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Segment Reporting and Customer Concentration | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting and Customer Concentration | 3. SEGMENT REPORTING AND CUSTOMER CONCENTRATION Segment Information. Our Chief Operating Decision Maker ("CODM") is our President and Chief Executive Officer. We have evaluated how our CODM has organized the Company for purposes of making operating decisions, preparing budgets and forecasts, setting targets, allocating resources, and assessing performance. Our CODM manages all business activities on a consolidated basis, and as a result, we have concluded that as of September 30, 2025, there is one reportable segment. As our one segment is managed on a consolidated basis, our measure of segment profit or loss is consolidated net income. Our CODM uses consolidated net income to assess the performance of our one segment and decide how and where to allocate resources and reinvest profits into the business in areas such as research and development (“R&D”), business and/or asset acquisitions, investments in market share expansion with our existing and potential new customers, talent, technology, the repurchase of our common stock, and/or the payment of dividends. Net income, and components of net income, are used to monitor actual performance and are compared to budgeted and forecasted results to assess the performance of our one segment, set targets, and establish management’s incentive compensation. The measure of consolidated segment assets is reported on our Balance Sheets as total assets. We do not have intra-entity sales or transfers. We regularly provide our CODM a reporting package that shows our results by functional expense, similar to our Income Statements. However, for purposes of this reporting package, depreciation is included in these functional expense categories, rather than broken out separately. Additionally, certain expenses such as restructuring and reorganization charges, executive transition costs, and acquisition-related charges, along with non-cash charges such as stock-based compensation and amortization of acquired intangibles, are excluded. The following table provides the significant expenses that are regularly provided to our CODM for our one segment, the required disclosable amounts that are included in consolidated net income, and a reconciliation to consolidated net income for the quarters and nine months ended September 30, 2025 and 2024:
|  | Quarter Ended |  |  | Nine Months Ended |  |
|  | September 30, 2025 |  |  | September 30, 2024 |  |  | September 30, 2025 |  |  | September 30, 2024 |  |
Revenue |  | $ | 303,615 |  |  | $ | 295,143 |  |  | $ | 900,196 |  |  | $ | 880,596 |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue: |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction fees |  |  | 24,333 |  |  |  | 22,524 |  |  |  | 78,100 |  |  |  | 71,793 |  |
All other (1) |  |  | 131,384 |  |  |  | 125,319 |  |  |  | 379,243 |  |  |  | 386,564 |  |
Total cost of revenue |  |  | 155,717 |  |  |  | 147,843 |  |  |  | 457,343 |  |  |  | 458,357 |  |
Research and development (1) |  |  | 39,631 |  |  |  | 40,498 |  |  |  | 119,069 |  |  |  | 114,421 |  |
Selling and marketing (1) |  |  | 26,223 |  |  |  | 28,037 |  |  |  | 80,098 |  |  |  | 85,625 |  |
General and administrative (1) |  |  | 27,546 |  |  |  | 28,690 |  |  |  | 83,241 |  |  |  | 81,109 |  |
Restructuring and reorganization charges (1) |  |  | 5,591 |  |  |  | 2,943 |  |  |  | 17,547 |  |  |  | 12,040 |  |
Stock-based compensation |  |  | 8,818 |  |  |  | 8,759 |  |  |  | 26,292 |  |  |  | 25,821 |  |
Other segment items (2) |  |  | 6,382 |  |  |  | 6,816 |  |  |  | 26,881 |  |  |  | 8,998 |  |
Interest expense |  |  | 7,367 |  |  |  | 7,778 |  |  |  | 21,964 |  |  |  | 22,982 |  |
Income tax provision |  |  | 5,857 |  |  |  | 4,691 |  |  |  | 18,881 |  |  |  | 18,859 |  |
Segment net income |  |  | 20,483 |  |  |  | 19,088 |  |  |  | 48,880 |  |  |  | 52,384 |  |
Reconciliation of profit or loss: |  |  |  |  |  |  |  |  |  |  |  |  |
Adjustments and reconciling items |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |
Consolidated net income |  | $ | 20,483 |  |  | $ | 19,088 |  |  | $ | 48,880 |  |  | $ | 52,384 |  |
(1) These functional expense lines include depreciation expense, which is presented separately on our Income Statements. (2) Other segment items include acquisition-related costs (transaction-related costs, earn-out compensation, and amortization of acquired intangible assets), executive transition costs, interest income, loss on extinguishment of debt, and foreign currency gains/losses. Depreciation expense and interest income are separately disclosed on our Income Statements. Amortization expense is separately disclosed on our Statements of Cash Flows and is discussed in Note 4.

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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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