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Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information

(11) Segment Information

The Company manages its business in one reportable operating segment which is engaged in the design, development, marketing, and sales of its software platform through licensing arrangements and cloud subscriptions and related services. Beginning in 2024, the Company has broken out a Corporate & Other category, which is not considered an operating segment, and includes the impairment charges and other third-party costs associated with the Company’s digital asset holdings. The Company’s chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, does not manage the software segment operating results or allocate resources to the software segment when considering these Corporate & Other costs. The following table presents the breakout of the operations of the software segment and the Corporate & Other costs (in thousands):

 

 

Three Months Ended March 31, 2024

 

 

Three Months Ended March 31, 2023

 

 

 

Software Business

 

 

Corporate & Other

 

 

Total Consolidated

 

 

Software Business

 

 

Corporate & Other

 

 

Total Consolidated

 

Total revenues

 

$

115,246

 

 

 

 

 

$

115,246

 

 

$

121,915

 

 

 

 

 

$

121,915

 

Total cost of revenues

 

 

30,015

 

 

 

 

 

 

30,015

 

 

 

27,941

 

 

 

 

 

 

27,941

 

Gross profit

 

$

85,231

 

 

 

 

 

$

85,231

 

 

$

93,974

 

 

 

 

 

$

93,974

 

Total operating expenses

 

 

96,123

 

 

 

192,810

 

 

 

288,933

 

 

 

94,487

 

 

 

19,794

 

 

 

114,281

 

Loss from operations

 

$

(10,892

)

 

$

(192,810

)

 

$

(203,702

)

 

$

(513

)

 

$

(19,794

)

 

$

(20,307

)

The following table presents total revenues, gross profit, (loss) income from operations, and long-lived assets (in thousands) according to geographic region. Long-lived assets are comprised of right-of-use assets and property and equipment, net. The Corporate & Other category disclosed above is included within the U.S. region.

Geographic regions:

 

U.S.

 

 

EMEA

 

 

Other Regions

 

 

Consolidated

 

Three months ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

64,379

 

 

$

38,353

 

 

$

12,514

 

 

$

115,246

 

Gross profit

 

$

46,061

 

 

$

30,900

 

 

$

8,270

 

 

$

85,231

 

(Loss) income from operations

 

$

(211,490

)

 

$

13,640

 

 

$

(5,852

)

 

$

(203,702

)

Three months ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

69,677

 

 

$

38,020

 

 

$

14,218

 

 

$

121,915

 

Gross profit

 

$

54,189

 

 

$

29,697

 

 

$

10,088

 

 

$

93,974

 

(Loss) income from operations

 

$

(33,088

)

 

$

16,521

 

 

$

(3,740

)

 

$

(20,307

)

As of March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived assets

 

$

74,061

 

 

$

3,486

 

 

$

6,654

 

 

$

84,201

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived assets

 

$

75,004

 

 

$

3,937

 

 

$

7,343

 

 

$

86,284

 

The EMEA region includes operations in Europe, the Middle East, and Africa. The other regions include all other foreign countries, generally comprising Latin America, the Asia Pacific region, and Canada. For the three months ended March 31, 2024 and 2023, no individual foreign country accounted for 10% or more of total consolidated revenues.

For the three months ended March 31, 2024 and 2023, no individual customer accounted for 10% or more of total consolidated revenues.

As of March 31, 2024 and December 31, 2023, no individual foreign country accounted for 10% or more of total consolidated assets.