Segment Information

9 Months Ended

Sep. 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 September 30, 2024									Three Months Ended September 30, 2023
	Software Business			Corporate & Other			Total Consolidated			Software Business		Corporate & Other			Total Consolidated
Total revenues	$	116,071					$	116,071		$	129,462				$	129,462
Total cost of revenues		34,349						34,349			26,661					26,661
Gross profit	$	81,722					$	81,722		$	102,801				$	102,801
Total operating expenses		100,182			414,122			514,304			93,725		34,323			128,048
(Loss) income from operations	$	(18,460	)	$	(414,122	)	$	(432,582	)	$	9,076	$	(34,323	)	$	(25,247	)

	Nine Months Ended September 30, 2024									Nine Months Ended September 30, 2023
	Software Business			Corporate & Other			Total Consolidated			Software Business		Corporate & Other			Total Consolidated
Total revenues	$	342,759					$	342,759		$	371,777				$	371,777
Total cost of revenues		95,299						95,299			81,723					81,723
Gross profit	$	247,460					$	247,460		$	290,054				$	290,054
Total operating expenses		295,541			788,477			1,084,018			283,733		78,583			362,316
(Loss) income from operations	$	(48,081	)	$	(788,477	)	$	(836,558	)	$	6,321	$	(78,583	)	$	(72,262	)

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 September 30, 2024
Total revenues	$	63,958		$	38,952	$	13,161		$	116,071
Gross profit	$	42,306		$	30,874	$	8,542		$	81,722
(Loss) income from operations	$	(441,144	)	$	15,062	$	(6,500	)	$	(432,582	)
Three months ended September 30, 2023
Total revenues	$	71,788		$	40,222	$	17,452		$	129,462
Gross profit	$	56,723		$	32,574	$	13,504		$	102,801
(Loss) income from operations	$	(41,534	)	$	18,461	$	(2,174	)	$	(25,247	)
Nine months ended September 30, 2024
Total revenues	$	192,115		$	114,273	$	36,371		$	342,759
Gross profit	$	132,949		$	90,964	$	23,547		$	247,460
(Loss) income from operations	$	(862,349	)	$	44,602	$	(18,811	)	$	(836,558	)
Nine months ended September 30, 2023
Total revenues	$	212,892		$	115,351	$	43,534		$	371,777
Gross profit	$	167,692		$	91,080	$	31,282		$	290,054
(Loss) income from operations	$	(107,029	)	$	47,864	$	(13,097	)	$	(72,262	)
As of September 30, 2024
Long-lived assets	$	72,241		$	4,102	$	6,482		$	82,825
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 months ended September 30, 2024, Germany accounted for 10% or more of total consolidated revenues. For the three months ended September 30, 2023 and the nine months ended September 30, 2024 and 2023, no individual foreign country accounted for 10% or more of total consolidated revenues.

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

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