v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates as a single reportable segment. The Company primarily provides subscription-based financial research, publications, and SaaS offerings to individual customers through its online platforms. The Company also offers membership subscriptions.
The Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, monitors financial results for internal purposes that are not prepared in accordance with GAAP (“Adjusted Basis”) because these results more closely align to how the business generates and uses cash.
The CODM uses Adjusted Net Profit (Loss) as the key performance measure for evaluating segment income or loss on a monthly basis when assessing segment performance and when making decisions about how to allocate operating resources, such as marketing spend and determining variable compensation for certain employees.
The primary components of the “Corporate and all other” line in the following tables include certain corporate overhead charges, expenses that have not been allocated to the reportable segment, including corporate functions, taxes, and activity related to components that is below quantitative threshold for separate disclosure.
The reconciliation of reportable segment Adjusted Basis Net Profit (Loss) to the consolidated totals are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total net revenue for reportable segment (a)
$86,211 $85,848 $173,757 $174,760 
Adjustment to total net revenue for reportable segment (b)
15,406 (19,625)20,122 (31,199)
Variable expense (c)
(8,479)(4,891)(15,016)(10,575)
Revenue share expense (c)
(12,548)(9,347)(26,108)(18,066)
Direct marketing (c)
(34,314)(11,350)(60,627)(24,638)
Compensation and outside labor (c)
(21,040)(19,259)(43,200)(38,572)
Other overhead (c)
(2,210)(3,823)(7,345)(11,157)
Corporate allocations (c)
(817)(4,081)(2,050)(8,002)
Reportable segment Adjusted Net Profit (Loss)22,209 13,472 39,533 32,551 
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Corporate and all other Adjusted Net Profit (Loss)(15,368)(8,048)(29,064)(11,808)
Adjustment to total net revenue (b)
(14,814)22,247 (19,150)35,216 
Stock-based compensation expense (d)
(2,915)(2,557)(5,122)(5,698)
Deferred contract acquisition costs (e)
8,216 (8,445)11,428 (16,644)
Depreciation and amortization (f)(g)
(527)(472)(1,006)(949)
Other (h)
415 (274)105 1,134 
Consolidated (loss) income before income taxes$(2,784)$15,923 $(3,276)$33,802 
(a)total net revenue for reportable segment is in accordance with GAAP
(b)subscription revenue, revenue share and other income are generally recognized on a cash basis under Adjusted Basis, rather than deferred and recognized over the subscription term or when earned in accordance with ASC 606
(c)amounts represent Adjusted Basis
(d)amounts represent stock-based compensation expense
(e)costs to obtain a contract are expensed under Adjusted Basis, rather than capitalized as deferred contract acquisition costs and subsequently amortized in accordance with ASC 340
(f)certain operating leases are recognized on a cash basis under Adjusted Basis, rather than initially recognizing right-of-use assets and lease liabilities, which are subsequently amortized over the lease term in accordance with ASC 842
(g)certain intangible assets arising from business combinations are not recognized upon acquisition and subsequently amortized in accordance with ASC 805 under Adjusted Basis
(h)other line includes various items that are recognized differently under Adjusted Basis, software development and implementation related costs, including implementation costs of cloud computing arrangements, employee benefit related items, gain on lease termination, change in fair value of contingent consideration, and certain tax related items.

The reconciliation of reportable segment revenues to the consolidated totals are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total net revenue for reportable segment$86,211 $85,848 $173,757 $174,760 
Corporate and all other(10,403)(5,898)(20,920)(11,303)
Consolidated total net revenue$75,808 $79,950 $152,837 $163,457 
The CODM does not use segment assets to evaluate segment performance or allocate resources. Therefore, we do not disclose segment assets. Long-lived assets were located in the United States as of June 30, 2026 and 2025.
In July 2025, we reorganized our reporting structure by eliminating our 1729 Research and Alta operating subsidiaries, which were also two of our three reporting units. Accordingly, assets and liabilities were reassigned to the operating subsidiary level, including 1729 Research and Alta goodwill of $14.2 million and $13.0 million, respectively, which was determined using a relative fair value approach. Significant assumptions of the valuation included, but were not limited to, prospective financial information, growth rates, discount rates, and inflation factors.