Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

(11) Segment Information

The Company manages its business in one reportable operating segment which is engaged in the design, development, marketing, and sales of its software platform through licensing arrangements and cloud subscriptions and related services. Beginning in 2024, the Company has broken out a Corporate & Other category, which is not considered an operating segment, and includes the impairment charges and other third-party costs associated with the Company’s digital asset holdings. The Company’s chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, does not manage the software segment operating results or allocate resources to the software segment when considering these Corporate & Other costs. The following tables present the breakout of the operations of the software segment and the Corporate & Other costs (in thousands) for the periods indicated:

	Three Months Ended June 30, 2024									Three Months Ended June 30, 2023
	Software Business			Corporate & Other			Total Consolidated			Software Business			Corporate & Other			Total Consolidated
Total revenues	$	111,442					$	111,442		$	120,400					$	120,400
Total cost of revenues		30,935						30,935			27,121						27,121
Gross profit	$	80,507					$	80,507		$	93,279					$	93,279
Total operating expenses		99,236			181,545			280,781			95,521			24,466			119,987
Loss from operations	$	(18,729	)	$	(181,545	)	$	(200,274	)	$	(2,242	)	$	(24,466	)	$	(26,708	)

	Six Months Ended June 30, 2024									Six Months Ended June 30, 2023
	Software Business			Corporate & Other			Total Consolidated			Software Business			Corporate & Other			Total Consolidated
Total revenues	$	226,688					$	226,688		$	242,315					$	242,315
Total cost of revenues		60,950						60,950			55,062						55,062
Gross profit	$	165,738					$	165,738		$	187,253					$	187,253
Total operating expenses		195,359			374,355			569,714			190,008			44,260			234,268
Loss from operations	$	(29,621	)	$	(374,355	)	$	(403,976	)	$	(2,755	)	$	(44,260	)	$	(47,015	)

The following table presents total revenues, gross profit, (loss) income from operations, and long-lived assets (in thousands) according to geographic region. Long-lived assets are comprised of right-of-use assets and property and equipment, net. The Corporate & Other category disclosed above is included within the U.S. region.

Geographic regions:	U.S.			EMEA		Other Regions			Consolidated
Three months ended June 30, 2024
Total revenues	$	63,778		$	36,968	$	10,696		$	111,442
Gross profit	$	44,582		$	29,190	$	6,735		$	80,507
(Loss) income from operations	$	(209,715	)	$	15,900	$	(6,459	)	$	(200,274	)
Three months ended June 30, 2023
Total revenues	$	71,427		$	37,109	$	11,864		$	120,400
Gross profit	$	56,780		$	28,809	$	7,690		$	93,279
(Loss) income from operations	$	(32,407	)	$	12,882	$	(7,183	)	$	(26,708	)
Six months ended June 30, 2024
Total revenues	$	128,157		$	75,321	$	23,210		$	226,688
Gross profit	$	90,643		$	60,090	$	15,005		$	165,738
(Loss) income from operations	$	(421,205	)	$	29,540	$	(12,311	)	$	(403,976	)
Six months ended June 30, 2023
Total revenues	$	141,104		$	75,129	$	26,082		$	242,315
Gross profit	$	110,969		$	58,506	$	17,778		$	187,253
(Loss) income from operations	$	(65,495	)	$	29,403	$	(10,923	)	$	(47,015	)
As of June 30, 2024
Long-lived assets	$	71,736		$	4,092	$	6,095		$	81,923
As of December 31, 2023
Long-lived assets	$	75,004		$	3,937	$	7,343		$	86,284

The EMEA region includes operations in Europe, the Middle East, and Africa. The other regions include all other foreign countries, generally comprising Latin America, the Asia Pacific region, and Canada. For the three and six months ended June 30, 2024 and 2023, no individual foreign country accounted for 10% or more of total consolidated revenues.

For the three and six months ended June 30, 2024 and 2023, no individual customer accounted for 10% or more of total consolidated revenues.

As of June 30, 2024 and December 31, 2023, no individual foreign country accounted for 10% or more of total consolidated assets.