Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segments

Segments

The Company has determined that it operates in a single operating and reportable segment, as the Chief Operating Decision Maker (“CODM”) reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company’s CODM is its Chief Executive Officer.

Consolidated net loss is the primary measure of segment profitability used by the CODM to assess performance and to allocate resources to the segment. The Company’s significant segment expenses, which reflects segment-level information that is regularly provided to the CODM, consist of adjusted cost of revenues, adjusted selling and marketing, adjusted general and administrative, and adjusted research and development. Other material segment expenses and other segment items are presented to reconcile significant segment expenses to consolidated net income.

The tables below present the Company’s operating segment results of operations for the following periods:

	Year Ended December 31,
	2024			2023			2022
Revenues	$	158,236		$	155,164		$	155,011
Less significant segment expenses:
Adjusted cost of revenues	105,818		(a)	109,117		(f)	108,846		(f)
Adjusted selling and marketing	4,728		(b)	5,299		(b)	6,664		(b)
Adjusted general and administrative	41,891		(c)	40,793		(g)	53,690		(i)
Adjusted research and development	8,096		(d)	3,159		(d)	3,658		(j)
Goodwill impairment	85,000			—			53,544
Equity-based compensation expense	21,127			18,671			10,865
Net increase (decrease) in fair value of derivatives	107,658			7,361			(21,387)
Interest income	(2,293)			(392)			—
Interest expense	25,647			24,877			24,092
Depreciation and amortization	11,873			7,901			7,758
Loss on extinguishment of debt	31,272			—			—
Other segment items	12,966		(e)	9,035		(h)	18,648		(k)
Consolidated net loss	$	(295,547)		$	(70,657)		$	(111,367)

(a) Adjusted cost of revenues consists of cost of revenues adjusted to remove amortization expense and equity-based compensation expense.

(b) Adjusted selling and marketing consists of selling and marking costs adjusted to remove equity-based compensation expense.

(c) Adjusted general and administrative consists of general and administrative costs adjusted to remove depreciation and amortization costs, equity-based compensation expense, employer payroll taxes related to equity-based compensation, non-recurring strategic initiatives costs, non-recurring integration costs, and non-recurring litigation expenses.

(d) Adjusted research and development expenses consists of research and development costs adjusted to remove equity-based compensation expense.

(e) Other segment items included in consolidated net income includes employer payroll taxes related to equity-based compensation, non-recurring strategic initiatives costs, non-recurring integration costs, non-recurring litigation costs, restructuring charges, transaction expenses, income tax expense, and other income and expense.

(f) Adjusted cost of revenues consists of cost of revenues adjusted to remove equity-based compensation expense.

(g) Adjusted general and administrative consists of general and administrative costs adjusted to remove depreciation and amortization costs, equity-based compensation expense, employer payroll taxes related to equity-based compensation, non-recurring strategic initiatives costs, and non-recurring litigation expenses.

(h) Other segment items included in consolidated net income includes employer payroll taxes related to equity-based compensation, non-recurring strategic initiatives costs, non-recurring litigation costs, restructuring charges, transaction expenses, income tax expense, and other income and expense.

(i) Adjusted general and administrative consists of general and administrative costs adjusted to remove depreciation and amortization costs, equity-based compensation expense, non-recurring integration costs, capital market advisory fees, and commercial start-up costs.

(j) Adjusted research and development expenses consists of research and development costs adjusted to remove equity-based compensation expense and commercial start-up costs.

(k) Other segment items included in consolidated net income includes non-recurring integration costs, capital market advisory fees, commercial start-up costs, restructuring charges, transaction expenses, income tax expense, and other income and expense.