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SEGMENT DISCLOSURES

9 Months Ended

Sep. 30, 2025

SEGMENT DISCLOSURES

SEGMENT DISCLOSURES

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13.   SEGMENT DISCLOSURES

The Company operates its business as one operating segment. Operating segments are defined as components of an enterprise in which 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).

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The CODM monitors consolidated 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.

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The following significant expense categories and measures of segment income (loss) are regularly reported to the CODM for the Company’s single segment:

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​	For the three months ended September 30,					​	For the nine months ended September 30,
​	2025		​	2024		​	2025		​	2024
​	(unaudited)					​	(unaudited)
Total Revenues	$	192,112	​	$	170,435	​	$	553,733	​	$	488,320
Less:	​	​	​	​	​	​	​	​	​	​	​
Cost of revenues – software subscriptions	​	50,034	​	​	43,641	​	​	138,738	​	​	131,030
Cost of revenues – services	​	20,762	​	​	16,270	​	​	59,485	​	​	48,286
Research & development	​	19,929	​	​	15,621	​	​	61,397	​	​	47,080
Selling & marketing	​	47,385	​	​	42,111	​	​	143,994	​	​	123,143
General & administrative	​	44,609	​	​	41,499	​	​	133,029	​	​	112,915
Depreciation & amortization	​	6,372	​	​	5,214	​	​	18,439	​	​	15,432
Change in fair value of acquisition contingent earn-outs	​	(4,000)	​	​	—	​	​	(16,400)	​	​	—
Other segment items (1)	​	2,701	​	​	1,183	​	​	10,109	​	​	(442)
Interest income, net	​	(1,245)	​	​	(2,938)	​	​	(4,012)	​	​	(2,471)
Income tax expense (benefit)	​	1,520	​	​	613	​	​	(5,260)	​	​	(1,722)
Net income (GAAP)	$	4,045	​	$	7,221	​	$	14,214	​	$	15,069
Adjustments:	​	​	​	​	​	​	​	​	​	​	​
Interest income, net	​	(1,245)	​	​	(2,938)	​	​	(4,012)	​	​	(2,471)
Income tax expense (benefit)	​	1,520	​	​	613	​	​	(5,260)	​	​	(1,722)
Depreciation and amortization – property and equipment	​	6,372	​	​	5,214	​	​	18,439	​	​	15,432
Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues	​	18,143	​	​	14,198	​	​	50,668	​	​	44,123
Amortization of acquired intangible assets – selling and marketing expense	​	588	​	​	706	​	​	1,690	​	​	1,893
Amortization of cloud computing implementation costs – general and administrative expense	​	871	​	​	1,005	​	​	2,895	​	​	2,994
Stock-based compensation expense	​	13,215	​	​	10,134	​	​	46,249	​	​	36,459
Severance expense	​	1,199	​	​	927	​	​	1,973	​	​	2,388
Acquisition contingent consideration	​	—	​	​	100	​	​	200	​	​	(2,275)
Change in fair value of acquisition contingent earn-outs	​	(4,000)	​	​	—	​	​	(16,400)	​	​	—
Transaction costs (2)	​	2,785	​	​	1,443	​	​	8,425	​	​	1,991
Adjusted EBITDA (Non-GAAP)	$	43,493	​	$	38,623	​	$	119,081	​	$	113,881
(1) Other segment items include professional fees, contracted labor, transaction costs, acquisition related earn-out adjustments and foreign currency exchange gains (losses).
(2) The current year periods include legal expenses associated with pending litigation related to claims the Company has made against a competitor. For further information, refer to Note 12, “Commitments and Contingencies” to the condensed consolidated financial statements.

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Additionally, the Company considers stock-based compensation expense a significant expense category. For further information, refer to Note 11, “Stock Based Award Plans.”

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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 condensed consolidated balance sheets. The Company’s assets include both current and long-lived assets, and corporate assets. As of September 30, 2025 and December 31, 2024, $1,378 and $687, respectively, of the Company’s property and equipment assets were held outside of the U.S.

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Depreciation and amortization, property and equipment additions, and capital software additions are reported at the consolidated level on the condensed consolidated statements of cash flows.

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The Company disaggregates revenue from contracts with customers based on geographical regions, timing of revenue recognition, and the major product and service types. For both the three and nine months ended September 30, 2025 approximately 9% of the Company’s revenues were generated from customers located outside of the U.S. For the three and nine months ended September 30, 2024, approximately 8% and 7%, respectively, of the Company’s revenues were generated from customers located outside the U.S. None of the Company’s customers represented more than 10% of total revenues for the three or nine months ended September 30, 2025 or 2024. For further information including disaggregation of revenues, refer to Note 2, “Revenue Recognition.”

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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