Business Segment

6 Months Ended

Jun. 30, 2025

Business Segment

Business Segment

Note 18. Business Segment

The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is our chief executive officer, who assesses financial performance for the Company and decides how to allocate resources based on consolidated net income. Segment asset information is provided to the CODM but it is not used to allocate resources.

The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2025 and 2024:

	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(in thousands)
Revenue:	$	194,544	$	256,512	$	387,107	$	508,883
Less:
Cost of revenue		107,201		144,103		210,996		280,423
Research and development		27,064		25,786		54,192		51,448
Sales and marketing		15,003		17,230		30,127		34,675
General and administrative		16,311		16,583		33,668		32,988
Total other income		6,032		4,455		9,957		6,914
Income tax provision		3,621		6,399		8,126		13,803
Segment Net Income		31,376		50,866		59,955		102,460
Reconciliation of profit or loss Adjustments and reconciling items		-		-		-		-
Net income	$	31,376	$	50,866	$	59,955	$	102,460

The above table includes depreciation expense and amortization expense of $4.5 million and $8.8 million for the three and six month periods ended June 30, 2025, respectively, and $3.9 million and $7.6 million for the three and six month periods ended June 30, 2024, respectively.