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Revenue | 9 Months Ended
--- | ---
Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue For the majority of transactions on the Company's platform, the Company reports revenue on a net basis as it does not act as the principal in the purchase and sale of digital advertising inventory because it does not have control of the digital advertising inventory and does not set prices agreed upon within the auction marketplace. For certain advertising campaigns that are transacted through insertion orders, the Company reports revenue on a gross basis, based primarily on its determination that the Company acts as the primary obligor in the delivery of advertising campaigns for buyers with respect to such transactions. The following table presents the Company's revenue recognized on a net basis and on a gross basis for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
| (in thousands, except percentages)
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net basis | $ | 160,121 |  |  | 89 | % |  | $ | 141,969 |  |  | 88 | % |  | $ | 452,713 |  |  | 89 | % |  | $ | 400,165 |  |  | 84 | %
Gross basis | 19,373 |  |  | 11 |  |  | 20,034 |  |  | 12 |  |  | 55,884 |  |  | 11 |  |  | 74,037 |  |  | 16 |
Total | $ | 179,494 |  |  | 100 | % |  | $ | 162,003 |  |  | 100 | % |  | $ | 508,597 |  |  | 100 | % |  | $ | 474,202 |  |  | 100 | %
The following table presents the Company's revenue by channel for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
| (in thousands, except percentages)
Channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CTV | $ | 87,799 |  |  | 49 | % |  | $ | 76,217 |  |  | 47 | % |  | $ | 242,745 |  |  | 48 | % |  | $ | 226,578 |  |  | 48 | %
Mobile | 64,964 |  |  | 36 | % |  | 59,835 |  |  | 37 | % |  | 187,600 |  |  | 37 |  |  | 172,392 |  |  | 36 |
Desktop | 26,731 |  |  | 15 | % |  | 25,951 |  |  | 16 | % |  | 78,252 |  |  | 15 |  |  | 75,232 |  |  | 16 |
Total | $ | 179,494 |  |  | 100 | % |  | $ | 162,003 |  |  | 100 | % |  | $ | 508,597 |  |  | 100 | % |  | $ | 474,202 |  |  | 100 | %
The following table presents the Company's revenue disaggregated by geographic location, based on the location of the Company's sellers for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
| (in thousands, except percentages)
United States | $ | 134,732 |  |  | 75 | % |  | $ | 120,240 |  |  | 74 | % |  | $ | 383,927 |  |  | 75 | % |  | $ | 357,015 |  |  | 75 | %
International | 44,762 |  |  | 25 |  |  | 41,763 |  |  | 26 | % |  | 124,670 |  |  | 25 |  |  | 117,187 |  |  | 25 |
Total | $ | 179,494 |  |  | 100 | % |  | $ | 162,003 |  |  | 100 | % |  | $ | 508,597 |  |  | 100 | % |  | $ | 474,202 |  |  | 100 | %
Payment terms are specified in agreements between the Company and the buyers and sellers on its platform. The Company generally bills buyers at the end of each month for the full purchase price of impressions filled in that month. The Company recognizes volume discounts as a reduction of revenue as they are incurred. Specific payment terms may vary by agreement, but are generally seventy-five days or less. The Company's accounts receivable are recorded at the amount of gross billings to buyers, net of allowances for the amounts the Company is responsible to collect. The Company's accounts payable related to amounts due to sellers are recorded at the net amount payable to sellers (refer to Note 7). Accordingly, both accounts receivable and accounts payable appear large in relation to revenue reported on a net basis. Accounts receivable are recorded at the invoiced amount, are unsecured, and do not bear interest. The allowance for doubtful accounts is reviewed quarterly, requires judgment, and is based on the best estimate of the amount of expected credit losses in existing accounts receivable. The Company reviews the status of the then-outstanding accounts receivable on a customer-by-customer basis, taking into consideration the aging schedule of receivables, its historical collection experience, current information regarding the client, subsequent collection history, and other relevant data, in establishing the allowance for doubtful accounts. Accounts receivable are presented net of an allowance for doubtful accounts of $4.1 million at September 30, 2025, and $2.9 million at December 31, 2024. Accounts receivable are written off against the allowance for doubtful accounts when the Company determines amounts are no longer collectible. The Company reviews the associated payable to sellers for recovery of buyer receivable allowance and write-offs; in some cases, the Company can reduce the payable to sellers. The reduction of seller payables related to recovery of uncollected buyer receivables is netted against allowance expense. The contra seller payables related to recoveries were $2.6 million and $1.9 million as of September 30, 2025 and December 31, 2024, respectively. The following is a summary of activity in the allowance for doubtful accounts for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended |  | Nine Months Ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
| (in thousands) |  | (in thousands)
Allowance for doubtful accounts, beginning balance | $ | 3,130 |  |  | $ | 2,653 |  |  | $ | 2,902 |  |  | $ | 20,363 |
Write-offs | (1) |  |  | (17) |  |  | (161) |  |  | (18,951) |
Increase in provision for expected credit losses | 1,015 |  |  | 986 |  |  | 1,403 |  |  | 2,210 |
Allowance for doubtful accounts, ending balance | $ | 4,144 |  |  | $ | 3,622 |  |  | $ | 4,144 |  |  | $ | 3,622 |
During the nine months ended September 30, 2024, the Company wrote off $19.0 million of allowance for doubtful accounts, of which $18.5 million was attributable to the outstanding accounts receivable from a buyer that filed for bankruptcy during 2023. The change in provision for expected credit losses associated with accounts receivable and the offsetting impact of the change to contra seller payables related to recoveries of uncollected buyer receivables result in the amount of bad debt expense or recoveries the Company recognizes each period. During the three and nine months ended September 30, 2025, the provision for expected credit losses associated with accounts receivable increased by $1.0 million and $1.4 million, respectively, partially offset by increases of contra seller payables related to recoveries of uncollected buyer receivables of $0.6 million and $1.0 million, respectively, which resulted in immaterial amounts of bad debt expense. During the three and nine months ended September 30, 2024, the provision for expected credit losses associated with accounts receivable increased by $1.0 million and $2.2 million, respectively, partially offset by increases of contra seller payables related to recoveries of uncollected buyer receivables of $0.6 million and $1.5 million, respectively, which resulted in an immaterial amounts of bad debt expense.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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