Cars.com Reports Fourth Quarter and Full Year 2025 Results

Cars.com Reports Fourth Quarter and Full Year 2025 Results Record Full Year Revenue of $723 Million Driven by Dealer Revenue Growth Expanded Customer Base to 19,544 Dealer Customers Generated $152MM of Annual Net Cash Provided by Operating Activities Repurchased 7.1 Million Shares for $86 Million and Retired 9% of Shares Outstanding CHICAGO, February 26, 2026 -- Cars.com Inc. (NYSE: CARS), a trusted audience-powered and data-driven technology platform that simplifies buying and selling cars, today released its financial results for the fourth quarter and year ended December 31, 2025. “The Cars.com marketplace and product suite is positioned to capture growing demand for trusted data insights, simple end-to-end tools, and an AI-oriented user experience. Our focus is squarely on driving further financial improvements in 2026 by leveraging and enhancing our marketplace flywheel. We plan to develop more interconnectivity across our solutions to amplify differentiation and unlock product adoption. At the same time, we will evaluate our cost structure to operate more efficiently. We look forward to sharing updates as we execute our strategy to create value for all stakeholders,” said Tobias Hartmann, Chief Executive Officer of Cars.com, Inc. Financial Highlights (in thousands, except per share data) Quarter Ended December 31, Year Ended December 31, 2025 2024 Change % 2025 2024 Change % Revenue $ 183,903 $ 180,431 2% $ 723,239 $ 719,152 1% Net income 7,398 17,304 (57%) 20,052 48,188 (58%) Adjusted net income 27,385 32,508 (16%) 108,134 114,923 (6%) Adjusted EBITDA 54,896 55,488 (1%) 211,146 209,717 1% Net income per diluted share 0.12 0.26 (54%) 0.32 0.72 (56%) Adjusted net income per diluted share 0.44 0.49 (10%) 1.71 1.71 NM NM = Not meaningful Key Metrics and Operational Highlights (in millions, except dealer data) Quarter Ended December 31, 2025 September 30, 2025 December 31, 2024 Change % Q/Q Change % Y/Y Average Monthly Unique Visitors 21.7 25.5 23.1 (15%) (6%) Traffic (“Visits”) 138.8 156.2 143.8 (11%) (3%) Monthly Average Revenue Per Dealer (“ARPD”) $ 2,472 $ 2,460 $ 2,475 NM NM Dealer Customers 19,544 19,526 19,206 NM 2% • Dealer Customers grew to 19,544 dealers due to focused commercial execution and continued Marketplace adoption, and extended the streak of sequential customer growth in every quarter of 2025 • Marketplace Premium+ subscriber base more than doubled quarter-over-quarter during Q4 • AccuTrade Connected reached 1,180 subscribers in Q4 and total appraisals grew over 75% year-over-year Page 2 • Market Area Expansion launched nationwide on Cars.com in January following a successful pilot in Q4, providing consumers with richer search results that include shippable vehicles from non-local dealerships Q4 2025 Results Revenue for the fourth quarter was $183.9 million, up 2% compared to the prior year period and setting a quarterly record. Subscription-based Dealer revenue of $164.4 million was up 3% year-over-year primarily from marketplace and website repackaging benefits, as well as Marketplace customer growth. OEM and National revenue of $16.2 million was down 9% year-over-year, reflecting changes in spending by OEM partners. Total operating expenses for the fourth quarter were $162.2 million compared to $160.7 million in the prior year period, growing at a moderate pace of 1% year-over-year. The biggest contributors to the increase were additional marketing investments, severance-related costs, and stock-based compensation, which were substantially offset by lower depreciation and amortization expenses. Adjusted operating expenses for the quarter were $145.5 million, down 3% year-over-year as greater marketing investments were more than offset by lower depreciation and amortization. Net income for the fourth quarter was $7.4 million, or $0.12 per diluted share, compared to Net income of $17.3 million, or $0.26 per diluted share, in the year-ago period. The change in Net income is primarily attributable to the $10.8 million gain on the sale of an equity investment, which was recorded in the prior period. Adjusted net income for the fourth quarter was $27.4 million, or $0.44 per diluted share, compared to $32.5 million, or $0.49 per diluted share a year ago. Adjusted EBITDA for the fourth quarter was $54.9 million, or 29.9% of revenue, compared to $55.5 million, or 30.8% of revenue in the year-ago period. Adjusted EBITDA declined 1% year-over-year, in-line with higher marketing costs that were mostly offset by operating efficiencies in cost of revenue and general and administrative expenses. Full Year Results Revenue for fiscal year 2025 totaled $723.2 million, a new full year record, increasing $4.1 million, or 1% year-over-year. Subscription-based Dealer revenue was up 1% year-over-year, driven by Solutions customer growth and repackaging, and partially offset by Marketplace declines in the first half of the year and lower Dealer Media spending. OEM and National revenue was down 1% year-over-year, reflecting changes in OEM spending in the second half of the year. Total operating expenses for the year were $663.0 million, compared to $665.7 million in 2024. Adjusted Operating Expenses for the year were $603.9 million, a 2% decrease year-over-year that was driven by a meaningful decline in depreciation and amortization. Depreciation and amortization expense decreased 14% year-over-year, primarily due to certain assets being fully depreciated and amortized as compared to the prior-year period, and partially offset by accelerated depreciation associated with the amended headquarters lease. Net income for the year totaled $20.1 million, or $0.32 per diluted share, compared to Net income of $48.2 million, or $0.72 per diluted share in the prior year. The change in Net income is primarily attributable to changes in the fair value of contingent consideration associated with prior acquisitions, and the gain on the sale of an equity investment, which were both recorded in the prior year. Adjusted net income for the year was $108.1 million, or $1.71 per diluted share, compared to $114.9 million, or $1.71 per diluted share a year ago. Page 3 Adjusted EBITDA for the year totaled $211.1 million, or 29.2% of revenue, compared to $209.7 million, or 29.2% of revenue, in the prior year period. Adjusted EBITDA grew 1% year-over-year, largely mirroring revenue performance during this period. Cash Flow and Balance Sheet Net cash provided by operating activities for the twelve-month period ended December 31, 2025 was $151.6 million, compared to $152.5 million in the prior year, which is largely attributable to the increase in earnout payments associated with the D2C Media acquisition. Free cash flow for the twelve-month period ended December 31, 2025 totaled $125.7 million, compared to $128.1 million in the prior year. Total debt outstanding was $455.0 million as of December 31, 2025. Total net leverage (as defined in the Company’s credit facility) was 1.9x as of December 31, 2025. Total liquidity as of December 31, 2025 was $351.2 million, which is defined as Cash and cash equivalents of $56.2 million and revolver capacity of $295.0 million. Share Repurchase Share repurchase activity in 2025 reflected a strong commitment to returning value to shareholders. Approximately 1.9 million shares of common stock were repurchased for $22.0 million in the fourth quarter, bringing total repurchases to 7.1 million shares for $86.0 million in 2025. This performance was at the high end of the fiscal 2025 share repurchase target range of $70 to $90 million, which was also raised midyear from the original target of $60 to $70 million. The existing share repurchase program was approved in February 2025, under which approximately $174 million in repurchase authorization remained as of December 31, 2025. The current share repurchase program expires in February 2028. “We executed on key growth initiatives to deliver both revenue and Adjusted EBITDA results that were in-line with our outlook. Our asset-light model and operating leverage continues to power strong cash generation, and we utilized nearly 70% of free cash flow for share repurchases in support of our stated capital allocation policy to meaningfully return capital to shareholders,” said Sonia Jain, Chief Financial Officer of Cars.com, Inc. “Looking ahead, our focus is on further scaling our marketplace through sustainable operational improvements and delivering profitable growth for long-term value creation.” Outlook First Quarter 2026 First quarter revenue is expected to be flat to up 1% year-over-year, based on a favorable Q4 exit rate for subscription-based Marketplace and website products that is slightly offset by near-term pressure in OEM advertising spending. First quarter Adjusted EBITDA margin is expected to be between 26.0% and 27.0%, reflecting underlying revenue mix change and slightly elevated technology and compensation expenses. Full Year 2026 Full year 2026 revenue is expected to be flat to up 2% year-over-year. Dealer revenue growth is expected to be driven by Marketplace and website repackaging, customer base growth, and further product adoption. OEM and National revenue is expected to be pressured on a full year basis due to continuing shifts in OEM advertising investments. Full year 2026 Adjusted EBITDA margin is expected to be between 29.0% to 30.0%. Page 4 Q4 2025 Earnings Call As previously announced, management will hold a conference call and webcast today at 8:00 a.m. CT. This webcast may be accessed at the Cars Commerce Investor Relations website, investor.cars.com. An archive of the webcast will be available at investor.cars.com following the conclusion of the call. About Cars Commerce Cars.com Inc. (NYSE:CARS) is a trusted audience-powered and data-driven technology platform that simplifies buying and selling cars. The flagship Cars.com marketplace connects millions of consumers to dealerships across the U.S., powering the car buying experience with artificial intelligence ("AI") shopping tools and comprehensive vehicle reviews and content. Our interconnected ecosystem of products enables dealers and OEMs to sell more cars by efficiently leveraging our marketplace, dealer websites, trade and appraisal tools, and proprietary in-market media solutions. Learn more at www.carscommerce.inc. Non-GAAP Financial Measures This earnings release discusses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net (loss) income, Free Cash Flow and Adjusted Operating Expenses. These financial measures are not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). These financial measures are presented as supplemental measures of operating performance because the Company believes they provide meaningful information regarding the Company’s performance and provide a basis to compare operating results between periods. In addition, the Company uses Adjusted EBITDA as a measure for determining incentive compensation targets. Adjusted EBITDA also is used as a performance measure under the Company’s credit agreement and includes adjustments such as the items defined below and other further adjustments, which are defined in the credit agreement. These non-GAAP financial measures are frequently used by the Company’s lenders, securities analysts, investors and other interested parties to evaluate companies in the Company’s industry. While a reconciliation of non-GAAP measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to, as applicable, the timing, amount, valuation and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, the Company has provided a reconciliation of non-GAAP financial measures to their most directly comparable financial measure prepared in accordance with GAAP in this earnings release, see "Non-GAAP Reconciliations" below. Other companies may define or calculate these measures differently, limiting their usefulness as comparative measures. Because of these limitations, non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. Definitions of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are presented in the tables below. The Company defines Adjusted EBITDA as net income (loss) before (1) interest expense, net, (2) income tax (benefit) expense, (3) depreciation, (4) amortization of intangible assets, (5) stock-based compensation expense, (6) unrealized mark-to-market adjustments and cash transactions related to derivative instruments, (7) unrealized foreign currency exchange gains and losses, and (8) certain other items, such as transaction-related items, severance, transformation and other exit costs and write-off and impairments of goodwill, intangible assets and other long-lived assets. Transaction-related items result from actual or potential transactions such as business combinations, mergers, acquisitions, dispositions, spin-offs, financing transactions, and other strategic transactions, including, without limitation, (1) transaction-related bonuses and (2) expenses for advisors and representatives such as investment bankers, consultants, attorneys and accounting firms. Transaction-related items may also include, without limitation, transition and integration costs such as retention bonuses and acquisition-related milestone payments to acquired employees, consulting, compensation Page 5 and other incremental costs associated with integration projects, fair value changes to contingent considerations and amortization of deferred revenue related to the AccuTrade acquisition. The Company defines Adjusted Net Income as GAAP net (loss) income excluding, net of their related tax effects: (1) amortization of intangible assets, (2) stock-based compensation expense, (3) unrealized mark-to-market adjustments and cash transactions related to derivative instruments, (4) unrealized foreign currency exchange gains and losses, and (5) certain other items, such as transaction-related costs, severance, transformation and other exit costs and write-off and impairments of goodwill, intangible assets and other long-lived assets. The Company defines Free Cash Flow as net cash provided by operating activities less capital expenditures, including purchases of property and equipment and capitalization of internally developed technology. The Company defines Adjusted Operating Expenses as total operating expenses adjusted to exclude stock-based compensation, write-off and impairments of goodwill, intangible assets, long-lived assets, severance, transformation and other exit costs and transaction-related items. Key Metric Definitions Average Monthly Unique Visitors (“UVs”) and Traffic (“Visits”). The Company defines UVs in a given month as the number of distinct visitors that engage with its platform during that month. Visitors are identified upon first visit to an individual Cars.com property on an individual device/browser combination or installation of one of our mobile apps on an individual device. If a visitor accesses more than one of our web properties or apps or uses more than one device or browser, each of those unique property/browser/app/device combinations counts toward the number of UVs. Traffic is defined as the number of visits to Cars.com desktop and mobile properties (responsive sites and mobile apps). The Company measures UVs and Traffic via RudderStack. These metrics do not include traffic to Dealer Inspire, D2C Media, or DealerClub websites. Monthly Average Revenue Per Dealer ("ARPD"). The Company believes that its ability to grow ARPD is an indicator of the value proposition of its platform. The Company defines ARPD as Dealer revenue, excluding digital advertising services and DealerClub, during the period divided by the monthly average number of Dealer Customers during the same period. Dealer Customers. Dealer Customers represent dealerships using the Company’s products as of the end of each reporting period. Each physical or virtual dealership location is counted separately, whether it is a single-location proprietorship or part of a large, consolidated dealer group. Multi-franchise dealerships at a single location are counted as one dealer. Dealer Customer metrics do not include DealerClub. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical facts are forward-looking statements. These statements often use words such as “believe,” “expect,” “project,” “anticipate,” “outlook,” “intend,” “strategy,” “plan,” “estimate,” “target,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecasts,” “mission,” “strive,” “more,” “goal” or similar expressions. Forward-looking statements are based on our current expectations, beliefs, strategies, estimates, projections and assumptions, experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments, and other factors we think are appropriate. Such forward-looking statements are based on estimates and assumptions that, while considered reasonable by Cars Commerce and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. While Cars Commerce and its management make such statements in good faith and believe such judgments are reasonable, you should understand that these statements are not guarantees of future strategic action, performance or results. Our Page 6 actual results, performance, achievements, strategic actions or prospects could differ materially from those expressed or implied by these forward-looking statements. Given these uncertainties, you should not rely on forward-looking statements in making investment decisions. When we make comparisons of results between current and prior periods, we do not intend to express any future trends, or indications of future performance, unless expressed as such, and you should view such comparisons as historical data. Whether or not any such forward-looking statement is in fact achieved will depend on future events, some of which are beyond our control. Forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results and strategic actions to differ materially from those expressed in the forward-looking statements contained in this press release. For a detailed discussion of many of these and other risks and uncertainties, see “Part I, Item 1A., Risk Factors” and “Part II, Item 7., Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026 and our other filings filed with the SEC and available on our website at investor.cars.com or via EDGAR at www.sec.gov. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties. The forward-looking statements contained in this press release are based only on information currently available to us and speak only as of the date of this press release. We undertake no obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise. The forward-looking statements in this report are intended to be subject to the safe harbor protection provided by the federal securities laws. Cars Commerce Investor Relations Contact: Katherine Chen kchen@carscommerce.inc 408.768.6847 Cars Commerce Media Contact: Marita Thomas mthomas@carscommerce.inc 312.601.5692 ### Page 7 Cars.com Inc. Consolidated Statements of Income (In thousands, except per share data) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenue: Dealer $ 164,423 $ 159,551 $ 644,053 $ 640,722 OEM and National 16,209 17,745 65,305 65,894 Other 3,271 3,135 13,881 12,536 Total revenue 183,903 180,431 723,239 719,152 Operating expenses: Cost of revenue and operations 31,177 31,730 123,328 124,332 Product and technology 28,671 29,931 117,330 117,875 Marketing and sales 59,377 54,019 239,365 232,280 General and administrative 26,474 20,287 91,124 83,985 Depreciation and amortization 16,466 24,683 91,842 107,182 Total operating expenses 162,165 160,650 662,989 665,654 Operating income 21,738 19,781 60,250 53,498 Nonoperating expenses: Interest expense, net (7,439 ) (7,739 ) (30,382 ) (32,197 ) Other income, net 570 8,064 4,438 40,562 Total nonoperating (expense) income, net (6,869 ) 325 (25,944 ) 8,365 Income before income taxes 14,869 20,106 34,306 61,863 Income tax expense 7,471 2,802 14,254 13,675 Net income $ 7,398 $ 17,304 $ 20,052 $ 48,188 Weighted-average common shares outstanding: Basic 60,258 65,071 62,386 66,006 Diluted 61,730 66,802 63,264 67,387 Net income per share: Basic $ 0.12 $ 0.27 $ 0.32 $ 0.73 Diluted 0.12 0.26 0.32 0.72 Page 8 Cars.com Inc. Consolidated Balance Sheets (In thousands, except per share data) December 31, 2025 December 31, 2024 Assets: Current assets: Cash and cash equivalents $ 56,236 $ 50,673 Accounts receivable, net 131,945 133,741 Prepaid expenses 15,491 13,782 Other current assets 7,920 16,134 Total current assets 211,592 214,330 Property and equipment, net 35,223 40,704 Goodwill 167,207 143,279 Intangible assets, net 527,082 585,690 Deferred tax assets, net 88,594 100,530 Investments and other assets, net 32,720 27,332 Total assets $ 1,062,418 $ 1,111,865 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 27,749 $ 33,498 Accrued compensation 38,074 36,295 Other accrued liabilities 47,564 47,092 Total current liabilities 113,387 116,885 Noncurrent liabilities: Long-term debt, net 451,516 455,288 Deferred tax liabilities, net 6,241 6,773 Other noncurrent liabilities 18,744 21,434 Total noncurrent liabilities 476,501 483,495 Total liabilities 589,888 600,380 Commitments and contingencies Stockholders' equity: Preferred Stock at par, $0.01 par value; 5,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively — — Common Stock at par, $0.01 par value; 300,000 shares authorized; 58,636 and 64,391 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 586 643 Additional paid-in capital 1,413,994 1,473,986 Accumulated deficit (941,494 ) (961,546 ) Accumulated other comprehensive loss (556 ) (1,598 ) Total stockholders' equity 472,530 511,485 Total liabilities and stockholders' equity $ 1,062,418 $ 1,111,865 Page 9 Cars.com Inc. Consolidated Statements of Cash Flows (In thousands) Year Ended December 31, 2025 2024 Cash flows from operating activities: Net income $ 20,052 $ 48,188 Adjustments to reconcile Net income to Net cash provided by operating activities: Depreciation 29,016 26,677 Amortization of intangible assets 62,826 80,505 Stock-based compensation 31,327 30,553 Deferred income taxes 11,450 11,894 Provision for doubtful accounts 1,961 3,389 Amortization of debt issuance costs 1,911 2,249 Unrealized (gain) loss on foreign currency denominated transactions (2,081 ) 3,697 Changes in fair value of contingent consideration — (33,473 ) Gain on sale of equity investment — (10,846 ) Other, net 2,354 662 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable 601 (12,321 ) Prepaid expenses and other assets (2,259 ) (5,390 ) Accounts payable (5,685 ) 11,104 Accrued compensation 880 5,313 Other liabilities (714 ) (9,677 ) Net cash provided by operating activities 151,639 152,524 Cash flows from investing activities: Payments for acquisitions, net of cash acquired (24,769 ) (216 ) Capitalization of internally developed technology (21,619 ) (21,381 ) Purchase of property and equipment (4,286 ) (3,000 ) Proceeds from sale of equity investment 9,481 — Purchase of convertible note receivable (8,206 ) — Net cash used in investing activities (49,399 ) (24,597 ) Cash flows from financing activities: Proceeds from Revolving Loan borrowings 10,000 — Payments of Revolving Loan borrowings and long-term debt (15,000 ) (30,000 ) Payments for stock-based compensation plans, net (4,715 ) (7,475 ) Repurchases of common stock (86,907 ) (49,179 ) Payments of contingent consideration — (27,435 ) Payments of debt issuance costs and other fees — (1,869 ) Net cash used in financing activities (96,622 ) (115,958 ) Effect of exchange rate changes on Cash and cash equivalents (55 ) (494 ) Net increase in Cash and cash equivalents 5,563 11,475 Cash and cash equivalents at beginning of period 50,673 39,198 Cash and cash equivalents at end of period $ 56,236 $ 50,673 Supplemental cash flow information: Cash paid for income taxes $ 2,568 $ 6,487 Cash paid for interest 29,955 32,525 Page 10 Cars.com Inc. Non-GAAP Reconciliations (In thousands, except per share data) (Unaudited) Reconciliation of Net income to Adjusted EBITDA Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income $ 7,398 $ 17,304 $ 20,052 $ 48,188 Interest expense, net 7,439 7,739 30,382 32,197 Income tax expense 7,471 2,802 14,254 13,675 Depreciation and amortization 16,466 24,683 91,842 107,182 Stock-based compensation, including related payroll tax expense 9,189 7,166 32,351 32,373 Transaction-related and other one-time items 7,501 (6,989 ) 24,110 (27,644 ) Non-operating foreign exchange (gain) loss (568 ) 2,783 (1,845 ) 3,746 Adjusted EBITDA $ 54,896 $ 55,488 $ 211,146 $ 209,717 Reconciliation of Net income to Adjusted Net income Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income $ 7,398 $ 17,304 $ 20,052 $ 48,188 Stock-based compensation, including related payroll tax expense 9,189 7,166 32,351 32,373 Amortization of intangible assets 10,527 17,312 62,826 80,505 Transaction-related items 2,569 2,744 11,099 (21,722 ) Non-operating foreign exchange (gain) loss (568 ) 2,783 (1,845 ) 3,746 Other one-time items 4,932 (9,733 ) 13,011 (5,922 ) Income tax impact of adjustments (6,662 ) (5,068 ) (29,360 ) (22,245 ) Adjusted net income $ 27,385 $ 32,508 $ 108,134 $ 114,923 Adjusted net income per share, diluted $ 0.44 $ 0.49 $ 1.71 $ 1.71 Weighted-average common shares outstanding, diluted 61,730 66,802 63,264 67,387 Reconciliation of Net cash provided by operating activities to Free cash flow Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net cash provided by operating activities $ 37,118 $ 30,007 $ 151,639 $ 152,524 Capitalization of internally developed technology (5,488 ) (4,611 ) (21,619 ) (21,381 ) Purchase of property and equipment (385 ) (954 ) (4,286 ) (3,000 ) Free cash flow $ 31,245 $ 24,442 $ 125,734 $ 128,143 Page 11 Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2025: As Reported Adjustments (1) Stock-Based Compensation As Adjusted Cost of revenue and operations $ 31,177 $ — $ (223 ) $ 30,954 Product and technology 28,671 (233 ) (1,705 ) 26,733 Marketing and sales 59,377 (1,052 ) (967 ) 57,358 General and administrative 26,474 (6,216 ) (6,294 ) 13,964 Depreciation and amortization 16,466 — — 16,466 Total operating expenses $ 162,165 $ (7,501 ) $ (9,189 ) $ 145,475 Total nonoperating expense, net $ (6,869 ) $ (568 ) $ — $ (7,437 ) (1) Includes transaction related items, unrealized gains and losses on foreign currency denominated transactions, severance, transformation and other exit costs, and write-off of long-lived assets and other. Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended December 31, 2024: As Reported (1) Adjustments (1)(2) Stock-Based Compensation As Adjusted Cost of revenue and operations $ 31,730 $ — $ (149 ) $ 31,581 Product and technology 29,931 (891 ) (2,642 ) 26,398 Marketing and sales 54,019 (224 ) (1,360 ) 52,435 General and administrative 20,287 (2,742 ) (3,015 ) 14,530 Depreciation and amortization 24,683 — — 24,683 Total operating expenses $ 160,650 $ (3,857 ) $ (7,166 ) $ 149,627 Total nonoperating income (expense), net $ 325 $ (8,063 ) $ — $ (7,738 ) (1) Certain prior year balances have been reclassified to conform to the current year presentation. (2) Includes transaction related items, unrealized gains and losses on foreign currency denominated transactions, severance, transformation and other exit costs, and write-off of long-lived assets and other. Page 12 Reconciliation of Operating expenses to Adjusted operating expenses for the Year Ended December 31, 2025: As Reported Adjustments (1) Stock-Based Compensation As Adjusted Cost of revenue and operations $ 123,328 $ (602 ) $ (848 ) $ 121,878 Product and technology 117,330 (4,200 ) (8,999 ) 104,131 Marketing and sales 239,365 (3,850 ) (6,230 ) 229,285 General and administrative 91,124 (18,051 ) (16,274 ) 56,799 Depreciation and amortization 91,842 — — 91,842 Total operating expenses $ 662,989 $ (26,703 ) $ (32,351 ) $ 603,935 Total nonoperating expense, net $ (25,944 ) $ (4,438 ) $ — $ (30,382 ) (1) Includes transaction related items, unrealized gain/loss on foreign currency denominated transactions, severance, transformation and other exit costs, and write-off of long-lived assets and other. Reconciliation of Operating expenses to Adjusted operating expenses for the Year Ended December 31, 2024: As Reported (1) Adjustments (1)(2) Stock-Based Compensation As Adjusted Cost of revenue and operations $ 124,332 $ — $ (922 ) $ 123,410 Product and technology 117,875 (3,944 ) (11,388 ) 102,543 Marketing and sales 232,280 (951 ) (5,722 ) 225,607 General and administrative 83,985 (11,768 ) (14,341 ) 57,876 Depreciation and amortization 107,182 — — 107,182 Total operating expenses $ 665,654 $ (16,663 ) $ (32,373 ) $ 616,618 Total nonoperating income (expense) , net $ 8,365 $ (40,561 ) $ — $ (32,196 ) (1) Certain prior year balances have been reclassified to conform to the current year presentation. (2) Includes transaction related items, unrealized gains and losses on foreign currency denominated transactions, severance, transformation and other exit costs, and write-off of long-lived assets and other.