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SEGMENT INFORMATION, GEOGRAPHIC INFORMATION AND CUSTOMER CONCENTRATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION, GEOGRAPHIC INFORMATION AND CUSTOMER CONCENTRATION SEGMENT INFORMATION, GEOGRAPHIC INFORMATION AND CUSTOMER CONCENTRATION
Segment Information
Operating segments are defined as components of an enterprise that engage in business activities for which separate financial information is available and evaluated by the Company’s Chief Operating Decision Maker (the “CODM”), which for the Company is its Chief Executive Officer, in deciding how to allocate resources and assess performance. Based on the internal reporting structure, the Company consists of two operating segments: Broadband and Video. The operating segments were determined based on the nature of the products offered. The Broadband segment provides broadband access solutions and related services to broadband operators globally. The Video segment provides video processing, production and playout solutions and services worldwide to broadcast and media companies, new streaming media companies, broadband operators, and satellite and telco Pay-TV service providers.
The Company’s CODM allocates resources to and assesses the performance of each operating segment using information about the operating segment’s revenue and income (loss) from operations. Our CODM does not evaluate operating segments using asset or liability information.
The following table set forth our segment information of revenue, expense, and income (loss) from operations:
Year Ended December 31, 2024
 (in thousands)BroadbandVideoTotal
Revenue$488,200 $190,522 $678,722 
Less:
Cost of revenue246,014 65,238 311,252 
Research and development expense57,822 55,139 112,961 
Selling, general and administrative66,010 67,389 133,399 
Segment operating income$118,354 $2,756 $121,110 
Year Ended December 31, 2023
 (in thousands)BroadbandVideoTotal
Revenue$388,482 $219,425 $607,907 
Less:
Cost of revenue206,550 85,776 292,326 
Research and development expense55,494 62,899 118,393 
Selling, general and administrative61,863 79,491 141,354 
Segment operating income (loss)$64,575 $(8,741)$55,834 
Year Ended December 31, 2022
 (in thousands)BroadbandVideoTotal
Revenue$350,768 $274,189 $624,957 
Less:
Cost of revenue197,737 108,571 306,308 
Research and development expense50,620 62,166 112,786 
Selling, general and administrative50,128 81,130 131,258 
Segment operating income$52,283 $22,322 $74,605 
A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows:
 Year Ended December 31,
(in thousands)202420232022
Total consolidated segment operating income$121,110 $55,834 $74,605 
Stock-based compensation (1)
(28,073)(27,329)(25,212)
Restructuring and related charges (1)
(16,433)(1,132)(3,874)
Lease-related asset impairment and other charges (1)
(10,889)— — 
Asset impairment charges (1)
(1,824)— — 
Non-recurring advisory fees (1)
(755)(5,201)— 
Consolidated income from operations63,136 22,172 45,519 
Non-operating expense, net(5,203)(3,031)(1,034)
Income before income taxes$57,933 $19,141 $44,485 
(1) Together with stock-based compensation, the Company does not allocate restructuring and related charges, lease-related and other charges, asset impairment charges and other non-recurring expenses to the operating income for each segment because management does not include this information in the measurement of the performance of the operating segments.
Disaggregation of Revenues
The following table provides a summary of total revenues disaggregated by type:
Year Ended December 31,
(in thousands)202420232022
Product sales$482,110 $396,682 $423,858 
Professional services25,268 39,196 49,948 
Total Appliance and integration507,378 435,878 473,806 
SaaS56,211 50,888 34,665 
Support services115,133 121,141 116,486 
Total SaaS and services171,344 172,029 151,151 
Total revenue$678,722 $607,907 $624,957 
The following table provides a summary of total net revenues by geographic region:
Net revenue:Year Ended December 31,
(in thousands)
202420232022
United States (1)
$515,040 $408,951 $393,991 
Other countries (1)
163,682 198,956 230,966 
Total$678,722 $607,907 $624,957 
(1) Revenue is attributed to countries based on the location of the customer.
Other than the United States, no single country accounted for 10% or more of the Company’s net revenues for the years ended December 31, 2024, 2023 and 2022.
Property and equipment, net:As of December 31,
(in thousands)20242023
United States$16,467 $24,260 
Israel7,351 9,542 
France2,757 2,520 
Other countries248 361 
Total$26,823 $36,683 
Customer Concentration
Comcast and Charter Communications accounted for 44% and 18% of the Company’s total net revenues during the year ended December 31, 2024, respectively. Comcast accounted 44% and 39% of the Company’s total net revenues during the years ended December 31, 2023 and 2022, respectively.