Quarterly report pursuant to Section 13 or 15(d)

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.23.2
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 6 Months Ended
Jun. 30, 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 $19,412 and $38,224, or 73% and 75% of total revenue, for the three and six months ended June 30, 2023, respectively, and was $13,207 and $25,543, or 68% and 68% of total revenue, for the three and six months ended June 30, 2022, respectively. Revenue from non-subscription-based contracts was $7,081 and $12,437 or 27% and 25% of total revenue, for the three and six months ended June 30, 2023, respectively, and was $6,188 and $11,923 or 32% and 32% of total revenue, for the three and six months ended June 30, 2022, respectively.

The following revenue disaggregated by geography was recognized:

 

 

 

Three Months Ended
June 30, 2023

 

 

Six Months Ended
June 30, 2023

 

EMEA(1)

 

$

7,992

 

 

 

30

%

 

$

16,695

 

 

 

33

%

Americas (2)

 

 

15,999

 

 

 

60

%

 

 

28,806

 

 

 

57

%

Asia Pacific

 

 

2,502

 

 

 

10

%

 

 

5,160

 

 

 

10

%

Total

 

$

26,493

 

 

 

100

%

 

$

50,661

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30, 2022

 

 

Six Months Ended
June 30, 2022

 

EMEA

 

$

7,300

 

 

 

37

%

 

$

15,235

 

 

 

41

%

Americas (2)

 

 

8,669

 

 

 

45

%

 

 

16,283

 

 

 

43

%

Asia Pacific

 

 

3,426

 

 

 

18

%

 

 

5,947

 

 

 

16

%

Total

 

$

19,395

 

 

 

100

%

 

$

37,465

 

 

 

100

%

 

(1)
Germany represented 17% and 12% for the three and six months ended June 30, 2023, respectively.
(2)
U.S. represented 51% and 50% for the three and six months ended June 30, 2023, respectively, and 35% and 34% for the three and six months ended June 30, 2022, respectively.

 

Contract Assets

As of June 30, 2023, and December 31, 2022, contract assets were $4,899 and $3,353, respectively, on the condensed consolidated balance sheets.

Changes in contract assets for the six months ended June 30, 2023 and 2022 were as follows:

 

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

Balance as of December 31

 

$

3,353

 

 

$

2,084

 

Contract assets recorded during the period

 

 

4,434

 

 

 

4,715

 

Reclassified to accounts receivable

 

 

(2,917

)

 

 

(2,318

)

Other

 

 

29

 

 

 

(43

)

Balance as of June 30

 

$

4,899

 

 

$

4,438

 

Contract Liabilities

As of June 30, 2023, contract liabilities were $22,257, of which $21,854 was reported in contract liabilities, current portion, and $403 was 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 was reported in contract liabilities, current portion, and $772 was reported in other long-term liabilities on the Company’s condensed consolidated balance sheets.

Changes in contract liabilities for the six months ended June 30, 2023 and 2022 were as follows:

 

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

Balance as of December 31

 

$

16,628

 

 

$

9,255

 

Contract liabilities recorded during the period

 

 

16,577

 

 

 

11,602

 

Revenue recognized during the period

 

 

(11,112

)

 

 

(7,242

)

Other

 

 

164

 

 

 

(395

)

Balance as of June 30

 

$

22,257

 

 

$

13,220

 

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 June 30, 2023, the amount not yet recognized as revenue from these commitments was $191,866. 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.