Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations (As Restated) |
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Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations (As Restated) |
4.
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations (As Restated)
Disaggregation of Revenue Revenue from subscription-based contracts was $71,754, representing 74% of total revenue for the year ended December 31, 2023. Revenue from subscription-based contracts was $58,499, representing 83% of total revenue for the year ended December 31, 2022. Revenue from non-subscription-based contracts was $25,858, representing 26% of total revenue for the year ended December 31, 2023. Revenue from non-subscription-based contracts was $12,415, representing 18% of total revenue for the year ended December 31, 2022. The following revenue disaggregated by geography was recognized:
(1)
U.S. represented 41 % and 26% for the years ended December 31, 2023 and 2022, respectively.
(2)
United Kingdom represented 13% and 11% for the years ended December 31, 2023 and 2022, respectively.
Contract Assets At December 31, 2023, contract assets were $4,917, of which $4,718 was reported in contract assets, and $199 in other long-term assets, including restricted cash on the Company's consolidated balance sheets. At December 31, 2022, contract assets were $2,881, which was reported in contract assets on the Company's consolidated balance sheets. Changes in contract assets were as follows:
Contract Liabilities At December 31, 2023, contract liabilities were $49,101, of which $31,178 was reported in contract liabilities, current portion, and $17,923 was reported in other long-term liabilities on the Company’s consolidated balance sheets. At December 31, 2022, contract liabilities were $34,873, of which $20,524 was reported in contract liabilities, current portion, and $14,349 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:
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 $219,661. The Company expects to recognize its remaining performance obligations as of December 31, 2023, over the following periods:
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