v3.25.4

Segment and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Revenue, Expenses and Consolidated Net Income (loss) | 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.
Summary of Revenue Disaggregated by Geography | 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 |
Summary of Long-lived Assets Disaggregated by Geography | 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 Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -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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