Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Software Business Segment and Corporate & Other Category on a Consolidated Basis

The following tables present (for each of the Software Business segment and Corporate & Other category, and on a consolidated basis) the Company’s revenues and significant expenses regularly provided to the CODM, reconciled to net (loss) income (in thousands) for each of the periods presented. Total segment assets (in thousands) provided to the CODM are also disclosed in the tables below for each period presented.

	Three Months Ended March 31, 2025
	Software Business			Corporate & Other			Total Consolidated
Total revenues	$	111,066		$	0		$	111,066
Significant expenses (1)
Controllable
Sales and marketing		(23,648	)		0			(23,648	)
Maintenance		(6,764	)		0			(6,764	)
Consulting		(11,614	)		0			(11,614	)
Cloud		(14,558	)		0			(14,558	)
Technology		(24,702	)		0			(24,702	)
Corporate resources		(18,666	)		(7,704	)		(26,370	)
Non-Controllable
Unrealized loss on digital assets		0			(5,906,005	)		(5,906,005	)
Digital asset custody fees		0			(4,122	)		(4,122	)
Share-based compensation expense		(8,662	)		(3,157	)		(11,819	)
Payroll taxes on equity award exercises and vestings		(2,041	)		(31	)		(2,072	)
Other segment items (2)		(4,740	)		0			(4,740	)
Interest income (expense), net (3)		98			(17,204	)		(17,106	)
Income tax benefit (4)		22,359			1,702,725			1,725,084
Net income (loss)	$	18,128		$	(4,235,498	)	$	(4,217,370	)
Total assets, as of March 31, 2025 (5)	$	373,681		$	43,546,079		$	43,919,760

	Three Months Ended March 31, 2024
	Software Business			Corporate & Other			Total Consolidated
Total revenues	$	115,246		$	0		$	115,246
Significant expenses (1)
Controllable
Sales and marketing		(23,145	)		0			(23,145	)
Maintenance		(7,535	)		0			(7,535	)
Consulting		(14,464	)		0			(14,464	)
Cloud		(8,608	)		0			(8,608	)
Technology		(26,877	)		0			(26,877	)
Corporate resources		(21,346	)		0			(21,346	)
Non-Controllable
Impairment losses on digital assets		0			(191,633	)		(191,633	)
Digital asset custody fees		0			(753	)		(753	)
Share-based compensation expense		(17,791	)		0			(17,791	)
Payroll taxes on equity award exercises and vestings		(7,526	)		0			(7,526	)
Other segment items (2)		2,849			(423	)		2,426
Interest expense, net (3)		0			(11,881	)		(11,881	)
Income tax benefit (4)		101,906			58,863			160,769
Net income (loss)	$	92,709		$	(145,827	)	$	(53,118	)
Total assets, as of March 31, 2024 (5)	$	551,846		$	5,799,693		$	6,351,539

(1)Significant expenses regularly provided to the CODM include both: (i) costs that the CODM considers to be “controllable”, for which the Company can manage future expense via the budgeting process (e.g. salaries, commissions, travel and entertainment expenses, third party-service provider fees, etc.), and that support each specific function of the Software Business (i.e. sales and marketing, maintenance, consulting, cloud, technology, and corporate resources) and (ii) costs that the CODM considers to be “non-controllable”, for which future expenses are primarily outside the Company’s control, such as losses (gains) on digital assets, digital asset impairment, and custody fees, share-based compensation expense, and employer payroll taxes related to the exercise or vesting of certain awards under the Stock Incentive Plans.

(2)Other segment items for the Software Business are primarily related to foreign currency transaction gains and losses, costs supporting the Company’s education function, one-time corporate initiatives, and certain expenses that are not easily allocable to specific functions. Other segment items for the Corporate & Other category are primarily related to third-party consulting and advisory fees.

(3)Interest expense, net is substantially related to interest expense on the Company’s long-term debt arrangements, the proceeds from which were primarily used to purchase bitcoin.

(4)Income tax effects allocated to the Corporate & Other category are related solely to transactions involving the Company’s bitcoin or debt, including unrealized losses on digital assets, digital asset impairment losses, interest expenses, gains and losses on debt extinguishments, share-based compensation expense, corporate resources (including personnel costs), and other third-party expenses.

(5)Due to the adoption of ASU 2023-08, segment assets allocated to the Corporate & Other category for the three months ended March 31, 2025, included only the Company’s digital assets. For the three months ended March 31, 2024, segment assets included the Company’s digital assets and deferred tax assets primarily related to digital asset impairment losses and interest expense.

Total Revenues and Long-Lived Assets, by Geographic Region

The following table presents total revenues 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
Total revenues
Three months ended March 31, 2025	$	63,460	$	37,882	$	9,724	$	111,066
Three months ended March 31, 2024	$	64,379	$	38,353	$	12,514	$	115,246
Long-lived assets
As of March 31, 2025	$	70,154	$	3,475	$	7,776	$	81,405
As of December 31, 2024	$	69,767	$	3,556	$	7,564	$	80,887