Playtika第二季收入增5%至7.31億美元 淨利潤4800萬美元遠勝去年同期

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
`
FORM 10-Q

(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-39896

PLAYTIKA HOLDING CORP.
(Exact Name of Registrant as Specified in its Charter)

Delaware81-3634591
(State or other jurisdiction(I.R.S. Employer
of incorporation or organization)Identification No.)

c/o Playtika Ltd.
HaChoshlim St 8
Herzliya Pituach, Israel

972-73-316-3251

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valuePLTKThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐
Accelerated filer☒

Non-accelerated filer☐
Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ 

As of August 3, 2026 the registrant had 381,418,186 shares of common stock, $0.01 par value per share, outstanding.

PLAYTIKA HOLDING CORP.
FORM 10-Q
INDEX

Page
PART I.FINANCIAL INFORMATION
1

ITEM 1.FINANCIAL STATEMENTS (Unaudited)
1

Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
1

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025
2

Consolidated Statements of Stockholders’ Deficit for the three and six months ended June 30, 2026 and 2025
3

Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025
5

Notes to the Consolidated Financial Statements
7

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
27

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
35

ITEM 4.CONTROLS AND PROCEDURES
36

PART II.OTHER INFORMATION
38

ITEM 1.LEGAL PROCEEDINGS
38

ITEM 1A.RISK FACTORS
38

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
38

ITEM 3.DEFAULTS UPON SENIOR SECURITIES
38

ITEM 4.MINE SAFETY DISCLOSURES
38

ITEM 5.OTHER INFORMATION
38

ITEM 6.EXHIBITS
39

SIGNATURES

CAUTIONARY NOTE ABOUT FORWARD LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Exchange Act. All statements other than statements of historical facts contained in this quarterly report, including statements regarding our business strategy, plans and our objectives for future operations, are forward-looking statements. Further, statements that include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “future,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “present,” “preserve,” “project,” “pursue,” “should,” “will,” or “would,” or the negative of these words or other words or expressions of similar meaning may identify forward-looking statements.

We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves significant risks, uncertainties and assumptions, including, but not limited to, the important factors discussed in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2026. Moreover, we operate in a very competitive and rapidly changing environment and industry. As a result, it is not possible for our management to assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this Quarterly Report on Form 10-Q, including the documents incorporated by reference, may not occur and actual results could differ materially and adversely from those anticipated, predicted or implied in the forward-looking statements.

Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include without limitation:

•actions of our majority shareholder or other third parties that influence us;
•our reliance on third-party platforms, such as the iOS App Store and Google Play Store, to distribute our games and collect revenues, and the risk that such platforms may adversely change their policies; 
•our reliance on a limited number of games to generate the majority of our revenue; 
•our reliance on a small percentage of total users to generate a majority of our revenue; 
•our free-to-play business model, and the value of virtual items sold in our games, is highly dependent on how we manage the game revenues and pricing models; 
•our inability to refinance our indebtedness, including, without limitation, our $550 million revolving credit facility which is set to expire in March 2027, or to obtain additional financing on favorable terms or at all;
•our inability to identify acquisition targets that fit our strategy or complete acquisitions and integrate any acquired businesses successfully or realize the anticipated benefits of such acquisitions could limit our growth, disrupt our plans and operations or impact the amount of capital allocated to mergers and acquisitions;
•our ability to compete in a highly competitive industry with low barriers to entry; 
•our ability to retain existing players, attract new players and increase the monetization of our player base;
•our ability to develop and/or launch new products and content or otherwise execute against our product roadmap strategy;
•we have significant indebtedness and are subject to the obligations and restrictive covenants under our debt instruments; 
•the impact of an economic recession or periods of increased inflation, and any reductions to household spending on the types of discretionary entertainment we offer;
•our controlled company status; 
•legal or regulatory restrictions or proceedings could adversely impact our business and limit the growth of our operations; 
•risks related to our international operations and ownership, including our significant operations in Israel and Ukraine and the fact that our controlling stockholder is a Chinese-owned company; 
•geopolitical events such as the Wars in Israel and Ukraine; 
•our reliance on key personnel; 
•market conditions or other factors affecting the payment of dividends, including the decision whether or not to pay a dividend; 
•uncertainties regarding the amount and timing of repurchases under our stock repurchase program; 
•security breaches or other disruptions could compromise our information or our players’ information and expose us to liability; and 
•our inability to protect our intellectual property and proprietary information could adversely impact our business.

In addition, statements about the impact of the Wars in Israel and Ukraine are subject to the risks that hostilities may escalate and expand and that the actual impact may differ, possibly materially, from what is currently expected. Additional factors that may cause future events and actual results, financial or otherwise, to differ, potentially materially, from those discussed in or implied by the forward-looking statements include the risks and uncertainties discussed in the sections entitled “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K filed with the SEC on February 26, 2026. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur, and reported results should not be considered as an indication of future performance. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

The forward-looking statements speak only as of the date they are made. Except as required by law, we undertake no obligation to update any forward-looking statements for any reason to conform these statements to actual results or to changes in our expectations.

Part I.        FINANCIAL INFORMATION

Item 1.        FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS
(In millions, except par value)

June 30,
2026December 31,
2025
ASSETS(Unaudited)
Current assets
Cash and cash equivalents$438.5 $684.2 
Short-term investments— 136.0 
Restricted cash0.2 1.5 
Accounts receivable163.2 161.8 
Prepaid expenses and other current assets108.9 80.4 
Total current assets710.8 1,063.9 
Property and equipment, net94.9 102.9 
Operating lease right-of-use assets109.2 124.2 
Intangible assets other than goodwill, net375.1 425.7 
Goodwill1,695.7 1,695.7 
Deferred tax assets, net173.6 173.2 
Investments in unconsolidated entities17.1 17.5 
Other non-current assets116.3 115.8 
Total assets$3,292.7 $3,718.9 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Current maturities of long-term debt$11.0 $11.1 
Accounts payable87.7 80.3 
Contingent consideration200.0 454.0 
Operating lease liabilities25.1 27.5 
Accrued expenses and other current liabilities301.2 395.0 
Total current liabilities625.0 967.9 
Long-term debt2,372.7 2,378.0 
Contingent consideration170.0 280.0 
Operating lease liabilities101.3 115.4 
Deferred tax liabilities4.3 8.2 
Other long-term liabilities419.3 380.8 
Total liabilities3,692.6 4,130.3 
Commitments and contingencies (Note 8)

Stockholders' equity (deficit)
Common stock of $0.01 par value; 1,600.0 shares authorized; 433.2 and 428.8 shares issued, respectively, and 381.4 and 377.0 shares outstanding, respectively
4.3 4.3 
Treasury stock at cost, 51.8 shares
(603.5)(603.5)
Additional paid-in capital1,448.8 1,423.1 
Accumulated other comprehensive income11.2 15.9 
Accumulated deficit(1,260.7)(1,251.2)
Total stockholders' deficit(399.9)(411.4)
Total liabilities and stockholders’ deficit$3,292.7 $3,718.9 

The accompanying notes are an integral part of these consolidated financial statements.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions, except for per share data)
(Unaudited)

Three months ended
June 30,Six months ended
June 30,
2026202520262025
Revenues$731.1 $696.0 $1,475.8 $1,402.0 
Costs and expenses
Cost of revenue192.9 195.8 385.1 393.2 
Research and development96.4 114.5 194.4 218.3 
Sales and marketing252.6 257.7 613.2 529.5 
General and administrative54.1 17.9 197.6 83.1 
Impairment charges0.5 0.4 0.5 0.4 
Total costs and expenses596.5 586.3 1,390.8 1,224.5 
Income from operations134.6 109.7 85.0 177.5 
Interest and other, net66.1 64.6 90.3 91.3 
Income (loss) before income taxes68.5 45.1 (5.3)86.2 
Provision for income taxes20.5 11.9 4.2 22.4 
Net income (loss)48.0 33.2 (9.5)63.8 
Other comprehensive income (loss)
Foreign currency translation— 15.5 — 22.7 
Change in fair value of derivatives2.6 7.8 (4.7)1.1 
Total other comprehensive income (loss)2.6 23.3 (4.7)23.8 
Comprehensive income (loss)$50.6 $56.5 $(14.2)$87.6 

Net income (loss) per share attributable to common stockholders, basic$0.13 $0.09 $(0.03)$0.17 
Net income (loss) per share attributable to common stockholders, diluted$0.13 $0.09 $(0.03)$0.17 
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic380.6 375.5 379.5 375.4 
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted382.2 375.6 379.5 375.8 

The accompanying notes are an integral part of these consolidated financial statements.
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(In millions, except for per share data)
(Unaudited)

Share capital
Shares OutstandingAmountTreasury stockAdditional
paid-in
capital
Accumulated
other comprehensive
income (loss)
Retained earnings (Accumulated deficit)Total stockholders' equity (deficit)
Balances at January 1, 2026
377.0 $4.3 $(603.5)$1,423.1 $15.9 $(1,251.2)$(411.4)
Net loss— — — — — (57.5)(57.5)

Stock-based compensation— — — 14.2 — — 14.2 
Issuance of shares upon vesting of RSUs and PSUs3.4 *— (*)— — — 
Income tax withholding related to vesting of RSUs and other— — — (1.1)— — (1.1)
Other comprehensive loss— — — — (7.3)— (7.3)
Balances at March 31, 2026380.4 4.3 (603.5)1,436.2 8.6 (1,308.7)(463.1)
Net income— — — — — 48.0 48.0 

Stock-based compensation— — — 12.7 — — 12.7 
Issuance of shares upon vesting of RSUs1.0 *— (*)— — — 
Income tax withholding related to vesting of RSUs and other— — — (0.1)— — (0.1)
Other comprehensive income— — — — 2.6 — 2.6 
Balances at June 30, 2026381.4 $4.3 $(603.5)$1,448.8 $11.2 $(1,260.7)$(399.9)

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Share capital
Shares OutstandingAmountTreasury stockAdditional
paid-in
capital
Accumulated
other comprehensive income
Retained earnings (Accumulated deficit)Total stockholders' equity (deficit)
Balances at January 1, 2025
375.3 $4.1 $(603.5)$1,362.7 $(0.2)$(894.2)$(131.1)
Net income— — — — — 30.6 30.6 
Cash dividend declared ($0.10 per share)
— — — — — (37.6)(37.6)
Repurchase of common stock(0.8)*— (4.8)— — (4.8)
Stock-based compensation— — — 25.8 — — 25.8 
Issuance of shares upon vesting of RSUs and PSUs1.2 *— (*)— — — 
Income tax withholding related to vesting of RSUs and other— — — (0.6)— — (0.6)
Other comprehensive income— — — — 0.5 — 0.5 
Balances at March 31, 2025375.7 4.1 (603.5)1,383.1 0.3 (901.2)(117.2)
Net income— — — — — 33.2 33.2 
Cash dividend declared ($0.10 per share)
— — — — — (37.6)(37.6)
Repurchase of common stock(1.2)*— (6.1)— (6.1)
Share-based compensation— — — 17.7 — — 17.7 
Issuance of shares upon vesting of RSUs1.8 *— (*)— — — 
Income tax withholding related to vesting of RSUs and other— — — (1.1)— — (1.1)
Other comprehensive income— — — — 23.3 — 23.3 
Balances at June 30, 2025376.3 $4.1 $(603.5)$1,393.6 $23.6 $(905.6)$(87.8)

_______

*    Represents an amount less than 0.1 or $0.1

The accompanying notes are an integral part of these consolidated financial statements.
-4-

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Six months ended
June 30,
20262025
Cash flows from operating activities
Net income (loss)$(9.5)$63.8 
Adjustments to reconcile net income to net cash from operating activities:

Depreciation20.7 22.6 
Amortization of intangible assets69.4 97.6 
Impairment charges0.5 0.4 
Stock-based compensation26.7 43.0 
Amortization of loan discount4.0 3.9 
Change in contingent consideration97.0 (26.1)
Payment of excess acquisition date fair value of contingent consideration(111.0)— 
Change in deferred taxes, net(3.6)(8.8)
Loss (gain) from foreign currency(0.9)6.2 
Non-cash lease expense (income), net1.5 7.3 
Other operating activities0.4 (0.6)
Changes in operating assets and liabilities: 
Accounts receivable(1.4)(3.8)
Prepaid expenses and other current and non-current assets(32.9)(6.4)
Accounts payable 9.6 18.7 
Accrued expenses and other current and non-current liabilities(19.0)(52.9)
Net cash provided by operating activities 51.5 164.9 
Cash flows from investing activities
Purchase of property and equipment(14.1)(15.2)
Capitalization of internal use software costs
(12.9)(15.9)
Purchase of software for internal use
(9.5)(14.2)
Proceeds from maturities of marketable securities135.6 — 
Proceeds from short-term investments— 69.1 
Purchase of short-term investments— (159.8)

Other investing activities(0.1)0.8 
Net cash provided by (used in) investing activities99.0 (135.2)
Cash flows from financing activities

Dividend paid(37.7)(74.9)
Repayments on bank borrowings(9.5)(9.5)

Payment of tax withholdings on stock-based payments(1.2)(1.7)

Payment for share buyback— (10.9)

Payment of contingent consideration(350.0)— 
Net cash used in financing activities(398.4)(97.0)
Effect of exchange rate changes on cash and cash equivalents and restricted cash0.9 2.0 
Net change in cash, cash equivalents and restricted cash(247.0)(65.3)
Cash, cash equivalents and restricted cash at the beginning of the period685.7 567.7 
Cash, cash equivalents and restricted cash at the end of the period$438.7 $502.4 

-5-

Six months ended
June 30,
20262025
Supplemental cash flow disclosures
Cash paid for income taxes$31.8 $41.1 
Cash paid for interest$67.5 $68.5 
Non-cash financing and investing activities
Accrued purchases of property and equipment and intangible assets$5.3 $5.0 
Right-of-use assets acquired under operating leases$3.9 $34.3 

Capitalization of stock-based compensation costs$0.2 $0.5 
Accrued dividend$— $37.6 

The accompanying notes are an integral part of these consolidated financial statements.
-6-

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(In millions, unless specified otherwise)

 

NOTE 1.    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of business and organization

Playtika Holding Corp. (“Playtika”) and its subsidiaries (together with Playtika, the “Company”) is one of the world’s leading developers of mobile games creating fun, innovative experiences that entertain and engage its users. It has built best-in-class live game operations services and a proprietary technology platform to support its portfolio of games which enable it to drive strong user engagement and monetization. The Company’s games are free-to-play, and the Company seeks to provide novel, curated in-game content and offers to its users at optimal points in their game journeys to drive user engagement and monetization.

Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include Playtika and all subsidiaries in which the Company has a controlling financial interest. Control generally equates to ownership percentage, whereby (i) affiliates that are more than 50% owned are consolidated; (ii) investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method where the Company has determined that it has significant influence over the entities; and (iii) investments in affiliates of 20% or less are generally accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

The significant accounting policies referenced in the annual consolidated financial statements of the Company as of December 31, 2025 have been applied consistently in these unaudited interim consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been recorded within the accompanying financial statements, consisting of normal, recurring adjustments, and all intercompany balances and transactions have been eliminated in the consolidation. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 26, 2026.

Financial statements in United States dollars

The currency of the primary economic environment in which the operations of Playtika and its subsidiaries are conducted is the U.S. dollar ("dollar"); thus, the dollar is the functional currency of Playtika and its subsidiaries. Playtika and its subsidiaries' transactions and balances denominated in dollars are presented at their original amounts. Non-dollar transactions and balances have been remeasured to dollars in accordance with ASC 830, Foreign Currency Matters. All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected as financial income or expenses, as appropriate.

During the first quarter of 2026, the Company changed the functional currency of a certain subsidiary from its respective local currency to the U.S. dollar. The change in functional currency is due to increased exposure to the U.S. dollar as a result of a change in facts and circumstances in the primary economic environment in which the subsidiary operates. 

Use of estimates

The preparation of the interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. 
-7-

Concentration of credit risk and significant customers

Financial instruments, which potentially expose the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, short-term investments, restricted cash, accounts receivable and derivative contracts. The Company’s investment policy imposes certain maturity limits on the Company’s portfolio and restricts the permitted investments to the purchase of bank deposits and highly rated fixed income securities.

Apple and Google are significant distribution and payment platforms for the Company's games. A significant portion of the Company’s revenues has been generated from players who accessed the Company's games through these platforms. Therefore, the Company's accounts receivable are derived mainly from sales through these two platforms.

The following table summarizes the major accounts receivable of the Company as a percentage of the total accounts receivable as of the dates indicated:

June 30,
2026December 31,
2025
%
Apple56%56%
Google27%28%

Accounts receivable are recorded at their transaction amounts and do not bear interest. The Company bases its allowance for credit losses on management's best estimate of the amount of probable credit losses in the Company's existing accounts receivable based on historical collection experience and current economic and market conditions. There were no credit losses for the three or six months ended June 30, 2026 and 2025.

Severance Pay

On January 14, 2026, the Company announced a reduction in workforce by approximately fifteen percent, which was substantially complete during the first quarter of 2026. Severance liabilities associated with this reduction in force were recognized as incurred within operating expenses on the consolidated statements of comprehensive income and totaled approximately $1.6 million and $15.3 million for the three and six months ended June 30, 2026.

Cash and cash equivalents and Short-term investments

Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less from the date of purchase. Cash equivalents include investments in term deposits, commercial papers and money market funds.

Investments with maturities of more than three months but less than one year from the date of purchase are included in short-term investments. Such short-term investments may include investments in term deposits, corporate bonds and commercial papers.

The Company accounts for investments in debt securities in accordance with ASC No. 320, "Investments - Debt Securities". The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. Unrealized gains and losses, net of tax, reported in accumulated other comprehensive income (loss) in shareholders' deficit. Gains and losses are determined using the specific identification method and recognized when realized in the consolidated statements of comprehensive income.
 
The Company periodically evaluates its available-for-sale debt securities for impairment in accordance with ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. If the amortized cost of an individual security exceeds its fair value, the Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the Company writes down the security to its fair value and records the impairment charge in the Consolidated Statements of Comprehensive Loss. If neither of these criteria are met, the Company assesses whether credit loss exists. In 
-8-

making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss). 

For the three and six months ended June 30, 2026 and 2025, credit losses were immaterial. 

Derivative instruments
 
The Company uses interest rate swap contracts to reduce its exposure to fluctuating interest rates associated with the Company’s variable rate debt, and to effectively increase the portion of debt upon which the Company pays a fixed interest rate. The Company’s interest rate swap agreements are designated as cash flow hedges under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”), involving the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreement, without the exchange of the underlying notional amount. These hedges are highly effective in offsetting changes in the Company’s future expected cash flows due to the fluctuation of the Company’s variable rate debt. 

The Company monitors the effectiveness of its hedges on a quarterly basis, both qualitatively and quantitatively. The Company performed a regression analysis at inception of the hedging relationship and at period end in which it compared the change in the fair value of the swap transaction and the change in fair value of a hypothetical interest rate swap having terms that identically match the terms of the debt's interest rate payments based on historical swap rates. Based upon this analysis, the Company concluded that the hedging instruments are expected to be highly effective at offsetting changes in the hedged transactions attributable to the risk being hedged. For each future reporting period, the Company will continue performing retrospective and prospective assessments of hedge effectiveness in a single regression analysis by updating the regression analysis that was prepared at the inception of the hedging relationship.

The Company uses foreign currency derivative contracts to reduce its exposure to fluctuating exchange rates between the United States dollar (as the Company’s functional currency) and certain expense lines denominated in Euros (“EUR”), Israeli Shekels (“ILS”), Polish Zloty (“PLN”) and Romanian Leu (“RON”). The Company’s derivative contracts are designated as cash flow hedges under ASC 815. The Company monitors the effectiveness of its hedges on a quarterly basis, both qualitatively and quantitatively, and expects these hedges to remain highly effective at offsetting fluctuations in market rates through their respective maturity dates. See Note 6, Derivative Instruments, for additional discussion.

The fair value of derivative financial instruments is recognized as an asset or liability at each balance sheet date, with changes in fair value recorded in other comprehensive income on the consolidated statements of comprehensive income until the future underlying transactions occur. The fair value approximates the amount the Company would pay or receive if these contracts were settled at the respective valuation dates. The inputs used to measure the fair value of the Company’s interest rate swap agreements and foreign currency derivative contracts are categorized as Level 2 in the fair value hierarchy as established by ASC 820, Fair Value Measurement (“ASC 820”). See Note 7, Fair Value Measurements, for additional discussion.

Cash flows from derivatives, which are designated as accounting hedges, are presented consistently with the cash flow classification of the related hedged items.

Investment in unconsolidated entities

The Company holds certain equity investments in various unconsolidated entities that, based upon the structure of the investment, are not within the scope of equity method investment accounting that would lead to the consolidation conclusions above. Instead, these investments fall within the scope of ASC 321, Investments - Equity Securities. As permitted within that guidance, the Company has elected to account for these investments at cost less impairment, adjusted for changes in fair value from observable transactions for identical or similar investments of the same issuer as of the respective transaction 
-9-

dates. Due to the performance of certain of these investments leading to uncertainty regarding their future viability, the Company recorded an impairment of $0.4 million related to these investments during the three and six months ended June 30, 2026. No changes were recorded due to impairment or changes in fair value during the three and six months ended June 30, 2025

Net income (loss) per share attributable to common stockholders

For all periods presented herein, basic net income (loss) per share is calculated by dividing net income by the weighted-average com