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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

15. SEGMENT INFORMATION

The chief operating decision maker is the Company's Chief Executive Officer who regularly reviews the Company’s financial performance based on two reportable segments: (1) Network Solutions and (2) Services & Support.

The Network Solutions segment includes hardware and software products that enable a digital future which support the Company's Subscriber, Access & Aggregation, and Optical Networking Solutions. The Company's cloud-managed Wi-Fi gateways, virtualization software, and switches provide a mix of wired and wireless connectivity at the customer premises. In addition, its Carrier Ethernet products support a variety of applications at the network edge ranging from mobile backhaul to connecting enterprise customers (“Subscriber Solutions"). The Company's portfolio includes products for multi-gigabit service delivery over fiber or alternative media to homes and businesses.

The Services & Support segment offers a comprehensive portfolio of network design, implementation, maintenance and cloud-hosted services supporting its Subscriber, Access & Aggregation, and Optical Networking Solutions. These services assist operators in the deployment of multi-vendor networks while reducing their cost to maintain these networks. The cloud-hosted services include a suite of SaaS applications under the Company's Mosaic One platform that manages end-to-end network and service optimization for both fiber access infrastructure and mesh Wi-Fi connectivity. The Company backs these services with a global support organization that offers on-site and off-site support services with varying SLAs.

The performance of these segments is evaluated based on revenue, gross profit and gross margin; therefore, selling, general and administrative expenses, research and development expenses, interest and dividend income, interest expense, net investment (loss) gain, other income, net and income tax are reported on a consolidated basis only. There is no inter-segment revenue. Asset information by reportable segment is not produced and, therefore, is not reported.

The following tables present information about the revenue and gross profit of the Company's reportable segments:

 

 

Three Months Ended

 

 

 

March 31, 2025

 

 

March 31, 2024

 

(In thousands)

 

Revenue

 

 

Cost Of Revenue

 

 

Gross Profit

 

 

Revenue

 

 

Cost of Revenue

 

 

Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Restated)

 

 

(Restated)

 

Network Solutions

 

$

202,217

 

 

$

134,241

 

 

$

67,976

 

 

$

181,273

 

 

$

137,048

 

 

$

44,225

 

Services & Support

 

 

45,527

 

 

 

18,327

 

 

 

27,200

 

 

 

44,900

 

 

 

18,810

 

 

 

26,090

 

Total

 

$

247,744

 

 

$

152,568

 

 

$

95,176

 

 

$

226,173

 

 

$

155,858

 

 

$

70,315

 

For the three months ended March 31, 2025 and 2024, $1.3 million and $1.6 million, respectively, of depreciation expense was included in gross profit for our Network Solutions segment. For the three months ended March 31, 2025 and 2024, $19 thousand and $8 thousand, respectively, of depreciation expense was included in gross profit for our Services & Support segment.

Revenue by Geographic Area

The following table presents revenue information by geographic area:

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

(In thousands)

 

2025

 

 

2024

 

 

United States

 

$

103,189

 

 

$

83,290

 

 

United Kingdom

 

 

62,909

 

 

 

52,740

 

 

Germany

 

 

27,188

 

 

 

39,741

 

 

Other international

 

 

54,458

 

 

 

50,402

 

 

Total

 

$

247,744

 

 

$

226,173