Revenue grew from $387M in 2023 to $1.31B in 2025, an 84% CAGR, reaching $601M in Q1 2026 — up 132% year-over-year from Q1 2025's $259M.¹ The Q1 2026 acceleration is acquisition-driven: Vimeo closed November 2025 and AOL closed January 2026; neither was in the Q1 2025 base. Gross margin expanded from 61.1% in 2023 to 67.9% in Q1 2026 as subscription mix improved and operational efficiencies compounded.

The GAAP-to-adjusted spread is wide and widening. Adjusted Operating Income Margin reached 51% in Q1 2026, up from 36% in 2023, after adding back $188M in Q1 2026 of amortization, transaction costs, and reorganization charges. In 2025, add-backs totaled $335M on $278M of GAAP operating income. GAAP net income swung from $161M in 2023 (aided by a $103M tax benefit) to essentially zero in 2025 ($204K net loss) to $27M in Q1 2026. These swings reflect the cost of M&A activity rather than deteriorating core performance.

Interest expense has become a structural constraint: $17M in 2023, $33M in 2024, $143M in 2025, and $93M in Q1 2026 alone, implying a run-rate above $370M annually against total debt of $4.36B.¹ Q1 2026 GAAP operating income of $120M covered interest expense of $93M by only 1.3x. Operating cash flow of $291M in 2025 did not cover the $1.85B invested in acquisitions; the gap was funded by $1.94B in financing cash flows.

($M)	2023	2024	2025	Q1 2025	Q1 2026
Revenue	$387.1	$671.1	$1,306.4	$258.9	$601.3
YoY Revenue Growth	—	73%	95%	—	132%
Cost of Revenue	$150.6	$242.2	$449.1	$93.5	$193.1
Gross Profit	$236.5	$428.9	$857.3	$165.4	$408.2
Gross Margin	61.1%	63.9%	65.6%	63.9%	67.9%
R&D	$51.8	$92.6	$120.7	$43.8	$94.4
Sales & Marketing	$42.6	$79.2	$131.7	$37.3	$58.6
G&A	$57.8	$129.8	$327.0	$89.0	$135.1
GAAP Operating Income (Loss)	$84.3	$127.4	$277.9	$(4.6)	$120.2
GAAP Operating Margin	21.8%	19.0%	21.3%	(1.8%)	20.0%
Amort./Impairment (Acq. Intangibles)	$33.8	$85.9	$150.5	$29.7	$69.2
Transaction-Related Expense	$0.8	$32.0	$85.5	$25.4	$37.9
Reorganization-Related Expense	$13.5	$51.8	$78.6	$44.6	$75.8
Adjusted Operating Income	$137.4	$299.5	$613.2	$95.0	$308.0
Adj. OI Margin	35.5%	44.6%	46.9%	36.7%	51.2%
Interest Expense	$17.2	$32.6	$142.6	$19.3	$93.2
GAAP Net Income (Loss)	$160.6	$89.0	$(0.2)	$(112.2)	$27.5
Adjusted Net Income	$95.9	$229.4	$375.6	$48.5	$206.0

Table 2 — Balance Sheet Snapshot (March 31, 2026)

Item	($M)
Cash & Equivalents	$740.8
Total Current Assets	$1,236.1
Total Assets	$6,982.9
Total Debt (incl. current portion)	$4,356.1
Total Liabilities	$5,920.2
Total Shareholders' Equity	$1,062.7

Table 3 — Cash Flow Summary

($M)	2023	2024	2025
Operating Cash Flow	$59.2	$204.9	$290.6
Investing Cash Flow	$(170.3)	$(889.7)	$(1,851.9)
Financing Cash Flow	$110.7	$664.0	$1,935.9
Net Change in Cash	$3.2	$(50.3)	$391.2

Q1 2025 and Q1 2026 cash flows are as restated per Note 16 of the unaudited condensed interim financials.¹ CapEx is not separately broken out in the F-1 sections reviewed; investing cash flows are dominated by acquisition payments.

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