v3.25.2
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented.
Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses.
Financial information for each reportable segment was as follows (in thousands, except percentages):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amount%Amount%Amount%Amount%
Contribution:
Government revenue$552,983 $370,767 $1,039,946 $706,140 
Expenses attributable to government segment(202,571)(139,373)(388,574)(275,358)
Government contribution350,412 63 %231,394 62 %651,372 63 %430,782 61 %
Commercial revenue450,714 307,367 847,606 606,332 
Expenses attributable to commercial segment(163,138)(125,282)(318,885)(246,158)
Commercial contribution287,576 64 %182,085 59 %528,721 62 %360,174 59 %
Total contribution$637,988 64 %$413,479 61 %$1,180,093 63 %$790,956 60 %
The reconciliation of contribution to income from operations is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Income from operations$269,317 $105,339 $445,365 $186,220 
Research and development expenses (1)
102,975 78,838 206,030 162,004 
General and administrative expenses (1)
105,725 87,538 213,388 175,317 
Total stock-based compensation expense159,971 141,764 315,310 267,415 
Total contribution$637,988 $413,479 $1,180,093 $790,956 
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(1)Excludes stock-based compensation expense.
Geographic Information
Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amount%Amount%Amount%Amount%
Revenue:
United States$732,592 73 %$437,189 64 %$1,361,086 72 %$843,578 64 %
United Kingdom97,172 10 %76,991 11 %186,826 10 %140,192 11 %
Rest of world (1)
173,933 17 %163,954 25 %339,640 18 %328,702 25 %
Total revenue$1,003,697 100 %$678,134 100 %$1,887,552 100 %$1,312,472 100 %
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(1)No other country represented 10% or more of total revenue for the three and six months ended June 30, 2025 or 2024.