Segment Information And Information About Geographic Areas

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information And Information About Geographic Areas

25. SEGMENT INFORMATION and information about geographic areas

The Company organizes its segments around its operations by geographic region and operates in one reportable segment (the “Domestic Segment”). The Domestic Segment provides SAAS platforms for the insurance economy and derives revenues from

providing customers with software subscriptions to the platforms in addition to providing professional services and non-software services. The accounting policies of the Domestic Segment are the same as those described in Note 2.

The Company does not have intra-entity sales or transfers.

The chief operating decision maker (“CODM”) of the Domestic Segment is the Company’s chief executive officer. The CODM assesses performance for the Domestic Segment at the segment level and uses the segment’s performance when making strategic decisions on how to allocate resources and capital. In addition, the segment’s performance is used when reviewing actual financial performance against internal budgets and for establishing incentive compensation targets.

The CODM uses net (loss) income to evaluate (loss) income generated from operations in deciding whether to reinvest profits into the Domestic Segment or use for acquisitions, to pay dividends or repurchase outstanding shares of common stock. The CODM reviews financial information, including significant expenses, of the Domestic Segment on an adjusted basis, excluding certain items that may not be indicative of the Company’s recurring core business operations. This financial information reviewed by the CODM is accompanied by information about revenue by type of service and geographic region, for purposes of allocating resources and evaluating financial performance.

The Company’s financial information and performance measures used by the CODM do not include a metric or measure including segment assets and thus, no asset information is provided to the CODM for the purpose of making strategic decisions or allocating resources.

The following table presents the Company’s financial information about reported segment revenue, significant segment expenses, and the Company’s reconciliation of segment profit (loss) to consolidated net (loss) income (in thousands):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues:
Revenue—Domestic Segment	$	265,402		$	236,761		$	774,028		$	693,322
Revenue—Other (1)		1,718			1,720			5,108			5,014
Total Revenue		267,120			238,481			779,136			698,336
Segment Expenses:
Data licenses and royalties—adjusted (2)		11,180			10,866			32,722			32,725
Customer services—adjusted (3)		29,034			25,455			83,368			73,518
Products and technology—adjusted (4)		76,546			67,437			221,982			194,325
Revenue enablement—adjusted (5)		36,171			30,448			103,906			91,831
General corporate and administrative—adjusted (6)		21,449			19,681			61,315			53,936
Other segment items (7)		22,379			25,372			117,398			94,497
Amortization expense		22,880			18,113			68,640			62,654
Depreciation expense		16,980			10,366			44,307			29,472
Interest expense		18,103			16,379			52,866			49,434
Interest income		(1,065	)		(3,343	)		(4,233	)		(8,435	)
Significant non-cash items (8)		60			4,641			8,441			(9,603	)
Income tax provision (benefit)		15,373			8,933			(5,143	)		9,002
Total segment expenses		269,091			234,349			785,568			673,356
Net (loss) income including non-controlling interest	$	(1,971	)	$	4,132		$	(6,432	)	$	24,980

1 Represents revenue from our China segment that does not meet the quantitative thresholds for determining reportable segments.

2 Data licenses and royalties—adjusted expenses include third party costs for data licensing and royalty fees.

3 Customer services—adjusted expenses include the costs to deliver services to customers, including software configuration, integration and implementation services and customer support activities. Customer services—adjusted excludes stock-based compensation expense and related employer payroll tax.

4 Products and technology—adjusted expenses include costs related to the engineering, product management design and development of the Company’s solutions, and costs related to the Company’s hosting environments, support of production infrastructure, support of internal systems and infrastructure and IT security. Products and technology—adjusted excludes stock-based compensation expense and related employer payroll tax.

5 Revenue enablement—adjusted expenses include costs for sales and marketing functions, including sales incentives,

advertising costs, and event costs. Revenue enablement—adjusted excludes stock-based compensation expense and related employer payroll tax.

6 General corporate and administrative—adjusted expenses include costs for our executive management and administrative employees, including finance and accounting, human resources, facilities and legal functions. Additional expenses include professional service fees, insurance premiums and other corporate expenses that are not allocated to the other adjusted expense categories. General corporate and administrative—adjusted excludes stock-based compensation expense and related employer payroll tax, litigation proceeds and litigation costs in which the Company is the plaintiff and related antitrust matters, costs associated with the acquisition and integration of completed and potential mergers and acquisitions, costs related to equity transactions, including secondary offerings and debt refinancing costs.

7 Other segment items include those items excluded from the significant segment expense categories and identified in the above descriptions, adjustments for capitalized labor costs incurred on internal development projects, and expenses of an insignificant segment that does not meet the quantitative thresholds for determining reporting segments.

8 Significant non-cash items include changes in fair value of derivative instruments and changes in fair value of warrant liabilities.

Revenues by geographic area, presented based upon the location of the customer are as follows (in thousands):

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
United States	$	265,402	$	236,761	$	774,028	$	693,322
China		1,718		1,720		5,108		5,014
Total revenues	$	267,120	$	238,481	$	779,136	$	698,336

Software, equipment and property—Net by geographic area are as follows (in thousands):

	September 30,		December 31,
	2025		2024
United States	$	167,799	$	171,864
China		161		215
Total software, equipment and property—Net	$	167,960	$	172,079