v3.25.4
Segment and Geographic Information
 12 Months Ended
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 performance 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 thousands):
Year Ended December 31,
202520242023
Revenue$731,368 $451,803 $368,168 
Less:
   Employee compensation expense324,654 208,403 184,723 
   Technology expense54,442 35,598 31,362 
   Facilities expense23,402 14,119 11,129 
   Outside services and contractors expense25,972 15,975 10,810 
   Data costs 27,605 13,553 10,585 
   Provision for (benefit from) income taxes(9,418)(457,648)217 
   Equity-based compensation expense and related payroll taxes134,533 110,961 108,078 
   Tax receivable agreement expenses— 53,181 14,396 
   Depreciation and amortization expense85,541 12,181 9,929 
   Interest expense45,664 4,325 4,729 
   Other segment items(1)
59,227 13,570 5,293 
Consolidated net income (loss)$(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,
202520242023
United States$545,375 $368,519 $300,330 
Rest of World185,993 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,
202520242023
United States$34,462 $31,826 $24,491 
Rest of World26,445 38,636 39,544 
Total long-lived assets, net$60,907 $70,462 $64,035