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Segment Reporting and Significant Concentration (Tables)
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Reconciliation of Consolidated Net Income The table below 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. In 2025, we have broken out acquisition-related costs as a separate line item, rather than including them in 'Other segment items'. Prior period amounts have been reclassified to conform with the current year presentation.

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

Revenue

 

$

1,223,289

 

 

$

1,197,248

 

 

$

1,169,258

 

 

Less:

 

 

 

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

Transaction fees

 

 

106,275

 

 

 

97,857

 

 

 

87,430

 

 

All other (1)

 

 

510,189

 

 

 

513,237

 

 

 

530,109

 

 

Total cost of revenue

 

 

616,464

 

 

 

611,094

 

 

 

617,539

 

 

Research and development (1)

 

 

157,795

 

 

 

155,638

 

 

 

142,962

 

 

Selling and marketing (1)

 

 

111,955

 

 

 

114,323

 

 

 

114,207

 

 

General and administrative (1)

 

 

110,841

 

 

 

116,761

 

 

 

108,823

 

 

Restructuring and reorganization charges (1)

 

 

19,818

 

 

 

13,323

 

 

 

16,336

 

 

Stock-based compensation

 

 

46,126

 

 

 

34,385

 

 

 

29,480

 

 

Acquisition-related costs (2)

 

 

41,541

 

 

 

20,039

 

 

 

14,280

 

 

Other segment items (3)

 

 

(902

)

 

 

(11,056

)

 

 

2,104

 

 

Interest expense

 

 

28,954

 

 

 

30,469

 

 

 

31,176

 

 

Income tax provision

 

 

34,816

 

 

 

25,420

 

 

 

26,105

 

 

Segment net income

 

 

55,881

 

 

 

86,852

 

 

 

66,246

 

 

Reconciliation of profit or loss:

 

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

 

-

 

 

 

-

 

 

 

-

 

 

Consolidated net income

 

$

55,881

 

 

$

86,852

 

 

$

66,246

 

 

(1)
These functional expense lines include depreciation expense, which is presented separately on our Income Statements.
(2)
Acquisition-related costs include amortization of acquired intangible assets, earn-out compensation, and transaction-related costs.
(3)
Other segment items include executive transition costs, interest income, loss on debt extinguishment, and foreign currency gains/losses.
Summary of Geographic Concentration & Long-lived Assets

Geographic Concentration. We use the location of the customer as the basis of attributing revenue to geographic location. Revenue from countries exceeding 10% of our total revenue for the following years were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

United States

 

$

991,564

 

 

$

978,308

 

 

$

935,391

 

 

All other

 

 

231,725

 

 

 

218,940

 

 

 

233,867

 

 

Total revenue

 

$

1,223,289

 

 

$

1,197,248

 

 

$

1,169,258

 

 

Long-lived assets (principally, property and equipment, operating lease right-of-use assets, software, acquired customer contracts, and customer contract costs) classified by the location of the controlling statutory company for countries exceeding 10% of the total long-lived asset balance for the following years were as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

United States

 

$

143,189

 

 

$

172,412

 

 

$

175,997

 

 

All other

 

 

35,512

 

 

 

28,462

 

 

 

28,355

 

 

Total long-lived assets

 

$

178,701

 

 

$

200,874

 

 

$

204,352

 

 

 

Summary of Revenue from Significant Customers

Revenue from customers exceeding 10% of our total revenue for the following years were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

Charter

 

 

19

%

 

 

20

%

 

 

21

%

 

Comcast

 

 

17

%

 

 

19

%

 

 

18

%

 

Summary of Net Billed Accounts Receivable from Significant Customers

As of December 31, 2025 and 2024, the percentage of net billed accounts receivable balances attributable to these customers were as follows:

 

 

 

As of December 31,

 

 

 

2025

 

 

2024

 

Charter

 

 

18

%

 

 

20

%

Comcast

 

 

15

%

 

 

17

%

We expect to continue to generate a large percentage of our future revenue from our significant customers. There are inherent risks whenever a large percentage of total revenue is concentrated with a limited number of customers. Should a significant customer: (i) terminate or fail to renew their contracts with us, in whole or in part for any reason; (ii) significantly reduce the number of customer accounts processed on our solutions, the price paid for our services, or the scope of services that we provide; or (iii) experience financial or operating difficulties, it could have a material adverse effect on our financial position and results of operations.