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Segment Information | 9 Months Ended
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Sep. 30, 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 tables present the breakout of the operations of the software segment and the Corporate & Other costs (in thousands) for the periods indicated:
|  | Three Months Ended September 30, 2024 |  |  | Three Months Ended September 30, 2023 |
|  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |  |  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |
Total revenues |  | $ | 116,071 |  |  |  |  |  | $ | 116,071 |  |  | $ | 129,462 |  |  |  |  |  | $ | 129,462 |
Total cost of revenues |  |  | 34,349 |  |  |  |  |  |  | 34,349 |  |  |  | 26,661 |  |  |  |  |  |  | 26,661 |
Gross profit |  | $ | 81,722 |  |  |  |  |  | $ | 81,722 |  |  | $ | 102,801 |  |  |  |  |  | $ | 102,801 |
Total operating expenses |  |  | 100,182 |  |  |  | 414,122 |  |  |  | 514,304 |  |  |  | 93,725 |  |  |  | 34,323 |  |  |  | 128,048 |
(Loss) income from operations |  | $ | (18,460 | ) |  | $ | (414,122 | ) |  | $ | (432,582 | ) |  | $ | 9,076 |  |  | $ | (34,323 | ) |  | $ | (25,247 | )
|  | Nine Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2023 |
|  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |  |  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |
Total revenues |  | $ | 342,759 |  |  |  |  |  | $ | 342,759 |  |  | $ | 371,777 |  |  |  |  |  | $ | 371,777 |
Total cost of revenues |  |  | 95,299 |  |  |  |  |  |  | 95,299 |  |  |  | 81,723 |  |  |  |  |  |  | 81,723 |
Gross profit |  | $ | 247,460 |  |  |  |  |  | $ | 247,460 |  |  | $ | 290,054 |  |  |  |  |  | $ | 290,054 |
Total operating expenses |  |  | 295,541 |  |  |  | 788,477 |  |  |  | 1,084,018 |  |  |  | 283,733 |  |  |  | 78,583 |  |  |  | 362,316 |
(Loss) income from operations |  | $ | (48,081 | ) |  | $ | (788,477 | ) |  | $ | (836,558 | ) |  | $ | 6,321 |  |  | $ | (78,583 | ) |  | $ | (72,262 | )
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 September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 63,958 |  |  | $ | 38,952 |  |  | $ | 13,161 |  |  | $ | 116,071 |
Gross profit |  | $ | 42,306 |  |  | $ | 30,874 |  |  | $ | 8,542 |  |  | $ | 81,722 |
(Loss) income from operations |  | $ | (441,144 | ) |  | $ | 15,062 |  |  | $ | (6,500 | ) |  | $ | (432,582 | )
Three months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 71,788 |  |  | $ | 40,222 |  |  | $ | 17,452 |  |  | $ | 129,462 |
Gross profit |  | $ | 56,723 |  |  | $ | 32,574 |  |  | $ | 13,504 |  |  | $ | 102,801 |
(Loss) income from operations |  | $ | (41,534 | ) |  | $ | 18,461 |  |  | $ | (2,174 | ) |  | $ | (25,247 | )
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 192,115 |  |  | $ | 114,273 |  |  | $ | 36,371 |  |  | $ | 342,759 |
Gross profit |  | $ | 132,949 |  |  | $ | 90,964 |  |  | $ | 23,547 |  |  | $ | 247,460 |
(Loss) income from operations |  | $ | (862,349 | ) |  | $ | 44,602 |  |  | $ | (18,811 | ) |  | $ | (836,558 | )
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 212,892 |  |  | $ | 115,351 |  |  | $ | 43,534 |  |  | $ | 371,777 |
Gross profit |  | $ | 167,692 |  |  | $ | 91,080 |  |  | $ | 31,282 |  |  | $ | 290,054 |
(Loss) income from operations |  | $ | (107,029 | ) |  | $ | 47,864 |  |  | $ | (13,097 | ) |  | $ | (72,262 | )
As of September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets |  | $ | 72,241 |  |  | $ | 4,102 |  |  | $ | 6,482 |  |  | $ | 82,825 |
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 September 30, 2024, Germany accounted for 10% or more of total consolidated revenues. For the three months ended September 30, 2023 and the nine months ended September 30, 2024 and 2023, no individual foreign country accounted for 10% or more of total consolidated revenues. For the three and nine months ended September 30, 2024 and 2023, no individual customer accounted for 10% or more of total consolidated revenues. As of September 30, 2024 and December 31, 2023, no individual foreign country accounted for 10% or more of total consolidated assets.

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- Definition The entire disclosure for reporting segments including data and tables. 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