v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from External Customers by Geographic Areas
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 %
_________________
(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.
Disaggregation of Revenue
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 %
Deferred Policy Acquisition Costs
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 
Deferred Contract Fulfillment Costs
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