v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
12. Revenue Recognition
Transaction price allocated to the remaining performance obligations
As of June 30, 2026, approximately $1.6 billion of revenue under contract is expected to be recognized from remaining performance obligations. We expect to recognize revenue on approximately 45% of these remaining performance obligations over the next 12 months, with the remainder recognized thereafter.
We applied the practical expedient in ASC 606-10-50-14 and have excluded the value of unsatisfied performance obligations for which we recognize revenue at the amount to which we have the right to invoice for services performed (transactional revenue).
Contract balances
Our closing balances of deferred revenue were as follows:
(in thousands)June 30,
2026		December 31,
2025
Total deferred revenue
$
406,403 
$
371,764 
The increase in deferred revenue during the six months ended June 30, 2026 was primarily due to a seasonal increase in customer contract billings. Historically, due to the timing of customer budget cycles, we have an increase in billings and customer contract renewals at or near the beginning of our third quarter. Generally, our lowest balance of deferred revenue during the year is at the end of our first quarter. The amount of revenue recognized during the six months ended June 30, 2026 that was included in the deferred revenue balance at the beginning of the period was approximately $277 million. The amount of revenue recognized during the six months ended June 30, 2026 from performance obligations satisfied in prior periods was insignificant.
Disaggregation of revenue
We sell our cloud solutions and related services in three primary geographical markets: to customers in the United States, to customers in the United Kingdom and to customers located in other countries. The following table presents our revenue by geographic area based on the location of our customers:
Three months ended
June 30,
Six months ended
June 30,
(dollars in thousands)
2026
2025
2026
2025
United States
$
233,963 
$
231,649 
$
467,058 
$
460,141 
United Kingdom
37,004 
33,708 
66,554 
59,830 
Other countries
19,630 
16,673 
38,125 
31,995 
Total revenue
$
290,597 
$
282,030 
$
571,737 
$
551,966 
The following table presents our revenue by type:
Three months ended
June 30,
Six months ended
June 30,
(dollars in thousands)
2026
2025
2026
2025
Contractual recurring
$
186,365 
$
180,128 
$
368,679 
$
355,593 
Transactional recurring
98,926 
96,151 
193,097 
184,011 
Total recurring revenue
$
285,291 
$
276,279 
$
561,776 
$
539,604 
One-time services and other
5,306 
5,751 
9,961 
12,362 
Total revenue
$
290,597 
$
282,030 
$
571,737 
$
551,966