v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly provided to the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The accounting policies of the Company’s reportable segment, as well as how the Company derives revenue, are consistent with those described in “Note 2—Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The CODM uses consolidated net income to assess performance, evaluate cost optimization, and allocate resources, including personnel-related and financial or capital resources, in the annual budget and forecasting process, as well as budget-to-actual variances on a monthly basis. As such, the Company has determined that it operates as one operating and reportable segment.
The following tables set forth significant expense categories and other specified amounts included in consolidated net income that are otherwise regularly provided to the CODM for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
20252024
Revenue
$192,706 $190,937 
Cost of revenue (1)
39,201 41,909 
Research and development (1)
38,544 44,658 
Sales and marketing (1)
33,750 44,906 
General and administrative (1)(2)
22,940 25,212 
Provision for transaction losses2,259 927 
Stock-based compensation expense
12,272 16,942 
Depreciation and amortization4,861 3,146 
Interest income
(7,098)(7,685)
Interest expense
686 693 
Income tax (benefit) provision
7,277 1,329 
Other segment items (3)
284 458 
Segment net income
$37,730 $18,442 
(1) For all periods presented, excludes stock-based compensation and depreciation and amortization included in cost of revenue, research and development, sales and marketing, and general and administrative expenses, as these amounts are regularly provided to the CODM.
(2) For all periods presented, excludes expenses related to the warrant to purchase 500,000 shares of the Company’s common stock at an exercise price of $0.01 per share issued to the Tides Foundation in 2018, which is referred to as the Tides Foundation Warrant.
(3) For all periods presented, the Company incurred $0.2 million of expenses related to the Tides Foundation Warrant.
There are no reconciling items or adjustments between segment net revenues, net income, total assets and consolidated net revenues, net income and total assets.
Substantially all of the Company’s long-lived assets were located in the United States as of March 31, 2025 and December 31, 2024.