Segment Information
The Company’s Chief Executive Officer is the chief operating decision maker, who reviews the Company’s financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company’s financial performance. The chief operating decision maker uses consolidated net income to view operating trends, perform analytical comparisons and benchmark performance between periods to monitor budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating resources to the Company as a whole. Accordingly, the Company has determined that it operates in a single reporting segment. Refer to Note 3, “Revenue Recognition” to these consolidated financial statements for revenue by geographic area. Further, long-lived assets outside of the United States are not significant.
Significant expenses are as follows (in thousands):

Year Ended December 31,
20252024
Revenues$156,849 $144,841 
Cost of Revenues(1)
39,425 37,414 
Gross Profit117,424 107,427 
Significant operating expenses:
     Personnel costs112,030 107,560 
     Professional services(2)
18,599 11,430 
     Rent and facilities4,706 4,451 
     Software expense13,359 12,489 
     Advertising expense3,997 4,465 
     Impairment of intangible asset and capitalized development— 15,213 
     Other segment items(3)
12,857 13,542 
Loss from operations(48,124)(61,723)
     Interest and other income, net4,495 6,281 
     Income tax provision(743)(332)
Net loss attributable to common stockholders$(44,372)$(55,774)
______________
(1)Includes depreciation and amortization expense of $2.4 million and $2.1 million for the years ended December 31, 2025 and 2024, respectively.
(2)Includes expenses related to the stockholder litigation of $9.2 million and $0.8 million for the years ended December 31, 2025 and 2024, respectively.
(3)Other segment items include various non-significant expenses including travel, insurance, and office expenses. Other segment items also include depreciation and amortization expense of $1.3 million and $1.8 million for the

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 20, 2025
2022Feb 24, 2023
2021Feb 25, 2022

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.