Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer, who regularly reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company provides a single, global, cloud-based, open API platform for modern card issuing and transaction processing, and primarily earns revenue from processing card transactions for its customers. As such, the Company operates as a single operating segment and reporting unit.

The CODM assesses performance and decides how to allocate resources based on consolidated net income (loss) as the measure of profit and loss and consolidated total assets. The measure of segment assets is reported on the balance sheet as total assets. The CODM uses net income (loss) in the annual budgeting process and subsequent monitoring of budget versus actual results as well as in assessing the return on consolidated total assets.

The following is the information used by the CODM in assessing segment performance:

	Year Ended December 31,
	2024		2023		2022
Net revenue	$	506,995	$	676,171	$	748,206
Cost of revenue	155,146		346,657		428,205
Gross profit	351,849		329,514		320,001
Significant expenses:
Employee compensation and benefits	261,033		318,856		254,351
Share based compensation	136,562		127,525		107,529
Professional services	20,057		21,679		23,479
Technology	60,059		55,612		52,361
Occupancy and equipment	5,995		4,361		4,514
Depreciation and amortization	17,460		10,741		3,853
Marketing and advertising	2,986		2,566		3,995
Other operating expenses	16,780		17,975		26,513
Executive Chairman Long-Term Performance Award	(144,617)		53,214		53,214
Interest income	53,411		52,613		19,829
Other income (expense)	(865)		(173)		5,097
Income tax expense (benefit)	793		(7,613)		(102)
Segment and consolidated net income (loss)1	$	27,287	$	(222,962)	$	(184,780)

1 - The Company operates as a single reportable segment that is managed on a consolidated basis, therefore the Company’s segment net income (loss) is the same as the Company’s consolidated net income (loss).

For the years ended December 31, 2024, 2023, and 2022, net revenue outside of the United States, based on the billing address of the customer, was 10%, 5%, and 3%, respectively.

As of December 31, 2024 and 2023, long-lived assets located outside of the United States were not material and not used by the CODM in assessing and evaluating financial performance and allocating resources.