v3.25.4

Segment and Geographic Information (Tables)

12 Months Ended

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 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,
			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

X

- 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.

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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.

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