Quarterly report [Sections 13 or 15(d)]

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.25.0.1
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 (As Restated)
4.
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations (As Restated)

Disaggregation of Revenue

Revenue from subscription-based contracts was $18,166, or 52% of total revenue, for the three months ended March 31, 2024, and was $19,600, or 84% of total revenue, for the three months ended March 31, 2023. Revenue from non-subscription-based contracts was $16,659, or 48% of total revenue, for the three months ended March 31, 2024, and was $3,616, or 16% 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

 

 

 

(As Restated)

 

 

(As Restated)

 

Americas (1)

 

$

22,680

 

 

 

65

%

 

$

11,680

 

 

 

50

%

EMEA(2)

 

 

9,959

 

 

 

29

%

 

 

8,219

 

 

 

35

%

Asia Pacific

 

 

2,186

 

 

 

6

%

 

 

3,318

 

 

 

15

%

Total

 

$

34,825

 

 

 

100

%

 

$

23,217

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) U.S. represented 34% and 45% for the three months ended March 31, 2024 and 2023, respectively, and Canada represented 30% for the three months ended March 31, 2024.

(2) United Kingdom represented 13% for each of the three months ended March 31, 2023.

Contract Assets

As of March 31, 2024, contract assets were $5,185, of which $4,987 was reported in contract assets, and $198 in other long-term assets, including restricted cash on the Company's condensed consolidated balance sheets. As of December 31, 2023, contract assets were $4,917 which $4,718 was reported in contract assets, and $199 in other long-term assets, including restricted cash on the Company's condensed consolidated balance sheets.

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

 

2024

 

 

2023

 

 

 

(As Restated)

 

 

(As Restated)

 

Balance as of January 1

 

$

4,917

 

 

$

2,881

 

Contract assets recorded during the period

 

 

4,696

 

 

 

3,548

 

Reclassified to accounts receivable during the period

 

 

(4,399

)

 

 

(2,765

)

Other

 

 

(29

)

 

 

9

 

Balance as of March 31

 

$

5,185

 

 

$

3,673

 

Contract Liabilities

As of March 31, 2024, contract liabilities were $41,489, of which $22,230 was reported in contract liabilities, current portion, and $19,259 was reported in other long-term liabilities on the Company’s condensed consolidated balance sheets. As of 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 condensed consolidated balance sheets.

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

 

2024

 

 

2023

 

 

 

(As Restated)

 

 

(As Restated)

 

Balance as of January 1

 

$

49,101

 

 

$

34,873

 

Contract liabilities recorded during the period

 

 

13,004

 

 

 

9,395

 

Revenue recognized during the period

 

 

(20,317

)

 

 

(7,261

)

Other

 

 

(299

)

 

 

146

 

Balance as of March 31

 

$

41,489

 

 

$

37,153

 

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 $203,833.

The Company expects to recognize its remaining performance obligations as of March 31, 2024, over the following periods:

 

 

March 31, 2024

 

 

 

(As Restated)

 

1 to 12 months

 

$

72,239

 

 

 

35

%

13 to 24 months

 

 

34,200

 

 

 

17

%

25 to 36 months

 

 

27,321

 

 

 

13

%

Remaining

 

 

70,073

 

 

 

34

%

Total

 

$

203,833

 

 

 

100

%