Quarterly report pursuant to Section 13 or 15(d)

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.23.3
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 9 Months Ended
Sep. 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 $14,970 and $53,194, or 55% and 68% of total revenue, for the three and nine months ended September 30, 2023, respectively, and was $15,298 and $40,841, or 75% and 71% of total revenue, for the three and nine months ended September 30, 2022, respectively. Revenue from non-subscription-based contracts was $12,347 and $24,784, or 45% and 32% of total revenue, for the three and nine months ended September 30, 2023, respectively, and was $5,120 and $17,043, or 25% and 29% of total revenue, for the three and nine months ended September 30, 2022, respectively.

The following revenue disaggregated by geography was recognized:

 

 

 

Three Months Ended
September 30, 2023

 

 

Nine Months Ended
September 30, 2023

 

EMEA(1)

 

$

9,511

 

 

 

35

%

 

$

26,206

 

 

 

34

%

Americas (2)

 

 

15,489

 

 

 

57

%

 

 

44,295

 

 

 

57

%

Asia Pacific

 

 

2,317

 

 

 

8

%

 

 

7,477

 

 

 

9

%

Total

 

$

27,317

 

 

 

100

%

 

$

77,978

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30, 2022

 

 

Nine Months Ended
September 30, 2022

 

EMEA

 

$

8,178

 

 

 

40

%

 

$

23,413

 

 

 

40

%

Americas (2)

 

 

9,392

 

 

 

46

%

 

 

25,675

 

 

 

45

%

Asia Pacific

 

 

2,848

 

 

 

14

%

 

 

8,795

 

 

 

15

%

Total

 

$

20,418

 

 

 

100

%

 

$

57,883

 

 

 

100

%

 

(1)
United Kingdom represented 13% for each of the three and nine months ended September 30, 2023.
(2)
U.S. represented 44% and 48% for the three and nine months ended September 30, 2023, respectively, and 33% and 34% for the three and nine months ended September 30, 2022, respectively.

 

Contract Assets

As of September 30, 2023, and December 31, 2022, contract assets were $4,489 and $3,353, respectively, on the condensed consolidated balance sheets.

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

 

 

2023

 

 

2022

 

Balance as of December 31

 

$

3,353

 

 

$

2,084

 

Contract assets recorded during the period

 

 

4,494

 

 

 

3,480

 

Reclassified to accounts receivable

 

 

(3,353

)

 

 

(2,080

)

Other

 

 

(5

)

 

 

(124

)

Balance as of September 30

 

$

4,489

 

 

$

3,360

 

Contract Liabilities

As of September 30, 2023, contract liabilities were $23,516, of which $22,763 was reported in contract liabilities, current portion, and $753 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 nine months ended September 30, 2023 and 2022 were as follows:

 

 

2023

 

 

2022

 

Balance as of December 31

 

$

16,628

 

 

$

9,255

 

Contract liabilities recorded during the period

 

 

20,887

 

 

 

14,486

 

Revenue recognized during the period

 

 

(13,919

)

 

 

(8,220

)

Other

 

 

(80

)

 

 

(745

)

Balance as of September 30

 

$

23,516

 

 

$

14,776

 

 

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 September 30, 2023, the amount not yet recognized as revenue from these commitments was $201,603. The Company expects to recognize 41% of these future commitments over the next 12 months and the majority of the remaining 59% is expected to be recognized over the next 13 to 36 months as revenue as the performance obligations are met.