Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of reconciliation of segment information to the totals reported in the accompanying consolidated financial statements

The tables below set forth information about the Company’s operating segments for the three and six months ended June 30, 2025 and 2024, along with the items necessary to reconcile the segment information to the totals reported in the accompanying condensed consolidated financial statements.


	Three Months Ended June 30, 2025
(In thousands, except percentages)	Security Solutions			Digital Agreements			Corporate and Other		Total
Revenue	$	44,235		$	15,608		$	—	$	59,843
Cost of goods sold	11,413			4,463			—		15,876
Gross profit	32,822			11,145			—		43,967

Gross margin	74		%	71		%	*		73		%

Sales and marketing	7,329			3,467			709		11,505
Research and development	5,358			3,587			499		9,444
Other segment items (1)(3)	336			1,212			10,964		12,512
Operating income (loss) (2)(4)	19,799			2,879			(12,172)		10,506

Interest income, net									732
Other income (expense), net									(669)
Income before income taxes									$	10,569


	Three Months Ended June 30, 2024
(In thousands, except percentages)	Security Solutions			Digital Agreements			Corporate and Other		Total
Revenue	$	45,461		$	15,463		$	—	$	60,924
Cost of goods sold	14,861			5,722			—		20,583
Gross profit	30,600			9,741			—		40,341

Gross margin	67		%	63		%	*		66		%

Sales and marketing	5,533			3,891			1,086		10,510
Research and development	4,097			4,217			27		8,341
Other segment items (1)(3)	278			1,788			11,787		13,853
Operating income (loss) (2)(4)	20,692			(155)			(12,900)		7,637

Interest income, net									521
Other income (expense), net									331
Income before income taxes									$	8,489


	Six Months Ended June 30, 2025
(In thousands, except percentages)	Security Solutions			Digital Agreements			Corporate and Other		Total
Revenue	$	91,948		$	31,261		$	—	$	123,209
Cost of goods sold	23,041			9,110			—		32,151
Gross profit	68,907			22,151			—		91,058

Gross margin	75		%	71		%	*		74		%

Sales and marketing	14,201			6,870			1,891		22,962
Research and development	10,277			6,593			502		17,372
Other segment items (1)(3)	471			2,443			20,122		23,036
Operating income (loss) (2)(4)	43,958			6,245			(22,515)		27,688

Interest income, net									1,424
Other income (expense), net									(678)
Income before income taxes									$	28,434


	Six Months Ended June 30, 2024
(In thousands, except percentages)	Security Solutions			Digital Agreements			Corporate and Other		Total
Revenue	$	95,891		$	29,876		$	—	$	125,767
Cost of goods sold	27,788			10,243			—		38,031
Gross profit	68,103			19,633			—		87,736

Gross margin	71		%	66		%	*		70		%

Sales and marketing	12,077			9,121			2,239		23,437
Research and development	8,098			8,448			54		16,600
Other segment items (1)(3)	1,357			2,484			22,111		25,952
Operating income (loss) (2)(4)	46,571			(420)			(24,404)		21,747

Interest income, net									622
Other income (expense), net									622
Income before income taxes									$	22,991

*Percentage not meaningful.

(1) Security Solutions other segment items includes general and administrative expense and restructuring and other related charges for the three and six months ended June 30, 2025 and 2024.

(2) Security Solutions operating income includes $0.2 million and $0.4 million of total amortization and depreciation expense for both the three and six months ended June 30, 2025 and 2024, respectively.

Security Solutions operating income includes $0.1 million and $0.2 million of restructuring and other related charges for the three and six months ended June 30, 2025, respectively. Security Solutions operating income includes $0.3 million and $1.4 million of restructuring and other related charges for the three and six months ended June 30, 2024, respectively.

(3) Digital Agreements other segment items includes general and administrative expense, restructuring and other related charges, and amortization of intangibles for the three and six months ended June 30, 2025 and 2024.

(4) Digital Agreements operating income includes $1.8 million and $3.5 million of total amortization and depreciation expense for three and six months ended June 30, 2025, respectively. Digital Agreements operating loss includes $1.6 million and $3.2 million of total amortization and depreciation expense for three and six months ended June 30, 2024, respectively.

Digital Agreements operating income includes $0.1 million and $0.2 million of restructuring and other related charges for the three and six months ended June 30, 2025, respectively. Digital Agreements operating loss includes $1.2 million and $1.3 million of restructuring and other related charges for the three and six months ended June 30, 2024, respectively.

Schedule of disaggregation of revenues by category and services

The following tables illustrate the disaggregation of revenues by category and services, including a reconciliation of the disaggregated revenues to revenues from the Company’s two reportable operating segments for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,
	2025				2024
(In thousands)	Security Solutions		Digital Agreements		Security Solutions		Digital Agreements
Subscription	$	20,602	$	15,574	$	14,857	$	14,785
Maintenance and support	8,666		25		9,742		490
Professional services and other (1)	951		9		1,123		188
Hardware products	14,016		—		19,739		—
Total Revenue	$	44,235	$	15,608	$	45,461	$	15,463


	Six Months Ended June 30,
	2025				2024
(In thousands)	Security Solutions		Digital Agreements		Security Solutions		Digital Agreements
Subscription	$	48,674	$	31,119	$	41,039	$	28,597
Maintenance and support	16,650		49		19,808		994
Professional services and other (1)	1,545		93		2,728		285
Hardware products	25,079		—		32,316		—
Total Revenue	$	91,948	$	31,261	$	95,891	$	29,876

(1) Professional services and other includes perpetual software licenses revenue, which was immaterial for the three and six months ended June 30, 2025 and approximately 1% of total revenue for the three and six months ended June 30, 2024.