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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Software Business Segment and Corporate & Other Category on a Consolidated Basis | The following tables present (for each of the Software Business segment and Corporate & Other category, and on a consolidated basis) the Company’s revenues and significant expenses regularly provided to the CODM, reconciled to net income (loss) (in thousands) for each of the periods presented. Total segment assets (in thousands) provided to the CODM are also disclosed in the tables below for each period presented.
|  | Three Months Ended June 30, 2025 |
|  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |
Total revenues |  | $ | 114,488 |  |  | $ | 0 |  |  | $ | 114,488 |
Significant expenses (1) |  |  |  |  |  |  |  |  |
Controllable |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | (26,236 | ) |  |  | 0 |  |  |  | (26,236 | )
Maintenance |  |  | (6,970 | ) |  |  | 0 |  |  |  | (6,970 | )
Consulting |  |  | (12,096 | ) |  |  | 0 |  |  |  | (12,096 | )
Cloud |  |  | (16,043 | ) |  |  | 0 |  |  |  | (16,043 | )
Technology |  |  | (21,597 | ) |  |  | 0 |  |  |  | (21,597 | )
Corporate resources |  |  | (16,406 | ) |  |  | (6,120 | ) |  |  | (22,526 | )
Non-Controllable |  |  |  |  |  |  |  |  |
Unrealized gain on digital assets |  |  | 0 |  |  |  | 14,047,514 |  |  |  | 14,047,514 |
Digital asset custody fees |  |  | 0 |  |  |  | (4,881 | ) |  |  | (4,881 | )
Share-based compensation expense |  |  | (12,543 | ) |  |  | (3,199 | ) |  |  | (15,742 | )
Payroll taxes on equity award exercises and vestings |  |  | (2,620 | ) |  |  | (65 | ) |  |  | (2,685 | )
Other segment items (2) |  |  | (9,507 | ) |  |  | 0 |  |  |  | (9,507 | )
Interest income (expense), net (3) |  |  | 76 |  |  |  | (17,973 | ) |  |  | (17,897 | )
Income tax benefit (expense) (4) |  |  | 39,893 |  |  |  | (4,024,869 | ) |  |  | (3,984,976 | )
Net income |  | $ | 30,439 |  |  | $ | 9,990,407 |  |  | $ | 10,020,846 |
Total assets, as of June 30, 2025 (5) |  | $ | 410,617 |  |  | $ | 64,362,798 |  |  | $ | 64,773,415 |
|  | Three Months Ended June 30, 2024 |
|  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |
Total revenues |  | $ | 111,442 |  |  | $ | 0 |  |  | $ | 111,442 |
Significant expenses (1) |  |  |  |  |  |  |  |  |
Controllable |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | (26,433 | ) |  |  | 0 |  |  |  | (26,433 | )
Maintenance |  |  | (7,015 | ) |  |  | 0 |  |  |  | (7,015 | )
Consulting |  |  | (13,485 | ) |  |  | 0 |  |  |  | (13,485 | )
Cloud |  |  | (9,619 | ) |  |  | 0 |  |  |  | (9,619 | )
Technology |  |  | (25,981 | ) |  |  | 0 |  |  |  | (25,981 | )
Corporate resources |  |  | (22,869 | ) |  |  | 0 |  |  |  | (22,869 | )
Non-Controllable |  |  |  |  |  |  |  |  |
Impairment losses on digital assets |  |  | 0 |  |  |  | (180,090 | ) |  |  | (180,090 | )
Digital asset custody fees |  |  | 0 |  |  |  | (1,344 | ) |  |  | (1,344 | )
Share-based compensation expense |  |  | (20,621 | ) |  |  | 0 |  |  |  | (20,621 | )
Payroll taxes on equity award exercises and vestings |  |  | (3,702 | ) |  |  | 0 |  |  |  | (3,702 | )
Other segment items (2) |  |  | 247 |  |  |  | (110 | ) |  |  | 137 |
Interest expense, net (3) |  |  | 0 |  |  |  | (15,466 | ) |  |  | (15,466 | )
Income tax benefit (4) |  |  | 55,818 |  |  |  | 56,669 |  |  |  | 112,487 |
Net income (loss) |  | $ | 37,782 |  |  | $ | (140,341 | ) |  | $ | (102,559 | )
Total assets, as of June 30, 2024 (5) |  | $ | 585,503 |  |  | $ | 6,467,570 |  |  | $ | 7,053,073 |
|  | Six Months Ended June 30, 2025 |
|  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |
Total revenues |  | $ | 225,554 |  |  | $ | 0 |  |  | $ | 225,554 |
Significant expenses (1) |  |  |  |  |  |  |  |  |
Controllable |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | (49,884 | ) |  |  | 0 |  |  |  | (49,884 | )
Maintenance |  |  | (13,734 | ) |  |  | 0 |  |  |  | (13,734 | )
Consulting |  |  | (23,710 | ) |  |  | 0 |  |  |  | (23,710 | )
Cloud |  |  | (30,601 | ) |  |  | 0 |  |  |  | (30,601 | )
Technology |  |  | (46,299 | ) |  |  | 0 |  |  |  | (46,299 | )
Corporate resources |  |  | (35,072 | ) |  |  | (13,824 | ) |  |  | (48,896 | )
Non-Controllable |  |  |  |  |  |  |  |  |
Unrealized gain on digital assets |  |  | 0 |  |  |  | 8,141,509 |  |  |  | 8,141,509 |
Digital asset custody fees |  |  | 0 |  |  |  | (9,003 | ) |  |  | (9,003 | )
Share-based compensation expense |  |  | (21,205 | ) |  |  | (6,356 | ) |  |  | (27,561 | )
Payroll taxes on equity award exercises and vestings |  |  | (4,661 | ) |  |  | (96 | ) |  |  | (4,757 | )
Other segment items (2) |  |  | (14,247 | ) |  |  | 0 |  |  |  | (14,247 | )
Interest income (expense), net (3) |  |  | 174 |  |  |  | (35,177 | ) |  |  | (35,003 | )
Income tax benefit (expense) (4) |  |  | 62,252 |  |  |  | (2,322,144 | ) |  |  | (2,259,892 | )
Net income |  | $ | 48,567 |  |  | $ | 5,754,909 |  |  | $ | 5,803,476 |
|  | Six Months Ended June 30, 2024 |
|  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |
Total revenues |  | $ | 226,688 |  |  | $ | 0 |  |  | $ | 226,688 |
Significant expenses (1) |  |  |  |  |  |  |  |  |
Controllable |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | (49,577 | ) |  |  | 0 |  |  |  | (49,577 | )
Maintenance |  |  | (14,550 | ) |  |  | 0 |  |  |  | (14,550 | )
Consulting |  |  | (27,949 | ) |  |  | 0 |  |  |  | (27,949 | )
Cloud |  |  | (18,227 | ) |  |  | 0 |  |  |  | (18,227 | )
Technology |  |  | (52,858 | ) |  |  | 0 |  |  |  | (52,858 | )
Corporate resources |  |  | (44,215 | ) |  |  | 0 |  |  |  | (44,215 | )
Non-Controllable |  |  |  |  |  |  |  |  |
Impairment losses on digital assets |  |  | 0 |  |  |  | (371,723 | ) |  |  | (371,723 | )
Digital asset custody fees |  |  | 0 |  |  |  | (2,098 | ) |  |  | (2,098 | )
Share-based compensation expense |  |  | (38,412 | ) |  |  | 0 |  |  |  | (38,412 | )
Payroll taxes on equity award exercises and vestings |  |  | (11,228 | ) |  |  | 0 |  |  |  | (11,228 | )
Other segment items (2) |  |  | 3,096 |  |  |  | (533 | ) |  |  | 2,563 |
Interest expense, net (3) |  |  | 0 |  |  |  | (27,347 | ) |  |  | (27,347 | )
Income tax benefit (4) |  |  | 157,724 |  |  |  | 115,532 |  |  |  | 273,256 |
Net income (loss) |  | $ | 130,492 |  |  | $ | (286,169 | ) |  | $ | (155,677 | )
(1) Significant expenses regularly provided to the CODM include both: (i) costs that the CODM considers to be “controllable”, for which the Company can manage future expense via the budgeting process (e.g. salaries, commissions, travel and entertainment expenses, third party-service provider fees, etc.), and that support each specific function of the Software Business (i.e. sales and marketing, maintenance, consulting, cloud, technology, and corporate resources) and (ii) costs that the CODM considers to be “non-controllable”, for which future expenses are primarily outside the Company’s control, such as losses (gains) on digital assets, digital asset impairment, and custody fees, share-based compensation expense, and employer payroll taxes related to the exercise or vesting of certain awards under the Stock Incentive Plans. (2) Other segment items for the Software Business are primarily related to foreign currency transaction gains and losses, costs supporting the Company’s education function, one-time corporate initiatives, and certain expenses that are not easily allocable to specific functions. Other segment items for the Corporate & Other category are primarily related to third-party consulting and advisory fees. (3) Interest expense, net is substantially related to interest expense on the Company’s long-term debt arrangements, the proceeds from which were primarily used to purchase bitcoin. (4) Income tax effects allocated to the Corporate & Other category are related solely to transactions involving the Company’s bitcoin or debt, including unrealized gains or losses on digital assets, digital asset impairment losses, interest expenses, gains and losses on debt extinguishments, share-based compensation expense, corporate resources (including personnel costs), and other third-party expenses. (5) Due to the adoption of ASU 2023-08, segment assets allocated to the Corporate & Other category as of June 30, 2025 included only the Company’s digital assets. As of June 30, 2024, segment assets included the Company’s digital assets and deferred tax assets primarily related to digital asset impairment losses and interest expense.
Total Revenues and Long-Lived Assets, by Geographic Region | The following table presents total revenues 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 |
Total revenues |  |  |  |  |  |  |  |  |  |  |  |
Three months ended June 30, 2025 |  | $ | 65,315 |  |  | $ | 39,444 |  |  | $ | 9,729 |  |  | $ | 114,488 |
Three months ended June 30, 2024 |  | $ | 63,778 |  |  | $ | 36,968 |  |  | $ | 10,696 |  |  | $ | 111,442 |
Six months ended June 30, 2025 |  | $ | 128,775 |  |  | $ | 77,326 |  |  | $ | 19,453 |  |  | $ | 225,554 |
Six months ended June 30, 2024 |  | $ | 128,157 |  |  | $ | 75,321 |  |  | $ | 23,210 |  |  | $ | 226,688 |
Long-lived assets |  |  |  |  |  |  |  |  |  |  |  |
As of June 30, 2025 |  | $ | 70,385 |  |  | $ | 3,469 |  |  | $ | 7,922 |  |  | $ | 81,776 |
As of December 31, 2024 |  | $ | 69,767 |  |  | $ | 3,556 |  |  | $ | 7,564 |  |  | $ | 80,887 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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