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Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company organizes its business into the following two reportable segments: Platform and Products. The chief operating decision makers (“CODM”) review revenue and gross profit for each of the reportable segments. The CODM consists of the Company’s chief executive officer and chief financial officer. Gross profit is defined as revenue less cost of revenue incurred by the segment. The Company considered the provisions of ASC 280-10-50 as it relates to the information provided to and used by the CODM for evaluating performance and allocating resources to operating segments. The Platform segment derives revenue primarily from monthly and annual subscription fees, purchases of digital content, and a minimal amount of the revenue allocated to unspecified future upgrades and enhancements related to the essential software and access to the Company’s cloud-based services. For the three months ended March 31, 2025, upfront digital content revenue comprised 1% of Platform revenue. The remaining Platform revenue consists of ratably recognized subscription revenue and revenue related to unspecified future upgrades and enhancements related to the essential software and access to the Company’s cloud-based services, which are recognized over the determined service period. The Products segment derives revenue primarily from the sale of its connected machine hardware, and sale of craft, DIY, home décor products and extensions. There are no internal revenue transactions between the Company’s segments. The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis. As of March 31, 2025, long-lived assets located outside the United States, primarily located in Malaysia and China, were $4.8 million. Key financial performance measures of the segments including revenue, cost of revenue and gross profit are as follows:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
(in thousands) |  |  |  |  |  |  |
Platform: |  |  |  |  |  |  |
Revenue | $ | 79,986 |  |  | $ | 78,286 |  |  |  |  |
Cost of revenue | 8,668 |  |  | 8,759 |  |  |  |  |
Gross profit | $ | 71,318 |  |  | $ | 69,527 |  |  |  |  |
Products: |  |  |  |  |  |  |
Revenue | $ | 82,648 |  |  | $ | 89,106 |  |  |  |  |
Cost of revenue | 55,618 |  |  | 67,039 |  |  |  |  |
Gross profit | $ | 27,030 |  |  | $ | 22,067 |  |  |  |  |
Consolidated: |  |  |  |  |  |  |
Revenue | $ | 162,634 |  |  | $ | 167,392 |  |  |  |  |
Cost of revenue | 64,286 |  |  | 75,798 |  |  |  |  |
Gross profit | $ | 98,348 |  |  | $ | 91,594 |  |  |  |  |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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