v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
4. Revenue Recognition
Disaggregation of Revenue
The following table summarizes revenue by region in which our merchants’ headquarters are located:
Year Ended December 31,
202520242023
AmountPercentage of RevenueAmountPercentage of RevenueAmountPercentage of Revenue
(in thousands, except where indicated)
United States(1)
$186,977 54 %$198,803 61 %$180,240 61 %
Europe, the Middle East and Africa (“EMEA”)(1)(2)
101,837 30 86,786 26 83,113 27 
Asia-Pacific (“APAC”)33,986 10 22,371 7 16,699 6 
Americas21,838 6 19,556 6 17,558 6 
Total revenue$344,638 100 %$327,516 100 %$297,610 100 %
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(1)For comparability, prior period amounts have been reclassified to conform to the merchants’ current headquarters location.
(2)Revenue recognized from merchants whose headquarters are in Israel, which is our country of domicile, was $3.9 million, $3.3 million, and $1.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The following table summarizes revenue based on the nature and type of service provided to our merchants:
Year Ended December 31,
202520242023
AmountPercentage of RevenueAmountPercentage of RevenueAmountPercentage of Revenue
(in thousands, except where indicated)
Revenue for review services recognized under ASC 606
$202,253 59 %$188,265 57 %$167,278 56 %
Revenue for indemnification guarantees recognized under ASC 460
142,385 41 139,251 43 130,332 44 
Total revenue$344,638 100 %$327,516 100 %$297,610 100 %
We primarily generate revenue from our Chargeback Guarantee offering.
The allocation of consideration between revenue for review services recognized under ASC 606 and revenue for indemnification guarantees recognized under ASC 460 is a function of the fair value of our chargeback guarantee which represents what we would need to pay a third party to relieve ourselves from our obligations under issued guarantees. The fair value of the chargeback guarantee is primarily determined by utilizing the historical percentage of guarantees issued that resulted in a chargeback plus a risk premium fee that we would have incurred from a third-party in order to relieve ourselves from our legal obligation under the guarantee.
Changes in the percentage of revenue that are recorded as revenue for review services recognized under ASC 606 and revenue for indemnification guarantees recognized under ASC 460 are a function of changes in the aforementioned fair value of the chargeback guarantee and changes in the speed in which we resolve chargeback claims which impacts the systematic and rational approach that we utilize to record revenue associated with our guarantee obligation.
Cost to Obtain a Contract
The following table represents a roll-forward of deferred contract acquisition costs:
Year Ended December 31,
202520242023
(in thousands)
Beginning balance$16,558 $15,562 $14,383 
Additions to deferred contract acquisition costs7,401 10,535 8,894 
Amortization of deferred contract acquisition costs(8,372)(8,583)(7,715)
Impairment of deferred contract acquisition costs
— (956)— 
Ending balance$15,587 $16,558 $15,562 
Cost to Fulfill a Contract
The following table represents a roll-forward of deferred contract fulfillment costs:
Year Ended December 31,
202520242023
(in thousands)
Beginning balance$5,016 $4,456 $3,673 
Additions to deferred contract fulfillment costs3,270 3,010 2,635 
Amortization of deferred contract fulfillment costs(2,566)(2,201)(1,852)
Impairment of deferred contract fulfillment costs
— (249)— 
Ending balance$5,720 $5,016 $4,456