v3.25.2
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision group, in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is the Company’s Chief Executive Officer (“CEO”). The Company’s CEO reviews financial information presented on a consolidated basis and makes decisions and allocates resources based on the Company as a whole. The Company has one business activity as a provider of a solution for investment data aggregation, accounting, analytics, and reporting services. Accordingly, the Company operates as one operating segment, and all required segment financial information is found in the condensed consolidated financial statements.
The CODM uses net income (loss) to allocate operating and capital resources and assesses the Company’s performance by comparing actual results and previously forecasted financial information. The measure of segment assets is reported on the balance sheet as total consolidated assets. The following table presents information on revenue, significant expenses, and net income (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenue$181,937 $106,791 $308,801 $209,510 
Less:
   Employee compensation expense84,786 49,932 140,610 99,496 
   Technology expense13,980 8,726 23,627 16,187 
   Facilities expense5,894 3,178 9,690 6,750 
   Outside services and contractors expense5,267 4,146 9,290 7,634 
   Data costs6,561 3,273 10,345 6,043 
   Provision for (benefit from) income taxes(2,347)79 (797)(19)
   Equity-based compensation expense and related payroll taxes38,843 25,151 66,405 53,632 
   Tax receivable agreement expenses— 5,915 — 6,201 
   Depreciation and amortization expense23,606 2,941 26,752 5,491 
   Interest expense13,464 1,082 14,383 2,181 
   Other segment items(1)
16,034 2,092 25,711 3,403 
Consolidated net income (loss)$(24,151)$276 $(17,215)$2,511 
(1) Other segment items included in consolidated net income includes legal, travel, marketing, training, recruiting and other overhead expenses.
The following table presents the Company’s revenue disaggregated by geography, based on billing address of the customer (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
United States$134,490 $87,937 $237,427 $171,288 
Rest of World 47,447 18,854 71,374 38,222 
Total revenue$181,937 $106,791 $308,801 $209,510 
The following table presents the Company’s long-lived assets including property, equipment and software, net, and operating lease right-of-use assets, net, disaggregated by geography (in thousands):
June 30,December 31,
20252024
United States$39,710 $21,658 
Rest of World28,501 17,936 
Total long-lived assets, net$68,211 $39,594