v3.24.0.1
Revenue
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue
4.
Revenue

The Company disaggregates revenue from its arrangements with customers by type of service as it believes these categories best depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

The following table represents a disaggregation of revenue from arrangements with customers for the years ended December 31, 2023, 2022 and 2021.

 

 

Year Ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

 

2021

 

Subscription services

 

$

243,052

 

 

$

217,024

 

 

$

164,564

 

Professional services

 

 

8,363

 

 

 

5,629

 

 

 

1,590

 

Total revenue

 

$

251,415

 

 

$

222,653

 

 

$

166,154

 

The opening and closing balances of the Company’s receivables, deferred contract costs, and contract liabilities from contracts with customers were as follows as of:

(in thousands)

 

December 31,
2023

 

 

December 31,
2022

 

Accounts receivable, net

 

$

59,249

 

 

$

58,799

 

Deferred contract costs, current portion

 

 

13,490

 

 

 

10,387

 

Deferred contract costs, noncurrent portion

 

 

17,320

 

 

 

14,596

 

Deferred revenues

 

 

97,386

 

 

 

99,928

 

Deferred Contract Costs

A summary of the activity impacting the deferred contract costs during the years ended December 31, 2023 and 2022 is presented below:

(in thousands)

 

December 31,
2023

 

 

December 31,
2022

 

Balance at beginning of year

 

$

24,983

 

 

$

18,547

 

Costs amortized

 

 

(12,963

)

 

 

(8,816

)

Additional amounts deferred

 

 

18,790

 

 

 

15,252

 

Balance at end of year

 

 

30,810

 

 

 

24,983

 

Classified as:

 

 

 

 

 

 

Current

 

 

13,490

 

 

 

10,387

 

Non-current

 

 

17,320

 

 

 

14,596

 

Total deferred contract costs (deferred commissions)

 

$

30,810

 

 

$

24,983

 

Contract Liabilities

A summary of the activity impacting deferred revenue balances during the years ended December 31, 2023 and 2022

is presented below as of:

(in thousands)

 

December 31,
2023

 

 

December 31,
2022

 

Balance at beginning of year

 

$

99,928

 

 

$

84,023

 

Revenue recognized

 

 

(251,415

)

 

 

(222,653

)

Additional amounts deferred

 

 

248,873

 

 

 

238,558

 

Balance at end of year

 

$

97,386

 

 

$

99,928

 

 

Remaining Performance Obligations

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be invoiced and recognized as revenue in future periods. Transaction price allocated to remaining performance obligations is influenced by several factors, including seasonality, the timing of renewals, and disparate contract terms. Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes unearned revenue and backlog. The Company’s backlog represents installment billings for periods beyond the current billing cycle. The majority of the Company’s noncurrent remaining performance obligations will be recognized in the next 13 to 36 months.

The remaining performance obligations consisted of the following as of:

(in thousands)

 

December 31,
2023

 

 

December 31,
2022

 

Current

 

$

187,331

 

 

$

183,527

 

Non-current

 

 

89,636

 

 

 

93,464

 

Total

 

$

276,967

 

 

$

276,991