||||||||||||
| Total gross profit | $ | 88,767 | $ | 91,432 | (2.9) | $ | 170,690 | $ | 174,304 | (2.1) | |||||||||||||||||||||||||
| % of Consolidated revenue | 78.8 | % | 79.6 | % | 77.8 | % | 78.7 | % | |||||||||||||||||||||||||||
| % of Consolidated cost of revenue | 83.7 | 75.9 | 77.7 | 75.8 | |||||||||||||||||||||||||||||||
| % of Consolidated gross profit | 78.3 | 79.9 | 77.8 | 79.0 | |||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Marketing | $ | 33,828 | $ | 33,160 | 2.0 | % | $ | 60,749 | $ | 59,635 | 1.9 | % | |||||||||||||||||||||||
| % of Revenue | 34.4 | % | 33.2 | % | 32.3 | % | 31.2 | % | |||||||||||||||||||||||||||
| Contribution profit | $ | 54,939 | $ | 58,272 | (5.7) | % | $ | 109,941 | $ | 114,669 | (4.1) | % | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Gross billings | |||||||||||||||||||||||||||||||||||
| Local | $ | 74,398 | $ | 72,997 | 1.9 | % | $ | 152,526 | $ | 153,475 | (0.6) | % | |||||||||||||||||||||||
| Goods | 10,156 | 12,717 | (20.1) | 21,458 | 25,116 | (14.6) | |||||||||||||||||||||||||||||
| Travel | 5,661 | 6,225 | (9.1) | 12,749 | 13,305 | (4.2) | |||||||||||||||||||||||||||||
| Total gross billings | $ | 90,215 | $ | 91,939 | (1.9) | $ | 186,733 | $ | 191,896 | (2.7) | |||||||||||||||||||||||||
| Units | |||||||||||||||||||||||||||||||||||
| Local | 2,380 | 2,450 | (2.9) | % | 4,919 | 4,896 | 0.5 | % | |||||||||||||||||||||||||||
| Goods | 210 | 287 | (26.8) | 437 | 623 | (29.9) | |||||||||||||||||||||||||||||
| Travel | 29 | 33 | (12.1) | 66 | 76 | (13.2) | |||||||||||||||||||||||||||||
| Total units | 2,619 | 2,770 | (5.5) | 5,422 | 5,595 | (3.1) | |||||||||||||||||||||||||||||
| Trailing Twelve Months Ended June 30, | |||||||||||||||||
| 2026 | 2025 | % Change | |||||||||||||||
| TTM active customers | 5,239 | 5,047 | 3.8 | % | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| Local | $ | 23,980 | $ | 22,195 | 8.0 | % | $ | 48,577 | $ | 44,614 | 8.9 | % | |||||||||||||||||||||||
| Goods | 1,437 | 2,262 | (36.5) | 3,021 | 4,525 | (33.2) | |||||||||||||||||||||||||||||
| Travel | 1,044 | 1,249 | (16.4) | 2,150 | 2,641 | (18.6) | |||||||||||||||||||||||||||||
| Total revenue | $ | 26,461 | $ | 25,706 | 2.9 | $ | 53,748 | $ | 51,780 | 3.8 | |||||||||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||||||||||||||
| Local | $ | 1,450 | $ | 2,149 | (32.5) | % | $ | 4,084 | $ | 4,243 | (3.7) | % | |||||||||||||||||||||||
| Goods | 256 | 400 | (36.0) | 560 | 764 | (26.7) | |||||||||||||||||||||||||||||
| Travel | 130 | 163 | (20.2) | 353 | 353 | — | |||||||||||||||||||||||||||||
| Total cost of revenue | $ | 1,836 | $ | 2,712 | (32.3) | $ | 4,997 | $ | 5,360 | (6.8) | |||||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||||||||||||||
| Local | $ | 22,530 | $ | 20,046 | 12.4 | % | $ | 44,493 | $ | 40,371 | 10.2 | % | |||||||||||||||||||||||
| Goods | 1,181 | 1,862 | (36.6) | 2,461 | 3,761 | (34.6) | |||||||||||||||||||||||||||||
| Travel | 914 | 1,086 | (15.8) | 1,797 | 2,288 | (21.5) | |||||||||||||||||||||||||||||
| Total gross profit | $ | 24,625 | $ | 22,994 | 7.1 | $ | 48,751 | $ | 46,420 | 5.0 | |||||||||||||||||||||||||
| % of Consolidated revenue | 21.2 | % | 20.4 | % | 22.2 | % | 21.3 | % | |||||||||||||||||||||||||||
| % of Consolidated cost of revenue | 16.3 | 24.1 | 22.3 | 24.2 | |||||||||||||||||||||||||||||||
| % of Consolidated gross profit | 21.7 | 20.1 | 22.2 | 21.0 | |||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Marketing | $ | 9,437 | $ | 8,239 | 14.5 | % | $ | 18,849 | $ | 16,201 | 16.3 | % | |||||||||||||||||||||||
| % of Revenue | 35.7 | % | 32.1 | % | 35.1 | % | 31.3 | % | |||||||||||||||||||||||||||
| Contribution profit | $ | 15,188 | $ | 14,755 | 2.9 | % | $ | 29,902 | $ | 30,219 | (1.0) | % | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Marketing | $ | 43,265 | $ | 41,399 | 4.5 | % | $ | 79,598 | $ | 75,836 | 5.0 | % | |||||||||||||||||||||||
Selling, general and administrative (1) | 67,683 | 70,669 | (4.2) | 140,711 | 140,509 | 0.1 | |||||||||||||||||||||||||||||
| (Gain) on sale of business | — | (10,650) | 100.0 | — | (10,650) | 100.0 | |||||||||||||||||||||||||||||
| Restructuring and related charges (credits) | 3,161 | (46) | NM | 3,168 | 91 | NM | |||||||||||||||||||||||||||||
| Total operating expenses | $ | 114,109 | $ | 101,372 | 12.6 | $ | 223,477 | $ | 205,786 | 8.6 | |||||||||||||||||||||||||
| % of Revenue: | |||||||||||||||||||||||||||||||||||
| Marketing | 34.7 | % | 32.9 | % | 32.9 | % | 31.2 | % | |||||||||||||||||||||||||||
| Selling, general and administrative | 54.3 | % | 56.2 | % | 58.2 | % | 57.8 | % | |||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Other income (expense), net | $ | (3,275) | $ | 18,466 | $ | (7,646) | $ | 26,037 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Provision (benefit) for income taxes | $ | (2,536) | $ | 10,927 | (123.2) | % | $ | 2,363 | $ | 12,355 | (80.9) | % | |||||||||||||||||||||||
| Effective tax rate | 63.5 | % | 34.7 | % | (20.2) | % | 30.2 | % | |||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Income (loss) from continuing operations | $ | (1,456) | $ | 20,593 | $ | (14,045) | $ | 28,620 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
Stock-based compensation | 8,330 | 8,782 | 20,241 | 16,476 | |||||||||||||||||||
| Depreciation and amortization | 4,060 | 4,423 | 8,251 | 10,034 | |||||||||||||||||||
| Restructuring and related charges (credits) | 3,161 | (46) | 3,168 | 91 | |||||||||||||||||||
(Gain) on sale of business (1) | — | (10,650) | — | (10,650) | |||||||||||||||||||
Other (income) expense, net (2) | 3,275 | (18,466) | 7,646 | (26,037) | |||||||||||||||||||
| Provision (benefit) for income taxes | (2,536) | 10,927 | 2,363 | 12,355 | |||||||||||||||||||
| Total adjustments | 16,290 | (5,030) | 41,669 | 2,269 | |||||||||||||||||||
| Adjusted EBITDA | $ | 14,834 | $ | 15,563 | $ | 27,624 | $ | 30,889 | |||||||||||||||
| Three Months Ended June 30, 2026 | |||||||||||||||||
At Avg. Q2 2025 Rates (1) | Exchange Rate Effect (2) | As Reported | |||||||||||||||
| Gross billings | $ | 411,484 | $ | 2,265 | $ | 413,749 | |||||||||||
| Revenue | 124,057 | 618 | 124,675 | ||||||||||||||
| Cost of revenue | 11,208 | 75 | 11,283 | ||||||||||||||
| Gross profit | 112,849 | 543 | 113,392 | ||||||||||||||
| Marketing | 43,043 | 222 | 43,265 | ||||||||||||||
| Selling, general and administrative | 66,790 | 893 | 67,683 | ||||||||||||||
| Restructuring and related charges (credits) | 3,189 | (28) | 3,161 | ||||||||||||||
| Income (loss) from operations | (173) | (544) | (717) | ||||||||||||||
| Six Months Ended June 30, 2026 | |||||||||||||||||
At Avg. Q2 2025 Rates (1) | Exchange Rate Effect (2) | As Reported | |||||||||||||||
| Gross billings | $ | 785,159 | $ | 11,136 | $ | 796,295 | |||||||||||
| Revenue | 238,802 | 3,073 | 241,875 | ||||||||||||||
| Cost of revenue | 22,071 | 363 | 22,434 | ||||||||||||||
| Gross profit | 216,731 | 2,710 | 219,441 | ||||||||||||||
| Marketing | 78,422 | 1,176 | 79,598 | ||||||||||||||
| Selling, general and administrative | 137,332 | 3,379 | 140,711 | ||||||||||||||
| Restructuring and related charges (credits) | 3,195 | (27) | 3,168 | ||||||||||||||
| Income (loss) from operations | (2,218) | (1,818) | (4,036) | ||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Cash provided by (used in): | |||||||||||||||||||||||
| Operating activities | $ | 18,127 | $ | 28,419 | $ | 8,169 | $ | 28,397 | |||||||||||||||
| Investing activities | (3,105) | 10,761 | (6,664) | 7,024 | |||||||||||||||||||
| Financing activities | (13,827) | (2,684) | (69,496) | (3,138) | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | $ | 18,127 | $ | 28,419 | $ | 8,169 | $ | 28,397 | |||||||||||||||
Purchases of property and equipment and capitalized software from continuing operations | (3,105) | (3,230) | (6,664) | (6,967) | |||||||||||||||||||
| Free cash flow | $ | 15,022 | $ | 25,189 | $ | 1,505 | $ | 21,430 | |||||||||||||||
| Date | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under Program | ||||||||||||||||||||||
| April 1-30, 2026 | 859,860 | $ | 11.80 | 859,860 | $ | 213,566,989 | ||||||||||||||||||||
| May 1-31, 2026 | — | $ | — | — | $ | 213,566,989 | ||||||||||||||||||||
| June 1-30, 2026 | — | $ | — | — | $ | 213,566,989 | ||||||||||||||||||||
| Total | 859,860 | $ | 11.80 | 859,860 | $ | 213,566,989 | ||||||||||||||||||||
| Date | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under Program | ||||||||||||||||||||||
| April 1-30, 2026 | 1,393 | $ | 15.04 | — | — | |||||||||||||||||||||
| May 1-31, 2026 | 214,961 | 15.52 | — | — | ||||||||||||||||||||||
| June 1-30, 2026 | 681 | 17.92 | — | — | ||||||||||||||||||||||
| Total | 217,035 | $ | 15.52 | — | — | |||||||||||||||||||||
Exhibit Number | Description | ||||||||||
| 3.1 | |||||||||||
| 10.1 | |||||||||||
| 10.2 | |||||||||||
| 10.3 | |||||||||||
| 10.4 | |||||||||||
| 10.5 | |||||||||||
| 31.1 | |||||||||||
| 31.2 | |||||||||||
| 32.1 | |||||||||||
| 101.INS** | XBRL Instance Document | ||||||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document | ||||||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
| 104 ** | Cover Page Interactive Data File | ||||||||||
| GROUPON, INC. | |||||||||||
| By: | /s/ Rana Kashyap | ||||||||||
| Name: | Rana Kashyap | ||||||||||
| Title: | Chief Financial Officer | ||||||||||
| Participant Name | [_______________] (the "Participant") | ||||
| Employee ID | [_______________] | ||||
| Grant Date | May 1, 2026 | ||||
| Total Number of ERSUs Granted (Target) | [_______________] ERSUs | ||||
| Grant Value (at 90-Day VWAP) | USD [_______________] | ||||
| Vesting Date | Base Tranche (before Modifier) | Performance Determination Period | ||||||
| May 1, 2027 | 1/3 of Total ERSUs Granted | January 1 – December 31, 2026 (YEPR) | ||||||
| May 1, 2028 | 1/3 of Total ERSUs Granted | January 1 – December 31, 2027 (YEPR) | ||||||
| May 1, 2029 | 1/3 of Total ERSUs Granted | January 1 – December 31, 2028 (YEPR) | ||||||
| YEPR Annual Rating | Vesting Percentage of Tranche | Description | ||||||
| 2.7 and below | 0% | Tranche forfeits | ||||||
| 2.8 – 2.9 | 50% | Half the tranche vests | ||||||
| 3.0 – 3.4 | 100% | Full tranche vests ("Meets Expectations") | ||||||
| 3.5 – 4.0 | 150% | 1.5× tranche – strong performance | ||||||
| 4.1 – 4.7 | 200% | 2× tranche – high performer | ||||||
| 4.8 – 5.0 | 300% | 3× tranche – exceptional performance | ||||||
| Termination Type | ERSU Treatment | ||||
| Voluntary resignation | All unvested ERSUs forfeit immediately upon the Termination Date. | ||||
| Termination for Cause | All unvested ERSUs forfeit immediately upon the Termination Date. | ||||
| Involuntary Termination Without Cause | A pro-rated portion of unvested ERSUs (based on the number of completed whole months of service from the Grant Date through the Termination Date relative to the total vesting period) shall vest on the Termination Date, subject to the Performance Modifier applicable to the most recently completed YEPR cycle. Unvested ERSUs in excess of the pro-rated amount are forfeited. | ||||
| Death or Disability | All unvested ERSU time-based service requirements shall immediately lapse in accordance with the Plan, with the Performance Modifier deemed satisfied at 100% ("Meets Expectations") unless the Committee determines otherwise. | ||||
| Change in Control (awards not assumed) | Outstanding unvested ERSUs become fully vested at the Performance Modifier applicable to the most recently completed YEPR cycle (or, if no YEPR has been completed, at 100%), in accordance with the Plan. | ||||
| PARTICIPANT | GROUPON, INC. | ||||
_______________________________ Signature _______________________________ Print Name _______________________________ Date | _______________________________ Authorized Signature _______________________________ Print Name / Title _______________________________ Date | ||||
| PARTICIPANT | GROUPON, INC. | ||||
_______________________________ Signature _______________________________ Print Name _______________________________ Date | _______________________________ Authorized Signature _______________________________ Print Name / Title _______________________________ Date | ||||
| Participant Name | [_______________] (the "Participant") | ||||
| Employee ID | [_______________] | ||||
| Grant Date | May 1, 2026 | ||||
| Total Number of ERSUs Granted (Target) | [_______________] ERSUs | ||||
| Grant Value (at 90-Day VWAP) | USD [_______________] | ||||
| Vesting Date | Base Tranche (before Modifier) | Performance Determination Period | ||||||
| 1 May 2027 * | 1/3 of Total ERSUs Granted | January 1 – December 31, 2026 (YEPR) | ||||||
| 1 May 2028 * | 1/3 of Total ERSUs Granted | January 1 – December 31, 2027 (YEPR) | ||||||
| 1 May 2029 | 1/3 of Total ERSUs Granted, plus any tranches deferred from 1 May 2027 and/or 1 May 2028 under Section 1A below | January 1 – December 31, 2028 (YEPR) | ||||||
| YEPR Annual Rating | Vesting Percentage of Tranche | Description | ||||||
| 2.7 and below | 0% | Tranche forfeits | ||||||
| 2.8 – 2.9 | 50% | Half the tranche vests | ||||||
| 3.0 – 3.4 | 100% | Full tranche vests ("Meets Expectations") | ||||||
| 3.5 – 4.0 | 150% | 1.5× tranche – strong performance | ||||||
| 4.1 – 4.7 | 200% | 2× tranche – high performer | ||||||
| 4.8 – 5.0 | 300% | 3× tranche – exceptional performance | ||||||
| Termination Type | ERSU Treatment | ||||
| Voluntary resignation | All unvested ERSUs forfeit immediately upon the Termination Date. | ||||
| Termination for Cause | All unvested ERSUs forfeit immediately upon the Termination Date. | ||||
| Involuntary Termination Without Cause | A pro-rated portion of unvested ERSUs (based on the number of completed whole months of service from the Grant Date through the Termination Date relative to the total vesting period) shall vest on the Termination Date, subject to the Performance Modifier applicable to the most recently completed YEPR cycle. Unvested ERSUs in excess of the pro-rated amount are forfeited. | ||||
| Death or Disability | All unvested ERSU time-based service requirements shall immediately lapse in accordance with the Plan, with the Performance Modifier deemed satisfied at 100% ("Meets Expectations") unless the Committee determines otherwise. | ||||
| Change in Control (awards not assumed) | Outstanding unvested ERSUs become fully vested at the Performance Modifier applicable to the most recently completed YEPR cycle (or, if no YEPR has been completed, at 100%), in accordance with the Plan. | ||||
| PARTICIPANT | GROUPON, INC. | ||||
| _______________________________ Signature _______________________________ Print Name _______________________________ Date | _______________________________ Authorized Signature _______________________________ Print Name / Title _______________________________ Date | ||||
| PARTICIPANT | GROUPON, INC. | ||||
| _______________________________ Signature _______________________________ Print Name _______________________________ Date | _______________________________ Authorized Signature _______________________________ Print Name / Title _______________________________ Date | ||||
| Participant Name | [_______________] (the "Participant") | ||||
| Employee ID | [_______________] | ||||
| Grant Date | May 1, 2026 | ||||
| Total Number of PSUs Granted (Target) | [_______________] PSUs | ||||
| Grant Value at Target (at 90-Day VWAP) | USD [_______________] | ||||
| Performance Period | May 1, 2026 – May 1, 2029 (3 years) | ||||
| Vesting Structure | Single cliff vest after the end of the Performance Period, on May 20, 2029 | ||||
| Performance Metric | Relative TSR vs. Russell 2000 Index | ||||
| Performance Measurement | 90-day VWAP ending on Grant Date vs. 90-day VWAP ending on the Performance Period End Date | ||||
| Vesting Range | 0% at or below 50th percentile; linear 0%–300% from 50th to 90th percentile; 300% at or above 90th percentile (Negative TSR Cap: capped at 100% if Groupon absolute TSR is negative) | ||||
| Termination Type | PSU Treatment | ||||
| Voluntary resignation | All unvested PSUs (including all rights to any future rTSR payout) are immediately forfeited upon the Termination Date. | ||||
| Termination for Cause | All unvested PSUs are immediately forfeited upon the Termination Date. | ||||
| Involuntary Termination Without Cause | A pro-rated portion of unvested PSUs shall remain eligible to vest at the end of the Performance Period, based on actual rTSR performance. The pro-ration is calculated as: (number of completed whole months of Continuous Service from the Grant Date through the Termination Date) ÷ 36 months. Any rTSR-related payout will be deferred and made only upon expiration of the Performance Period and Committee certification of rTSR performance. | ||||
| Death or Disability | All time-based Continuous Service requirements shall immediately lapse in accordance with the Plan. PSUs shall remain outstanding through the end of the Performance Period and vest based on actual rTSR performance. | ||||
| Change in Control (awards not assumed) | PSUs shall vest at the level of rTSR performance as of the date of the Change in Control (or at target/100% if insufficient data exists), in accordance with the Plan. | ||||
| PARTICIPANT | GROUPON, INC. | ||||
| _______________________________ Signature _______________________________ Print Name _______________________________ Date | _______________________________ Authorized Signature _______________________________ Print Name / Title _______________________________ Date | ||||
| Groupon rTSR Percentile vs. Russell 2000 | Vesting Percentage of Target PSUs | Notes | ||||||
| Below 50th Percentile | 0% | No payout below median | ||||||
| PARTICIPANT | GROUPON, INC. | ||||
| _______________________________ Signature _______________________________ Print Name _______________________________ Date | _______________________________ Authorized Signature _______________________________ Print Name / Title _______________________________ Date | ||||
| PARTICIPANT | GROUPON, INC. | ||||
_______________________________ Signature _______________________________ Print Name | _______________________________ Authorized Signature _______________________________ Print Name / Title | ||||
Date: August 6, 2026 | /s/ Rana Kashyap | |||||||
Rana Kashyap | ||||||||
| Chief Financial Officer | ||||||||
| (Principal Financial Officer) | ||||||||