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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company develops, markets and sells an appliance-based broadband platform, cloud and managed services, and there are no segment managers who are held accountable for operations, operating results and plans for levels or components below the Company unit level. Accordingly, the Company is considered to be in a single reporting segment and operating unit structure. The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer, who reviews financial information presented on a Company-wide basis, for purposes of allocating resources and evaluating financial performance. The CODM assesses the performance of the single segment and allocates resources based on revenue and measures derived from gross margin and operating income (loss) that is reported in the Consolidated Statements of Comprehensive Income (Loss). In addition, the CODM uses a measure derived from operating expenses in the Consolidated Statements of Comprehensive Income (Loss) to monitor budget versus actual results to determine the Company’s and management’s performance. The Company does not have intra-entity sales or transfers. The measure of the single segment assets is the consolidated assets in the Consolidated Balance Sheet. The accounting policies of the single segment are the same as described in the significant accounting policies. Geographic Information: A summary of revenue disaggregated by geographic region based upon the location of the customers was as follows (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
United States |  | $ | 764,593 |  |  | $ | 944,201 |  |  | $ | 786,802 |
Europe |  | 34,322 |  |  | 54,265 |  |  | 26,916 |
Americas excluding U.S. |  | 25,583 |  |  | 32,696 |  |  | 41,892 |
Middle East & Africa |  | 5,917 |  |  | 7,457 |  |  | 10,885 |
Asia Pacific |  | 1,103 |  |  | 974 |  |  | 1,332 |
|  | $ | 831,518 |  |  | $ | 1,039,593 |  |  | $ | 867,827 |
The Company’s property and equipment, net of accumulated depreciation, were located in the following geographical areas (in thousands):
|  | December 31,
|  | 2024 |  | 2023
United States |  | $ | 27,601 |  |  | $ | 25,231 |
China |  | 2,818 |  |  | 3,385 |
India |  | 734 |  |  | 845 |
|  | $ | 31,153 |  |  | $ | 29,461 |
Selected Financial Information: The following table presents selected financial information with respect to the Company’s single operating segment (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Revenue |  | $ | 831,518 |  |  | $ | 1,039,593 |  |  | $ | 867,827 |
Adjusted cost of revenue (1) |  | (372,177) |  |  | (515,633) |  |  | (427,708) |
Adjusted sales and marketing operating expenses (2) |  | (197,069) |  |  | (197,671) |  |  | (162,548) |
Adjusted research and development operating expenses (3) |  | (160,787) |  |  | (160,772) |  |  | (119,829) |
Adjusted general and administrative operating expenses (4) |  | (70,944) |  |  | (71,180) |  |  | (58,315) |
Other segment items (5) |  | (73,575) |  |  | (68,752) |  |  | (46,817) |
Interest income and other expenses, net |  | 11,388 |  |  | 9,172 |  |  | 1,432 |
Income taxes |  | 1,899 |  |  | (5,432) |  |  | (13,032) |
Net income (loss) |  | $ | (29,747) |  |  | $ | 29,325 |  |  | $ | 41,010 |
(1) GAAP cost of revenue adjusted for stock-based compensation, intangible asset amortization and tariff refund (2022 only). (2) GAAP sales and marketing operating expenses adjusted for stock-based compensation. (3) GAAP research and development operating expenses adjusted for stock-based compensation. (4) GAAP general and administrative operating expenses adjusted for stock-based compensation and litigation settlement (2023 only). (5) Other segment items consisted of stock-based compensation expense, tariff refund (2022 only) and litigation settlement (2023 only).

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