v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's chief operating decision maker (“CODM”) is the chief executive officer. The CODM monitors actual versus forecast results for segment adjusted EBITDA on a monthly basis to assess the performance of each segment and make decisions about allocating resources to each segment.
The Company manages its operations using two operating segments, which are also its reportable segments: (1) SaaS and (2) Marketing Services.
The Company does not allocate assets to its segments and the CODM does not evaluate performance or allocate resources based on segment asset data, and therefore, such information is not presented.
The following tables summarize the operating results of the Company's reportable segments. Segment cost of services, Segment sales and marketing, and Segment general and administrative expenses presented below exclude the allocation of depreciation and amortization expense, stock-based compensation expense, restructuring and integration expenses, transaction costs and other expenses.
Three Months Ended June 30, 2025
(in thousands)SaaSMarketing ServicesTotal
Segment revenue$115,005 $95,465 $210,470 
Less:
Segment cost of services29,884 29,929 59,813 
Segment sales and marketing39,581 19,722 59,303 
Segment general and administrative22,147 17,975 40,122 
Segment Adjusted EBITDA$23,393 $27,839 $51,232 
Three Months Ended June 30, 2024
(in thousands)SaaSMarketing ServicesTotal
Segment revenue$77,794 $146,290 $224,084 
Less:
Segment cost of services23,552 45,905 69,457 
Segment sales and marketing32,021 26,249 58,270 
Segment general and administrative12,056 24,987 37,043 
Segment Adjusted EBITDA$10,165 $49,149 $59,314 
Six Months Ended June 30, 2025
(in thousands)SaaSMarketing ServicesTotal
Segment revenue$226,134 $165,707 $391,841 
Less:
Segment cost of services59,560 57,957 117,517 
Segment sales and marketing85,381 37,192 122,573 
Segment general and administrative46,985 32,633 79,618 
Segment Adjusted EBITDA$34,208 $37,925 $72,133 
Six Months Ended June 30, 2024
(in thousands)SaaSMarketing ServicesTotal
Segment revenue$152,116 $305,592 $457,708 
Less:
Segment cost of services47,016 96,475 143,491 
Segment sales and marketing67,052 55,167 122,219 
Segment general and administrative24,448 54,122 78,570 
Segment Adjusted EBITDA$13,600 $99,828 $113,428 
A reconciliation of the Company’s Income before income tax expense to total Segment Adjusted EBITDA is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Income before income tax expense$22,367 $12,166 $9,884 $25,987 
Interest expense8,952 12,175 18,025 25,534 
Depreciation and amortization expense10,191 14,072 21,707 28,625 
Stock-based compensation expense6,008 6,353 13,745 11,642 
Restructuring and integration expenses5,493 7,553 10,175 12,818 
Other components of net periodic pension cost778 1,581 1,546 3,162 
Loss on early extinguishment of debt— 6,638 — 6,638 
Other(2,557)(1,224)(2,949)(978)
Total Segment Adjusted EBITDA$51,232 $59,314 $72,133 $113,428 
The following table sets forth the Company's disaggregation of Revenue based on type of service for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
SaaS$115,005 $77,794 $226,134 $152,116 
Marketing Services
Print67,003 82,631 104,714 167,267 
Digital28,462 63,659 60,993 138,325 
Total Marketing Services95,465 146,290 165,707 305,592 
Revenue$210,470 $224,084 $391,841 $457,708 
Revenue by geography is based on the location of the client. The following table sets forth the Company's disaggregation of Revenue based on geographic region for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
United States$172,134 $178,129 $318,247 $374,569 
International (1)
38,336 45,955 73,594 83,139 
Revenue$210,470 $224,084 $391,841 $457,708 
(1)    Revenue from customers located in Australia was approximately 15.8% and 16.9% of total revenue for the three months ended June 30, 2025 and 2024, respectively, and 15.8% and 15.9% for the six months ended June 30, 2025 and 2024, respectively. No other individual country from the International region contributed more than 10% of total revenue for the three and six months ended June 30, 2025 and 2024.