Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations |
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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:
(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:
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:
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. |