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Segment and Geographic Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic Information The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. Financial information for each reportable segment was as follows (in thousands, except percentages):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Amount |  | % |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Contribution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government revenue | $ | 632,676 |  |  |  |  | $ | 408,341 |  |  |  |  | $ | 1,672,622 |  |  |  |  | $ | 1,114,481 |  |  |
Expenses attributable to government segment | (214,967) |  |  |  |  | (165,114) |  |  |  |  | (603,541) |  |  |  |  | (440,472) |  |  |
Government contribution | 417,709 |  |  | 66 | % |  | 243,227 |  |  | 60 | % |  | 1,069,081 |  |  | 64 | % |  | 674,009 |  |  | 60 | %
Commercial revenue | 548,416 |  |  |  |  | 317,175 |  |  |  |  | 1,396,022 |  |  |  |  | 923,507 |  |  |
Expenses attributable to commercial segment | (188,039) |  |  |  |  | (127,178) |  |  |  |  | (506,924) |  |  |  |  | (373,336) |  |  |
Commercial contribution | 360,377 |  |  | 66 | % |  | 189,997 |  |  | 60 | % |  | 889,098 |  |  | 64 | % |  | 550,171 |  |  | 60 | %
Total contribution | $ | 778,086 |  |  | 66 | % |  | $ | 433,224 |  |  | 60 | % |  | $ | 1,958,179 |  |  | 64 | % |  | $ | 1,224,180 |  |  | 60 | %
The reconciliation of contribution to income from operations is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income from operations | $ | 393,256 |  |  | $ | 113,140 |  |  | $ | 838,621 |  |  | $ | 299,360 |
Research and development expenses (1) | 109,142 |  |  | 86,840 |  |  | 315,172 |  |  | 248,844 |
General and administrative expenses (1) | 103,370 |  |  | 90,819 |  |  | 316,758 |  |  | 266,136 |
Total stock-based compensation expense | 172,318 |  |  | 142,425 |  |  | 487,628 |  |  | 409,840 |
Total contribution | $ | 778,086 |  |  | $ | 433,224 |  |  | $ | 1,958,179 |  |  | $ | 1,224,180 |
————— (1) Excludes stock-based compensation expense. Geographic Information Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Amount |  | % |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 882,571 |  |  | 75 | % |  | $ | 498,986 |  |  | 69 | % |  | $ | 2,243,657 |  |  | 73 | % |  | $ | 1,342,564 |  |  | 66 | %
United Kingdom | 114,713 |  |  | 10 | % |  | 69,496 |  |  | 10 | % |  | 301,539 |  |  | 10 | % |  | 209,688 |  |  | 10 | %
Rest of world (1) | 183,808 |  |  | 15 | % |  | 157,034 |  |  | 21 | % |  | 523,448 |  |  | 17 | % |  | 485,736 |  |  | 24 | %
Total revenue | $ | 1,181,092 |  |  | 100 | % |  | $ | 725,516 |  |  | 100 | % |  | $ | 3,068,644 |  |  | 100 | % |  | $ | 2,037,988 |  |  | 100 | %
————— (1) No other country represented 10% or more of total revenue for the three and nine months ended September 30, 2025 or 2024.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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