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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | (12) Segment Information The Company has one reportable operating segment, the “Software Business,” which is engaged in the design, development, marketing, and sales of the Company’s enterprise analytics software platform through cloud subscriptions and licensing arrangements and related services (i.e., product support, consulting and education). The “Corporate & Other” category presented in the following tables is not considered an operating segment. It consists primarily of costs and expenses related to executing the Company’s bitcoin strategy and includes the unrealized gain or loss on digital assets, impairment charges and other third-party costs associated with the Company’s bitcoin holdings, net interest expense primarily related to long-term debt obligations (the net proceeds of which were primarily used to purchase bitcoin), and income tax effects generated from the Company’s bitcoin holdings and related debt issuances. Beginning in 2025, the Company has dedicated certain corporate resources to its bitcoin strategy. These costs, including related Share-based compensation expense are included within the “Corporate resources” and the “Share-based compensation expense” segment expense line items to better align with their activities and utilization. The Company’s chief operating decision maker (“CODM”), is the Company’s Chief Executive Officer, who manages the entity on a consolidated basis. The CODM uses “net income (loss)” to assess the profitability of the software business by comparing actual to budgeted results on a monthly basis. In doing so, he focuses on “controllable costs” across main functions of the Software Business and will allocate personnel and budget accordingly to maximize potential profitability. The CODM also uses “net income (loss)” to understand the impact from income taxes and debt-related items for general tax and liquidity planning purposes. 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 September 30, 2025 |
|  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |
Total revenues |  | $ | 128,691 |  |  | $ | 0 |  |  | $ | 128,691 |
Significant expenses (1) |  |  |  |  |  |  |  |  |
Controllable |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | (24,656 | ) |  |  | 0 |  |  |  | (24,656 | )
Maintenance |  |  | (6,971 | ) |  |  | 0 |  |  |  | (6,971 | )
Consulting |  |  | (11,115 | ) |  |  | 0 |  |  |  | (11,115 | )
Cloud |  |  | (19,172 | ) |  |  | 0 |  |  |  | (19,172 | )
Technology |  |  | (20,945 | ) |  |  | 0 |  |  |  | (20,945 | )
Corporate resources |  |  | (18,194 | ) |  |  | (4,326 | ) |  |  | (22,520 | )
Non-Controllable |  |  |  |  |  |  |  |  |
Unrealized gain on digital assets |  |  | 0 |  |  |  | 3,890,847 |  |  |  | 3,890,847 |
Digital asset custody fees |  |  | 0 |  |  |  | (5,342 | ) |  |  | (5,342 | )
Share-based compensation expense |  |  | (10,832 | ) |  |  | (4,651 | ) |  |  | (15,483 | )
Payroll taxes on equity award exercises and vestings |  |  | (765 | ) |  |  | (739 | ) |  |  | (1,504 | )
Other segment items (2) |  |  | (1,704 | ) |  |  | 0 |  |  |  | (1,704 | )
Interest income (expense), net (3) |  |  | 109 |  |  |  | (18,999 | ) |  |  | (18,890 | )
Income tax benefit (expense) (4) |  |  | 19,728 |  |  |  | (1,105,940 | ) |  |  | (1,086,212 | )
Net income |  | $ | 34,174 |  |  | $ | 2,750,850 |  |  | $ | 2,785,024 |
Total assets, as of September 30, 2025 (5) |  | $ | 413,313 |  |  | $ | 73,205,725 |  |  | $ | 73,619,038 |
|  | Three Months Ended September 30, 2024 |
|  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |
Total revenues |  | $ | 116,071 |  |  | $ | 0 |  |  | $ | 116,071 |
Significant expenses (1) |  |  |  |  |  |  |  |  |
Controllable |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | (28,459 | ) |  |  | 0 |  |  |  | (28,459 | )
Maintenance |  |  | (7,553 | ) |  |  | 0 |  |  |  | (7,553 | )
Consulting |  |  | (14,726 | ) |  |  | 0 |  |  |  | (14,726 | )
Cloud |  |  | (11,549 | ) |  |  | 0 |  |  |  | (11,549 | )
Technology |  |  | (30,069 | ) |  |  | 0 |  |  |  | (30,069 | )
Corporate resources |  |  | (20,923 | ) |  |  | 0 |  |  |  | (20,923 | )
Non-Controllable |  |  |  |  |  |  |  |  |
Impairment losses on digital assets |  |  | 0 |  |  |  | (412,084 | ) |  |  | (412,084 | )
Digital asset custody fees |  |  | 0 |  |  |  | (1,746 | ) |  |  | (1,746 | )
Share-based compensation expense |  |  | (19,394 | ) |  |  | 0 |  |  |  | (19,394 | )
Payroll taxes on equity award exercises and vestings |  |  | (498 | ) |  |  | 0 |  |  |  | (498 | )
Other segment items (2) |  |  | (6,394 | ) |  |  | (292 | ) |  |  | (6,686 | )
Interest expense, net (3) |  |  | 0 |  |  |  | (18,129 | ) |  |  | (18,129 | )
Gain (loss) on debt extinguishment |  |  | 0 |  |  |  | (22,933 | ) |  |  | (22,933 | )
Income tax benefit (4) |  |  | 6,266 |  |  |  | 132,238 |  |  |  | 138,504 |
Net income (loss) |  | $ | (17,228 | ) |  | $ | (322,946 | ) |  | $ | (340,174 | )
Total assets, as of September 30, 2024 (5) |  | $ | 591,004 |  |  | $ | 7,752,576 |  |  | $ | 8,343,581 |
|  | Nine Months Ended September 30, 2025 |
|  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |
Total revenues |  | $ | 354,245 |  |  | $ | 0 |  |  | $ | 354,245 |
Significant expenses (1) |  |  |  |  |  |  |  |  |
Controllable |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | (74,540 | ) |  |  | 0 |  |  |  | (74,540 | )
Maintenance |  |  | (20,705 | ) |  |  | 0 |  |  |  | (20,705 | )
Consulting |  |  | (34,825 | ) |  |  | 0 |  |  |  | (34,825 | )
Cloud |  |  | (49,774 | ) |  |  | 0 |  |  |  | (49,774 | )
Technology |  |  | (67,244 | ) |  |  | 0 |  |  |  | (67,244 | )
Corporate resources |  |  | (53,265 | ) |  |  | (18,150 | ) |  |  | (71,415 | )
Non-Controllable |  |  |  |  |  |  |  |  |
Unrealized gain on digital assets |  |  | 0 |  |  |  | 12,032,356 |  |  |  | 12,032,356 |
Digital asset custody fees |  |  | 0 |  |  |  | (14,346 | ) |  |  | (14,346 | )
Share-based compensation expense |  |  | (32,037 | ) |  |  | (11,007 | ) |  |  | (43,044 | )
Payroll taxes on equity award exercises and vestings |  |  | (5,426 | ) |  |  | (833 | ) |  |  | (6,259 | )
Other segment items (2) |  |  | (15,952 | ) |  |  | 0 |  |  |  | (15,952 | )
Interest income (expense), net (3) |  |  | 283 |  |  |  | (54,176 | ) |  |  | (53,893 | )
Income tax benefit (expense) (4) |  |  | 81,980 |  |  |  | (3,428,084 | ) |  |  | (3,346,104 | )
Net income |  | $ | 82,740 |  |  | $ | 8,505,760 |  |  | $ | 8,588,500 |
|  | Nine Months Ended September 30, 2024 |
|  | Software Business |  |  | Corporate & Other |  |  | Total Consolidated |
Total revenues |  | $ | 342,759 |  |  | $ | 0 |  |  | $ | 342,759 |
Significant expenses (1) |  |  | 0 |  |  |  |  |  |  |
Controllable |  |  | 0 |  |  |  |  |  |  |
Sales and marketing |  |  | (78,037 | ) |  |  | 0 |  |  |  | (78,037 | )
Maintenance |  |  | (22,103 | ) |  |  | 0 |  |  |  | (22,103 | )
Consulting |  |  | (42,676 | ) |  |  | 0 |  |  |  | (42,676 | )
Cloud |  |  | (29,776 | ) |  |  | 0 |  |  |  | (29,776 | )
Technology |  |  | (82,927 | ) |  |  | 0 |  |  |  | (82,927 | )
Corporate resources |  |  | (65,137 | ) |  |  | 0 |  |  |  | (65,137 | )
Non-Controllable |  |  | 0 |  |  |  |  |  |  |
Impairment losses on digital assets |  |  | 0 |  |  |  | (783,807 | ) |  |  | (783,807 | )
Digital asset custody fees |  |  | 0 |  |  |  | (3,843 | ) |  |  | (3,843 | )
Share-based compensation expense |  |  | (57,806 | ) |  |  | 0 |  |  |  | (57,806 | )
Payroll taxes on equity award exercises and vestings |  |  | (11,725 | ) |  |  | 0 |  |  |  | (11,725 | )
Other segment items (2) |  |  | (3,298 | ) |  |  | (826 | ) |  |  | (4,124 | )
Interest expense, net (3) |  |  | 0 |  |  |  | (45,476 | ) |  |  | (45,476 | )
Gain (loss) on debt extinguishment |  |  | 0 |  |  |  | (22,933 | ) |  |  | (22,933 | )
Income tax benefit (4) |  |  | 163,989 |  |  |  | 247,771 |  |  |  | 411,760 |
Net income (loss) |  | $ | 113,263 |  |  | $ | (609,114 | ) |  | $ | (495,851 | )
(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. In 2024, 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 September 30, 2025 included only the Company’s digital assets. As of September 30, 2025, segment assets included the Company’s digital assets and deferred tax assets primarily related to digital asset impairment losses and interest expense. 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 September 30, 2025 |  | $ | 74,571 |  |  | $ | 42,257 |  |  | $ | 11,863 |  |  | $ | 128,691 |
Three months ended September 30, 2024 |  | $ | 63,958 |  |  | $ | 38,952 |  |  | $ | 13,161 |  |  | $ | 116,071 |
Nine months ended September 30, 2025 |  | $ | 203,346 |  |  | $ | 119,583 |  |  | $ | 31,316 |  |  | $ | 354,245 |
Nine months ended September 30, 2024 |  | $ | 192,115 |  |  | $ | 114,273 |  |  | $ | 36,371 |  |  | $ | 342,759 |
Long-lived assets |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2025 |  | $ | 68,691 |  |  | $ | 3,140 |  |  | $ | 7,354 |  |  | $ | 79,185 |
As of December 31, 2024 |  | $ | 69,767 |  |  | $ | 3,556 |  |  | $ | 7,564 |  |  | $ | 80,887 |
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 and nine months ended September 30, 2025, Germany accounted for 10% or more of total consolidated revenues. For the three and nine months ended September 30, 2024, no country accounted for 10% or more of total consolidated revenues. For the three and nine months ended September 30, 2025 and 2024, no individual customer accounted for 10% or more of total consolidated revenues.

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