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
 6 Months Ended
Jun. 30, 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 $19,703 and $37,759, or 78% and 63% of total revenue, for the three and six months ended June 30, 2024, respectively, and was $20,247 and $39,847, or 72% and 78% of total revenue, for the three and six months ended June 30, 2023, respectively. Revenue from non-subscription-based contracts was $5,696 and $22,465, or 22% and 37% of total revenue, for the three and six months ended June 30, 2024, respectively, and was $7,819 and $11,435, or 28% and 22% of total revenue, for the three and six months ended June 30, 2023, respectively.

The following revenue disaggregated by geography, derived from billing addresses, was recognized:

 

 

Three Months Ended June 30, 2024

 

 

Six Months Ended June 30, 2024

 

Americas (1)

 

$

13,880

 

 

 

55

%

 

$

36,560

 

 

 

61

%

EMEA(2)

 

 

9,436

 

 

 

37

%

 

 

19,395

 

 

 

32

%

Asia Pacific

 

 

2,083

 

 

 

8

%

 

 

4,269

 

 

 

7

%

Total

 

$

25,399

 

 

 

100

%

 

$

60,224

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2023

 

 

Six Months Ended June 30, 2023

 

 

 

(As Restated)

 

 

(As Restated)

 

Americas (1)

 

$

16,559

 

 

 

59

%

 

$

28,238

 

 

 

55

%

EMEA(2)

 

 

8,373

 

 

 

30

%

 

 

16,592

 

 

 

32

%

Asia Pacific

 

 

3,133

 

 

 

11

%

 

 

6,452

 

 

 

13

%

Total

 

$

28,065

 

 

 

100

%

 

$

51,282

 

 

 

100

%

 

(1)
U.S. represented 49% and 41% of total revenue for the three and six months ended June 30, 2024, respectively, and 43% and 44% of total revenue for the three and six months ended June 30, 2023, respectively. Canada represented 20% and 11% for the six months ended June 30, 2024 and 2023, respectively.
(2)
United Kingdom represented 15% and 11% of total revenue for the three and six months ended June 30, 2024 and United Kingdom represented 12% and 11% of total revenue for the three and six months ended June 30, 2023, respectively.

Contract Assets

As of June 30, 2024, contract assets were $4,161, of which $3,963 was reported in contract assets, and $198 was reported in other long-term assets including restricted cash on the Company's condensed consolidated balance sheets. At December 31, 2023, contract assets were $4,917 of which $4,718 was reported in contract assets, and $199 was reported in other long-term assets, including restricted cash on the Company's condensed consolidated balance sheets.

Changes in contract assets for the six months ended June 30, 2024 and 2023 were as follows:

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

Balance as of January 1

 

$

4,917

 

 

$

2,881

 

Contract assets recorded during the period

 

 

3,970

 

 

 

3,752

 

Reclassified to accounts receivable during the period

 

 

(4,685

)

 

 

(2,445

)

Other

 

 

(41

)

 

 

40

 

Balance as of June 30

 

$

4,161

 

 

$

4,228

 

Contract Liabilities

As of June 30, 2024, contract liabilities were $42,495, of which $21,203 was reported in contract liabilities, current portion, and $21,292 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 six months ended June 30, 2024 and 2023 were as follows:

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

Balance as of January 1

 

$

49,101

 

 

$

34,873

 

Contract liabilities recorded during the period

 

 

22,821

 

 

 

19,596

 

Revenue recognized during the period

 

 

(29,037

)

 

 

(14,962

)

Other

 

 

(390

)

 

 

173

 

Balance as of June 30

 

$

42,495

 

 

$

39,680

 

 

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 June 30, 2024, the amount not yet recognized as revenue from these commitments was $189,689.

The Company expects to recognize its remaining performance obligations as of June 30, 2024, over the following periods:

 

 

June 30, 2024

 

1 to 12 months

 

$

62,295

 

 

 

33

%

13 to 24 months

 

 

32,268

 

 

 

17

%

25 to 36 months

 

 

26,028

 

 

 

14

%

Remaining

 

 

69,098

 

 

 

36

%

Total

 

$

189,689

 

 

 

100

%