Segment and Geographic Information
Segment Information
We operate as one operating segment. Our Co-Chief Executive Officers, our CODMs, review financial information on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. Our CODMs review cost of sales expense, sales and marketing expense, research and development expense and general and administrative expense to assess our significant segment expenses, and review income (loss) from operations and net income (loss) to assess our operating performance. Our CODMs also review total assets, as reported on our consolidated balance sheets. See our consolidated statement of operations for our significant segment expenses, loss from operations and net loss in the periods presented.
Geographic Information
Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| (in thousands) | 2025 | | 2024 | | 2023 |
| The Americas | $ | 610,996 | | | $ | 558,068 | | | $ | 500,512 | |
| Europe, Middle East and Africa | 273,114 | | | 239,741 | | | 205,851 | |
| Asia Pacific | 115,295 | | | 102,212 | | | 92,347 | |
| Revenue | $ | 999,405 | | | $ | 900,021 | | | $ | 798,710 | |
Customers located in the United States accounted for 53%, 54% and 55% of revenue in 2025, 2024 and 2023, respectively. No other country accounted for 10% or more of revenue in the periods presented.
Our property and equipment, net by geographic area is summarized as follows:
| | | | | | | | | | | |
| December 31, |
| (in thousands) | 2025 | | 2024 |
| United States | $ | 26,494 | | | $ | 33,101 | |
| International | 13,568 | | | 6,164 | |
| Property and equipment, net | $ | 40,062 | | | $ | 39,265 | |
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.