| Summary of Revenue, Expenses and Consolidated Net Income (loss) |
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, | | 2025 | | 2024 | | 2025 | | 2024 | | Revenue | $ | 181,937 | | | $ | 106,791 | | | $ | 308,801 | | | $ | 209,510 | | | Less: | | | | | | | | | Employee compensation expense | 84,786 | | | 49,932 | | | 140,610 | | | 99,496 | | | Technology expense | 13,980 | | | 8,726 | | | 23,627 | | | 16,187 | | | Facilities expense | 5,894 | | | 3,178 | | | 9,690 | | | 6,750 | | | Outside services and contractors expense | 5,267 | | | 4,146 | | | 9,290 | | | 7,634 | | | Data costs | 6,561 | | | 3,273 | | | 10,345 | | | 6,043 | | | Provision for (benefit from) income taxes | (2,347) | | | 79 | | | (797) | | | (19) | | | Equity-based compensation expense and related payroll taxes | 38,843 | | | 25,151 | | | 66,405 | | | 53,632 | | | Tax receivable agreement expenses | — | | | 5,915 | | | — | | | 6,201 | | | Depreciation and amortization expense | 23,606 | | | 2,941 | | | 26,752 | | | 5,491 | | | Interest expense | 13,464 | | | 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.
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| Summary of Revenue Disaggregated by Geography |
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, | | 2025 | | 2024 | | 2025 | | 2024 | | 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 | |
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| Summary of Long-Lived Assets by Geographic Areas |
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, | | 2025 | | 2024 | | United States | $ | 39,710 | | | $ | 21,658 | | | Rest of World | 28,501 | | | 17,936 | | | Total long-lived assets, net | $ | 68,211 | | | $ | 39,594 | |
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