Quarterly report pursuant to Section 13 or 15(d)

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.24.1.1.u2
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 3 Months Ended
Mar. 31, 2024
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 $16,925, or 66% of total revenue, for the three months ended March 31, 2024, and was $18,812, or 78% of total revenue, for the three months ended March 31, 2023. Revenue from non-subscription-based contracts was $8,763, or 34% of total revenue, for the three months ended March 31, 2024, and was $5,356, or 22% of total revenue, for the three months ended March 31, 2023.

The following revenue disaggregated by geography was recognized:

 

 

 

Three Months Ended March 31, 2024

 

 

Three Months Ended March 31, 2023

 

Americas (1)

 

$

14,249

 

 

 

56

%

 

$

12,807

 

 

 

53

%

EMEA(2)

 

 

9,264

 

 

 

36

%

 

 

8,703

 

 

 

36

%

Asia Pacific

 

 

2,175

 

 

 

8

%

 

 

2,658

 

 

 

11

%

Total

 

$

25,688

 

 

 

100

%

 

$

24,168

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
U.S. represented 48% and 50% for the three months ended March 31, 2024 and 2023, respectively.
(2)
United Kingdom represented 14% for each of the three months ended March 31, 2024 and 2023.

 

Contract Assets

As of March 31, 2024 and December 31, 2023, contract assets were $5,205 and $6,215, respectively, on the condensed consolidated balance sheets.

Changes in contract assets for the three months ended March 31, 2024 and 2023 were as follows:

 

 

2024

 

 

2023

 

Balance as of December 31

 

$

6,215

 

 

$

3,353

 

Contract assets recorded during the period

 

 

3,948

 

 

 

3,306

 

Reclassified to accounts receivable

 

 

(4,929

)

 

 

(2,451

)

Other

 

 

(29

)

 

 

5

 

Balance as of March 31

 

$

5,205

 

 

$

4,213

 

Contract Liabilities

As of March 31, 2024, contract liabilities were $23,830, of which $22,617 was reported in contract liabilities, current portion, and $1,213 was reported in other long-term liabilities on the Company’s condensed consolidated balance sheets. 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 condensed consolidated balance sheets.

Changes in contract liabilities for the three months ended March 31, 2024 and 2023 were as follows:

 

 

2024

 

 

2023

 

Balance as of December 31

 

$

23,428

 

 

$

16,628

 

Contract liabilities recorded during the period

 

 

10,709

 

 

 

7,978

 

Revenue recognized during the period

 

 

(10,102

)

 

 

(6,719

)

Other

 

 

(205

)

 

 

104

 

Balance as of March 31

 

$

23,830

 

 

$

17,991

 

 

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, 2024, the amount not yet recognized as revenue from these commitments was $195,678. The Company expects to recognize 42% of these future commitments over the next 12 months, 20% over the next 13 to 24 months, 17% over the next 25 to 36 months, and the remaining 21% thereafter as the performance obligations are met.