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Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Summary of Financial Information for Each Reportable Segment

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		%

Summary of Reconciliation of Segment Financial Information to Loss from Operations

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.

Summary of Revenue by Geography

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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