v3.25.4

Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision group, in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is the Company’s Chief Executive Officer (“CEO”). The Company’s CEO reviews financial information presented on a consolidated basis and makes decisions and allocates resources based on the Company as a whole. The Company has one business activity as a provider of a solution for investment data aggregation, accounting, analytics, and reporting services. Accordingly, the Company operates as one operating segment, and all required segment financial information is found in the consolidated financial statements. The CODM uses net income (loss) to allocate operating and capital resources and assesses the Company’s performan ce by comparing actual results and previously forecasted financial information. The measure of segment assets is reported on the balance sheet as total consolidated assets. The following table presents information on revenue, significant expenses, and net income (loss) (in tho usands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Revenue | $ | 731,368 |  |  | $ | 451,803 |  |  | $ | 368,168 |
Less: |  |  |  |  |
Employee compensation expense | 324,654 |  |  | 208,403 |  |  | 184,723 |
Technology expense | 54,442 |  |  | 35,598 |  |  | 31,362 |
Facilities expense | 23,402 |  |  | 14,119 |  |  | 11,129 |
Outside services and contractors expense | 25,972 |  |  | 15,975 |  |  | 10,810 |
Data costs | 27,605 |  |  | 13,553 |  |  | 10,585 |
Provision for (benefit from) income taxes | (9,418) |  |  | (457,648) |  |  | 217 |
Equity-based compensation expense and related payroll taxes | 134,533 |  |  | 110,961 |  |  | 108,078 |
Tax receivable agreement expenses | — |  |  | 53,181 |  |  | 14,396 |
Depreciation and amortization expense | 85,541 |  |  | 12,181 |  |  | 9,929 |
Interest expense | 45,664 |  |  | 4,325 |  |  | 4,729 |
Other segment items(1) | 59,227 |  |  | 13,570 |  |  | 5,293 |
Consolidated net income (loss) | $ | (40,254) |  |  | $ | 427,585 |  |  | $ | (23,083) |
(1) Other segment items included in consolidated net income (loss) includes legal, travel, marketing, training, recruiting and other overhead expenses. The following table presents the Company’s revenue disaggregated by geography, based on billing address of the customer (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
United States | $ | 545,375 |  |  | $ | 368,519 |  |  | $ | 300,330 |
Rest of World | 185,993 |  |  | 83,284 |  |  | 67,838 |
Total revenue | $ | 731,368 |  |  | $ | 451,803 |  |  | $ | 368,168 |
The following table presents the Company’s long-lived assets including property and equipment, net, and operating lease right-of-use assets, disaggregated by geography (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
United States | $ | 34,462 |  |  | $ | 31,826 |  |  | $ | 24,491 |
Rest of World | 26,445 |  |  | 38,636 |  |  | 39,544 |
Total long-lived assets, net | $ | 60,907 |  |  | $ | 70,462 |  |  | $ | 64,035 |

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