“The change in fair value of FG VIEs’ assets and liabilities where the FVO was elected is reported in “fair value gains (losses) on FG VIEs” in the consolidated statements of operations, except for the change in fair value attributable to change in instrument-specific credit risk (ISCR) on FG VIEs’ liabilities for which the FVO was elected, which is reported in “other comprehensive income” Interest income and interest expense are derived from the trustee reports and also included in “fair value gains (losses) on FG VIEs.” For those FG VIE liabilities with recourse to the Company, the portion of the inception-to-date change in fair value, attributable to ISCR, is calculated by holding all current period assumptions constant for each security and isolating the effect of the change in AG’s CDS spread from the most recent date of consolidation to the current period.”
“Flight gross bookings increased 25% year-over-year for the three months ended March 31, 2026 due to airline tickets growth, partially offset by lower average airline ticket prices.”
“26 Table of Contents Results of Operations The following sets forth, as a percentage of revenue, interim condensed consolidated statements of income data for the periods indicated: For the Three Months Ended March 31, 2026 2025 Revenue 100 % 100 % Costs and operating expenses: Cost of revenue (exclusive of amortization of acquired intangible assets shown below) 44 41 Research and development 13 12 Sales and marketing 15 13 General and administrative 15 15 Amortization of acquired intangible assets 2 3 Restructuring charge — — Total costs and operating expenses (1) 89 85 Income from operations (1) 11 15 Interest and marketable securities income, net 2 2 Interest expense (1) (1) Other (expense) income, net — 1 Income before provision for income taxes (1) 11 17 Provision for income taxes 1 5 Net income (1) 10 % 12 % (1) Amounts may not foot due to rounding.”