Quarterly report pursuant to Section 13 or 15(d)

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.23.1
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
3.
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

 

Disaggregation of Revenue

Revenue from subscription-based contracts was $18,812, or 78% of total revenue, for the three months ended March 31, 2023 and was $12,336, or 68% of total revenue, for the three months ended March 31, 2022. Revenue from non-subscription-based contracts was $5,356, or 22% of total revenue, for the three months ended March 31, 2023 and was $5,735, or 32% of total revenue, for the three months ended March 31, 2022.

The following revenue disaggregated by geography was recognized:

 

 

 

Three Months Ended March 31, 2023

 

 

Three Months Ended March 31, 2022

 

EMEA(1)

 

$

8,703

 

 

 

36

%

 

$

7,935

 

 

 

44

%

Americas (2)

 

 

12,807

 

 

 

53

%

 

 

7,614

 

 

 

42

%

Asia Pacific

 

 

2,658

 

 

 

11

%

 

 

2,521

 

 

 

14

%

Total

 

$

24,168

 

 

 

100

%

 

$

18,070

 

 

 

100

%

 

(1)
The United Kingdom represented 14% and 16% for the three months ended March 31, 2023 and 2022, respectively.
(2)
U.S. represented 50% and 33% for the three months ended March 31, 2023 and 2022, respectively.

 

Contract Assets

As of March 31, 2023, and December 31, 2022, contract assets were $4,213 and $3,353, respectively, on the condensed consolidated balance sheets.

Changes in contract assets for the three months ended March 31, 2023 and 2022 were as follows:

 

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

Balance as of December 31

 

$

3,353

 

 

$

2,084

 

Contract assets recorded during the period

 

 

3,306

 

 

 

3,122

 

Reclassified to accounts receivable

 

 

(2,451

)

 

 

(1,557

)

Other

 

 

5

 

 

 

(19

)

Balance as of March 31

 

$

4,213

 

 

$

3,630

 

 

Contract Liabilities

As of March 31, 2023, contract liabilities were $17,991, of which $17,444 is reported in contract liabilities, current portion, and $547 is reported in other long-term liabilities on the Company’s condensed consolidated balance sheets. As of December 31, 2022, contract liabilities were $16,628, of which $15,856 is reported in contract liabilities, current portion, and $772 is reported in other long-term liabilities on the Company’s condensed consolidated balance sheets.

Changes in contract liabilities for the three months ended March 31, 2023 and 2022 were as follows:

 

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

Balance as of December 31

 

$

16,628

 

 

$

9,255

 

Contract liabilities recorded during the period

 

 

7,978

 

 

 

3,563

 

Revenue recognized during the period

 

 

(6,719

)

 

 

(4,514

)

Other

 

 

104

 

 

 

(68

)

Balance as of March 31

 

$

17,991

 

 

$

8,236

 

Remaining Performance Obligations

The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. These commitments for future services exclude (i) contracts with an original term of one year or less, and (ii) cancellable contracts. As of March 31, 2023, the amount not yet recognized as revenue from these commitments was $164,465. The Company expects to recognize 35% of these future commitments over the next 12 months and the remaining 65% thereafter as revenue when the performance obligations are met.