Revenue (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Revenue from Contract with Customer [Abstract] |
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| Schedule of Disaggregation of Revenue |
The following table represents a disaggregation of revenue from arrangements with customers for the years ended December 31, 2023, 2022 and 2021.
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Year Ended December 31, |
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(in thousands) |
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2023 |
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2022 |
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2021 |
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Subscription services |
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$ |
243,052 |
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$ |
217,024 |
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$ |
164,564 |
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Professional services |
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|
8,363 |
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|
5,629 |
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|
1,590 |
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Total revenue |
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$ |
251,415 |
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$ |
222,653 |
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$ |
166,154 |
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| Summary of Receivables, Deferred Contract Costs and Contract Liabilities from Contract with Customers |
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:
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(in thousands) |
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December 31,
2023 |
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December 31,
2022 |
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Accounts receivable, net |
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$ |
59,249 |
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$ |
58,799 |
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Deferred contract costs, current portion |
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13,490 |
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10,387 |
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Deferred contract costs, noncurrent portion |
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17,320 |
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14,596 |
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Deferred revenues |
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97,386 |
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|
99,928 |
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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:
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(in thousands) |
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December 31,
2023 |
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December 31,
2022 |
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Balance at beginning of year |
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$ |
24,983 |
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$ |
18,547 |
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Costs amortized |
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(12,963 |
) |
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(8,816 |
) |
Additional amounts deferred |
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18,790 |
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|
15,252 |
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Balance at end of year |
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30,810 |
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24,983 |
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Classified as: |
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Current |
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13,490 |
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10,387 |
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Non-current |
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17,320 |
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14,596 |
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Total deferred contract costs (deferred commissions) |
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$ |
30,810 |
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$ |
24,983 |
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| Summary of Deferred Revenue Balances |
A summary of the activity impacting deferred revenue balances during the years ended December 31, 2023 and 2022 is presented below as of:
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(in thousands) |
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December 31,
2023 |
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December 31,
2022 |
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Balance at beginning of year |
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$ |
99,928 |
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$ |
84,023 |
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Revenue recognized |
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(251,415 |
) |
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(222,653 |
) |
Additional amounts deferred |
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248,873 |
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|
238,558 |
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Balance at end of year |
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$ |
97,386 |
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$ |
99,928 |
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| Summary of Remaining Performance Obligation |
The remaining performance obligations consisted of the following as of:
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(in thousands) |
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December 31,
2023 |
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December 31,
2022 |
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Current |
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$ |
187,331 |
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$ |
183,527 |
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Non-current |
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89,636 |
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|
93,464 |
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Total |
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$ |
276,967 |
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$ |
276,991 |
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