$PPLI

People Inc

CIK:0001800227|SEC Filings

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 436,736	$ 443,247	$ 842,533	$ 854,604
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)	156,535	160,786	308,476	316,917
Selling and marketing expense	120,706	129,613	242,938	255,338
General and administrative expense	113,548	96,497	216,002	137,918
Product development expense	33,686	34,157	68,318	67,475
Depreciation	7,504	7,268	14,818	18,509
Amortization of intangibles	19,044	22,418	38,084	44,836
Total operating costs and expenses	451,023	450,739	888,636	840,993
Operating (loss) income	(14,287)	(7,492)	(46,103)	13,611
Interest expense	(25,865)	(37,167)	(51,723)	(65,481)
Unrealized gain (loss) on investment in MGM Resorts International	721,682	307,437	755,687	(16,828)
Other income, net	10,552	2,796	24,630	10,428
Earnings (loss) from continuing operations before income taxes	692,082	265,574	682,491	(58,270)
Income tax (provision) benefit	(177,347)	(74,360)	(167,238)	407
Net earnings (loss) from continuing operations	514,735	191,214	515,253	(57,863)
Loss on the sale of Care.com, net of income taxes	(2,657)	0	(78,300)	0
(Loss) earnings from discontinued operations, net of income taxes	(4,239)	19,419	216	53,928
Net earnings (loss)	507,839	210,633	437,169	(3,935)
Net (earnings) loss attributable to noncontrolling interests	(988)	819	(2,200)	(1,418)
Net earnings (loss) attributable to People Incorporated shareholders	$ 506,851	$ 211,452	$ 434,969	$ (5,353)
Per share information from continuing operations:
Basic earnings (loss) per share (USD per share)	$ 6.87	$ 2.40	$ 6.77	$ (0.70)
Diluted earnings (loss) per share (USD per share)	6.77	2.33	6.67	(0.70)
Per share information attributable to People Incorporated common stock and Class B common stock shareholders:
Basic earnings (loss) per share (USD per share)	6.78	2.64	5.74	(0.07)
Diluted earnings (loss) per share (USD per share)	$ 6.68	$ 2.57	$ 5.65	$ (0.07)

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities attributable to continuing operations:
Net earnings (loss)	$ 437,169	$ (3,935)
Less: Loss on the sale of Care.com, net of income taxes	(78,300)	0
Less: Earnings from discontinued operations, net of income taxes	216	53,928
Net earnings (loss) attributable to continuing operations	515,253	(57,863)
Adjustments to reconcile net earnings (loss) attributable to continuing operations to net cash provided by (used in) operating activities attributable to continuing operations:
Unrealized (gain) loss on investment in MGM Resorts International	(755,687)	16,828
Gain on sale of an unutilized domain name	(7,500)	0
Deferred income taxes	166,700	(2,638)
Stock-based compensation expense	51,409	(3,080)
Amortization of intangibles	38,084	44,836
Non-cash lease expense (including right-of-use asset impairments)	15,131	17,039
Depreciation	14,818	18,509
Net downward adjustments to the carrying value of equity securities without readily determinable fair values and net gains on sales of investments and businesses	4,574	18,845
Net gains on amendments and early terminations of lease agreements	0	(36,104)
Other adjustments, net	2,975	8,718
Changes in assets and liabilities, net of effects of dispositions:
Accounts receivable	77,453	67,240
Other assets	(267)	(26,508)
Operating lease liabilities	(23,355)	(63,873)
Accounts payable and other liabilities	(40,000)	(29,049)
Income taxes payable and receivable	(1,421)	(2,151)
Deferred revenue	(2,535)	(5,198)
Net cash provided by (used in) operating activities attributable to continuing operations	55,632	(34,449)
Cash flows from investing activities attributable to continuing operations:
Capital expenditures	(19,148)	(8,156)
Net proceeds from the sale of Care.com	295,697	0
Purchase of MGM Resorts International common shares	(37,232)	0
Allocation of Angi Inc.'s cash in the Distribution	0	(386,563)
Proceeds from the sale of an unutilized domain name	7,500	0
Net proceeds from the sales of investments and businesses	38	9,856
Proceeds from the sale of a portion of the retirement investment fund	0	8,485
Other, net	2,643	2,806
Net cash provided by (used in) investing activities attributable to continuing operations	249,498	(373,572)
Cash flows from financing activities attributable to continuing operations:
Principal payments on the Term Loans	(12,250)	(1,425,773)
Net proceeds from the Term Loans refinancing	0	991,451
Proceeds from the issuance of the 2032 Notes	0	400,000
Debt issuance and deferred financing costs	0	(9,916)
Withholding taxes paid on behalf of employees on net settled stock-based awards	(19,453)	(54,645)
Purchases of treasury stock	(133,252)	(200,000)
Distributions from Angi Inc. pursuant to the tax sharing agreement	8,491	0
Other, net	(2,322)	249
Net cash used in financing activities attributable to continuing operations	(158,786)	(298,634)
Total cash provided by (used in) continuing operations	146,344	(706,655)
Net cash (used in) provided by operating activities attributable to discontinued operations	(10,625)	28,999
Net cash used in investing activities attributable to discontinued operations	(48)	(13,349)
Net cash used in financing activities attributable to discontinued operations	0	(14,401)
Total cash (used in) provided by discontinued operations	(10,673)	1,249
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1,776)	1,610
Net increase (decrease) in cash and cash equivalents and restricted cash	133,895	(703,796)
Cash and cash equivalents and restricted cash at beginning of period	986,831	1,807,255
Cash and cash equivalents and restricted cash at end of period	$ 1,120,726	$ 1,103,459

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 1,113,008		$ 941,311	$ 1,076,944		$ 1,363,547
Accounts receivable, net	329,373		409,809
Other current assets	107,588		97,913
Current assets of discontinued operations	1,743		95,716
Total current assets	1,551,712		1,544,749
Buildings, land, equipment, leasehold improvements and capitalized software, net	288,995		284,394
Goodwill	1,507,959		1,508,030
Intangible assets, net of accumulated amortization	357,747		394,381
Investment in MGM Resorts International	3,194,777		2,401,858
Long-term investments	404,628		409,240
Other non-current assets	214,126		222,870
Non-current assets of discontinued operations	0		429,395
TOTAL ASSETS	7,519,944		7,194,917
LIABILITIES:
Current portion of long-term debt	24,500		24,500
Accounts payable, trade	32,225		29,859
Deferred revenue	17,366		19,026
Accrued expenses and other current liabilities	342,308		391,368
Current liabilities of discontinued operations	4,005		96,114
Total current liabilities	420,404		560,867
Long-term debt, net	1,390,218		1,401,324
Deferred income taxes	372,961		208,624
Other long-term liabilities	206,237		226,422
Non-current liabilities of discontinued operations	0		8,657
Redeemable noncontrolling interests	12,236	$ 12,236	25,264	25,279	$ 25,294	25,415
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Additional paid-in-capital	6,008,443		5,959,692
Accumulated deficit	(208,031)		(643,000)
Accumulated other comprehensive loss	(13,763)		(11,842)
Treasury stock, 15,517 shares and 12,026 shares at June 30, 2026 and December 31, 2025, respectively	(704,277)		(571,032)
Total People Incorporated shareholders' equity	5,082,381		4,733,827
Noncontrolling interests	35,507		29,932
Total shareholders' equity	5,117,888	$ 4,582,449	4,763,759	$ 4,937,503	$ 4,737,438	$ 6,278,973
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	7,519,944		7,194,917
Class A common stock
SHAREHOLDERS' EQUITY:
Common stock, value	8		8
Class B common stock
SHAREHOLDERS' EQUITY:
Common stock, value	$ 1		$ 1