Revenue grew 18% year-over-year to $2.68 billion.
Adjusted EBITDA margin increased to 19% from 18%.
Refinanced $2.0B of 0% notes with $2.5B of interest-bearing senior notes.
Spent $1.1 billion on share repurchases in a single quarter.
The Q1 2026 filing presents a company at a crossroads between high-growth international expansion and the onset of structural financial costs. While the top-line momentum and cash flow generation remain impressive, the shift from zero-cost debt to interest-bearing senior notes and the reliance on one-time gains to pad EBITDA suggest a transition toward a more complex financial era. The massive share buyback program serves as a strong signal of management's confidence, yet it contrasts with the rising cost of customer acquisition. Ultimately, the investment thesis now hinges on whether the international flywheel can accelerate enough to offset the new interest burdens and regulatory headwinds. The resilience of the Average Daily Rate and the adoption of deferred payment programs indicate a sticky product, but the widening gap between revenue growth and marketing spend is a critical metric to watch in the coming quarters.