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SEGMENT DISCLOSURES | 12 Months Ended
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Dec. 31, 2024
SEGMENT DISCLOSURES |
SEGMENT DISCLOSURES | 16. SEGMENT DISCLOSURES The Company operates its business as one operating segment. Operating segments are defined as components of an enterprise that separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM, the Chief Executive Officer, reviews financial information regularly at the consolidated level. Net income (loss) and adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), a non-GAAP measure, are both used as metrics to evaluate performance of the business in deciding whether to reinvest profits into software development, acquisitions or into other areas of the Company. The Company believes that Adjusted EBITDA is a useful supplemental measure to evaluate overall operating performance as it measures business performance by focusing on cash related results and it is an important metric to lenders under the Company’s Credit Agreement. The most directly comparable GAAP measure to Adjusted EBITDA is net income (loss). ​ The CODM monitors forecasted versus actual net income (loss) and Adjusted EBITDA results for the purpose of determining the general health of the Company and assessing the performance of the Company as compared to management’s expectations. The following significant expense categories and measures of segment income (loss) are regularly reported to the CODM for the Company’s single segment:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | For the year ended December 31,
​ | ​ | 2024 | ​ | ​ | 2023 | ​ | ​ | 2022
Total Revenues | $ | 666,776 | ​ | $ | 572,387 | ​ | $ | 491,624
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenues – software subscriptions | ​ | 175,580 | ​ | ​ | 162,920 | ​ | ​ | 142,071
Cost of revenues – services | ​ | 65,071 | ​ | ​ | 60,888 | ​ | ​ | 51,061
Research & development | ​ | 66,666 | ​ | ​ | 58,212 | ​ | ​ | 41,877
Selling & marketing | ​ | 170,574 | ​ | ​ | 140,237 | ​ | ​ | 125,335
General & administrative | ​ | 152,835 | ​ | ​ | 145,936 | ​ | ​ | 121,651
Depreciation & amortization | ​ | 20,953 | ​ | ​ | 15,202 | ​ | ​ | 12,440
Change in fair value of acquisition contingent earn-outs | ​ | 17,500 | ​ | ​ | — | ​ | ​ | —
Other segment items (1) | ​ | (175) | ​ | ​ | 6,502 | ​ | ​ | 5,271
Interest (income) expense, net | ​ | (4,137) | ​ | ​ | 4,164 | ​ | ​ | 2,048
Income tax expense (benefit) | ​ | 54,638 | ​ | ​ | (8,581) | ​ | ​ | 2,174
Net loss (GAAP) | $ | (52,729) | ​ | $ | (13,093) | ​ | $ | (12,304)
Adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense (income), net (2) | ​ | (4,137) | ​ | ​ | 4,164 | ​ | ​ | 2,048
Income tax expense (benefit) | ​ | 54,638 | ​ | ​ | (8,581) | ​ | ​ | 2,174
Depreciation and amortization – property and equipment | ​ | 20,953 | ​ | ​ | 15,202 | ​ | ​ | 12,440
Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues | ​ | 59,302 | ​ | ​ | 54,048 | ​ | ​ | 44,934
Amortization of acquired intangible assets – selling and marketing expense | ​ | 2,478 | ​ | ​ | 2,641 | ​ | ​ | 3,779
Amortization of cloud computing implementation costs – general and administrative | ​ | 4,007 | ​ | ​ | 2,570 | ​ | ​ | —
Stock-based compensation expense | ​ | 47,425 | ​ | ​ | 33,919 | ​ | ​ | 19,729
Severance expense | ​ | 3,048 | ​ | ​ | 3,576 | ​ | ​ | 877
Acquisition contingent consideration | ​ | (2,575) | ​ | ​ | 1,549 | ​ | ​ | 2,300
Litigation settlements | ​ | — | ​ | ​ | — | ​ | ​ | 2,000
Change in fair value of acquisition contingent earn-outs | ​ | 17,500 | ​ | ​ | — | ​ | ​ | —
Transaction costs (3) | ​ | 2,032 | ​ | ​ | 4,853 | ​ | ​ | 696
Adjusted EBITDA (Non-GAAP) | $ | 151,942 | ​ | $ | 100,848 | ​ | $ | 78,673
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Other segment items include professional fees, contracted labor, transaction costs, acquisition related earn-out adjustments and foreign currency exchange gains (losses).
(2) The years ended December 31, 2024 and 2023 include $423 and $4,020, respectively, for the change in the settlement value of a deferred purchase commitment liability recorded as interest expense.
(3) The year ended December 31, 2023 includes costs associated with a public tender offer, which was withdrawn by the Company in January 2024. The year ended December 31, 2022 includes offering costs related to the sale of shares of certain of our Class B shareholders, which are not representative of normal business operations. ​
​ Additionally, the Company considers stock-based compensation expense a significant expense category. For further information, refer to Note 13, “Employee Benefit and Deferred Compensation Plans.” As the Company operates solely within one segment, total assets, property and equipment, net, and capitalized software, net are reported at the consolidated level on the consolidated balance sheets. The Company’s assets include both current and long-lived assets, and corporate assets. As of December 31, 2024 and 2023, $687 and $827, respectively, of the Company’s property and equipment assets were held outside of the U.S. Depreciation and amortization, property and equipment additions, and capital software additions are reported at the consolidated level on the Consolidated Statements of Cash Flows. The Company disaggregates revenue from contracts with customers based on geographical regions, timing of revenue recognition, and the major product and service types as described in Note 1, “Summary of Significant Accounting Policies.” For each of the years ended December 31, 2024, 2023, and 2022, approximately 8% of the Company’s revenues were generated outside of the U.S. None of the Company’s customers represented more than 10% of total revenues for the years ended December 31, 2024, 2023 or 2022. For further information including disaggregation of revenues, refer to Note 2, “Revenue Recognition.”

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