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Business Segment

9 Months Ended

Sep. 30, 2025

Business Segment

Business Segment

Note 18. Business Segment

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The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is our chief executive officer, who assesses financial performance for the Company and decides how to allocate resources based on consolidated net income. Segment asset information is provided to the CODM but it is not used to allocate resources.

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The following table presents selected financial information with respect to the Company’s single operating segment for the three and nine months ended September 30, 2025 and 2024:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Three months ended September 30,

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Nine months ended September 30,

​

​

2025

2024

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2025

2024

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​

​

(in thousands)

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Revenue:

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$

213,611

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$

256,564

​

$

600,718

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$

765,448

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Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of revenue

​

​

124,805

​

​

146,594

​

​

335,802

​

​

427,017

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Research and development

​

​

24,640

​

​

26,395

​

​

78,832

​

​

77,843

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Sales and marketing

​

​

15,838

​

​

16,808

​

​

45,965

​

​

51,483

​

General and administrative

​

​

23,308

​

​

19,854

​

​

56,976

​

​

52,842

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Total other income

​

​

5,130

​

​

8,452

​

​

15,088

​

​

15,366

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Income tax provision

​

​

4,164

​

​

6,789

​

​

12,290

​

​

20,593

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Segment Net Income

​

​

25,986

​

​

48,576

​

​

85,941

​

​

151,036

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Reconciliation of profit or loss Adjustments and reconciling items

​

​

-

​

​

-

​

​

-

​

​

-

​

Net income

​

$

25,986

​

$

48,576

​

$

85,941

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$

151,036

​

​

The above table includes depreciation expense and amortization expense of $4.3 million and $13.2 million for the three and nine month periods ended September 30, 2025, respectively, and $3.9 million and $11.5 million for the three and nine month periods ended September 30, 2024, respectively.

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- Definition

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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