Annual report pursuant to Section 13 and 15(d)

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations Disaggregation of Revenue

v3.24.0.1
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations Disaggregation of Revenue
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations Disaggregation of Revenue
3.
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

Disaggregation of Revenue

Revenue from subscription-based contracts was $67,175, representing 64% of total revenue for the year ended December 31, 2023. Revenue from subscription-based contracts was $57,082, representing 71% of total revenue for the year ended December 31, 2022. Revenue from non-subscription-based contracts was $38,528, representing 36% of total revenue for the year ended December 31, 2023. Revenue from non-subscription-based contracts was $23,186, representing 29% of total revenue for the year ended December 31, 2022.

The following revenue disaggregated by geography was recognized:

 

 

 

Year Ended
December 31, 2023

 

 

Year Ended
December 31, 2022

 

Americas (1)

 

$

58,976

 

 

 

56

%

 

$

36,734

 

 

 

46

%

EMEA(2)

 

 

36,926

 

 

 

35

%

 

 

31,962

 

 

 

40

%

Asia Pacific

 

 

9,801

 

 

 

9

%

 

 

11,572

 

 

 

14

%

Total

 

$

105,703

 

 

 

100

%

 

$

80,268

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
U.S. represented 47 % and 35% for the years ended December 31, 2023 and 2022, respectively, and Canada represented 10% for the year ended December 31, 2022.
(2)
United Kingdom represented 13% for the year ended December 31, 2023.

Contract Assets

At December 31, 2023 and 2022, contract assets were $6,215 and $3,353, respectively, on the consolidated balance sheets. The increase in contract assets was primarily due to the increase in revenue.

Changes in contract assets were as follows:

 

 

2023

 

 

2022

 

Balance as of December 31

 

$

3,353

 

 

$

2,084

 

Contract assets recorded during the year

 

 

6,180

 

 

 

3,353

 

Reclassified to accounts receivable

 

 

(3,353

)

 

 

(1,694

)

Other

 

 

35

 

 

 

(390

)

Balance as of December 31

 

$

6,215

 

 

$

3,353

 

 

Contract Liabilities

At December 31, 2023, contract liabilities were $23,428, of which $23,165 was reported in contract liabilities, current portion, and $263 was reported in other long-term liabilities on the Company’s consolidated balance sheets. At 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 consolidated balance sheets. The increase in contract liabilities was primarily due to the increase in subscription-based contracts.

Changes in contract liabilities were as follows:

 

 

2023

 

 

2022

 

Balance as of December 31

 

$

16,628

 

 

$

9,255

 

Contract liabilities recorded during the year

 

 

21,489

 

 

 

15,963

 

Revenue recognized during the period

 

 

(14,973

)

 

 

(8,230

)

Other

 

 

284

 

 

 

(360

)

Balance as of December 31

 

$

23,428

 

 

$

16,628

 

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 December 31, 2023, the amount not yet recognized as revenue from these commitments was $198,056. The Company expects to recognize as revenue 40% of these future commitments over the next 12 months, 20% over the next 13 to 24 months, 18% over the next 25 to 36 months, and the remaining 22% thereafter as the performance obligations are met.